Commonwealth Bank of Australia increased its position in shares of Eastman Chemical Company (NYSE:EMN) by 3.5% in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 20,545 shares of the basic materials company’s stock after purchasing an additional 696 shares during the quarter. Commonwealth Bank of Australia’s holdings in Eastman Chemical were worth $1,854,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in EMN. Strs Ohio grew its holdings in Eastman Chemical by 12.5% during the 2nd quarter. Strs Ohio now owns 13,417 shares of the basic materials company’s stock worth $1,126,000 after acquiring an additional 1,490 shares during the last quarter. Municipal Employees Retirement System of Michigan boosted its stake in shares of Eastman Chemical by 8.9% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 13,130 shares of the basic materials company’s stock valued at $1,103,000 after purchasing an additional 1,070 shares during the last quarter. Harbour Capital Advisors LLC boosted its stake in shares of Eastman Chemical by 2,173.3% in the 2nd quarter. Harbour Capital Advisors LLC now owns 28,053 shares of the basic materials company’s stock valued at $334,000 after purchasing an additional 26,819 shares during the last quarter. Daiwa Securities Group Inc. boosted its stake in shares of Eastman Chemical by 1.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 4,150 shares of the basic materials company’s stock valued at $349,000 after purchasing an additional 50 shares during the last quarter. Finally, Sei Investments Co. boosted its stake in shares of Eastman Chemical by 43.6% in the 2nd quarter. Sei Investments Co. now owns 40,739 shares of the basic materials company’s stock valued at $3,422,000 after purchasing an additional 12,363 shares during the last quarter. Institutional investors and hedge funds own 82.66% of the company’s stock.

Several research firms recently weighed in on EMN. SunTrust Banks reissued a “hold” rating and set a $90.00 price objective on shares of Eastman Chemical in a research note on Thursday, October 12th. Cowen lifted their price objective on shares of Eastman Chemical from $88.00 to $92.00 and gave the stock an “outperform” rating in a research note on Monday, August 7th. Jefferies Group reissued a “buy” rating and set a $96.00 price objective on shares of Eastman Chemical in a research note on Tuesday, October 3rd. Zacks Investment Research raised shares of Eastman Chemical from a “sell” rating to a “hold” rating in a research note on Thursday, October 26th. Finally, Goldman Sachs Group upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and raised their target price for the stock from $81.00 to $101.00 in a report on Thursday, September 28th. Ten research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $96.00.

In other Eastman Chemical news, SVP Perry Stuckey sold 5,200 shares of Eastman Chemical stock in a transaction on Tuesday, October 31st. The shares were sold at an average price of $92.12, for a total transaction of $479,024.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.14% of the company’s stock.

Eastman Chemical Company (NYSE EMN) traded down $1.27 during trading hours on Tuesday, hitting $90.13. 212,168 shares of the company traded hands, compared to its average volume of 1,149,916. Eastman Chemical Company has a twelve month low of $74.31 and a twelve month high of $94.96. The company has a quick ratio of 0.94, a current ratio of 1.83 and a debt-to-equity ratio of 1.24. The company has a market capitalization of $13,220.69, a PE ratio of 12.25, a PEG ratio of 1.57 and a beta of 1.31.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.16. Eastman Chemical had a net margin of 10.89% and a return on equity of 22.77%. The business had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.35 billion. During the same period last year, the business earned $1.86 earnings per share. The firm’s revenue was up 7.8% on a year-over-year basis. research analysts predict that Eastman Chemical Company will post 7.13 EPS for the current year.

COPYRIGHT VIOLATION NOTICE: “Eastman Chemical Company (EMN) Position Raised by Commonwealth Bank of Australia” was originally reported by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are reading this news story on another publication, it was stolen and reposted in violation of United States & international copyright laws. The original version of this news story can be accessed at https://www.thecerbatgem.com/2017/12/05/eastman-chemical-company-emn-position-raised-by-commonwealth-bank-of-australia.html.

Eastman Chemical Profile

Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.

Want to see what other hedge funds are holding EMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastman Chemical Company (NYSE:EMN).

Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

Receive News & Stock Ratings for Eastman Chemical Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical Company and related stocks with our FREE daily email newsletter.