State Board of Administration of Florida Retirement System reduced its stake in shares of Eastman Chemical (NYSE:EMN) by 4.8% in the 3rd quarter, Holdings Channel reports. The firm owned 202,422 shares of the basic materials company’s stock after selling 10,175 shares during the quarter. State Board of Administration of Florida Retirement System’s holdings in Eastman Chemical were worth $19,376,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. DnB Asset Management AS purchased a new position in shares of Eastman Chemical during the 2nd quarter valued at approximately $2,213,000. IFM Investors Pty Ltd boosted its stake in shares of Eastman Chemical by 38.4% during the 2nd quarter. IFM Investors Pty Ltd now owns 6,835 shares of the basic materials company’s stock valued at $683,000 after buying an additional 1,897 shares during the last quarter. State of Alaska Department of Revenue boosted its stake in shares of Eastman Chemical by 22.6% during the 2nd quarter. State of Alaska Department of Revenue now owns 52,614 shares of the basic materials company’s stock valued at $5,258,000 after buying an additional 9,700 shares during the last quarter. Xact Kapitalforvaltning AB boosted its stake in shares of Eastman Chemical by 7.8% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 16,182 shares of the basic materials company’s stock valued at $1,618,000 after buying an additional 1,168 shares during the last quarter. Finally, First Citizens Bank & Trust Co. purchased a new position in shares of Eastman Chemical during the 2nd quarter valued at approximately $1,516,000. 83.44% of the stock is owned by institutional investors and hedge funds.

Shares of EMN opened at $82.82 on Friday. Eastman Chemical has a 12-month low of $73.95 and a 12-month high of $112.45. The firm has a market cap of $11.79 billion, a P/E ratio of 10.88, a PEG ratio of 1.15 and a beta of 1.26. The company has a current ratio of 1.69, a quick ratio of 0.94 and a debt-to-equity ratio of 0.98.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, October 25th. The basic materials company reported $2.34 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.29 by $0.05. Eastman Chemical had a return on equity of 21.18% and a net margin of 16.05%. The firm had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.53 billion. As a group, analysts predict that Eastman Chemical will post 8.43 EPS for the current fiscal year.

Several equities analysts have recently commented on EMN shares. Morgan Stanley increased their target price on Eastman Chemical from $98.00 to $107.00 and gave the company an “equal weight” rating in a research note on Tuesday, July 31st. Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, August 1st. JPMorgan Chase & Co. cut Eastman Chemical from an “overweight” rating to a “neutral” rating in a research note on Friday, October 5th. ValuEngine cut Eastman Chemical from a “hold” rating to a “sell” rating in a research note on Saturday, October 6th. Finally, Citigroup reduced their price objective on Eastman Chemical from $108.00 to $94.00 and set a “neutral” rating on the stock in a research note on Thursday, October 11th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $99.00.

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Eastman Chemical Company Profile

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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

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