Texas Permanent School Fund Sells 1,207 Shares of Eastman Chemical (NYSE:EMN)

Texas Permanent School Fund lowered its position in Eastman Chemical (NYSE:EMN) by 4.5% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 25,518 shares of the basic materials company’s stock after selling 1,207 shares during the period. Texas Permanent School Fund’s holdings in Eastman Chemical were worth $1,884,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Eastman Chemical by 0.3% in the second quarter. Vanguard Group Inc. now owns 14,829,482 shares of the basic materials company’s stock valued at $1,154,178,000 after acquiring an additional 49,886 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Eastman Chemical by 6.7% in the second quarter. JPMorgan Chase & Co. now owns 7,357,122 shares of the basic materials company’s stock valued at $566,794,000 after acquiring an additional 460,512 shares during the last quarter. LSV Asset Management raised its stake in shares of Eastman Chemical by 0.3% in the second quarter. LSV Asset Management now owns 5,610,418 shares of the basic materials company’s stock valued at $436,658,000 after acquiring an additional 17,575 shares during the last quarter. Victory Capital Management Inc. raised its stake in shares of Eastman Chemical by 25.7% in the second quarter. Victory Capital Management Inc. now owns 4,477,400 shares of the basic materials company’s stock valued at $348,476,000 after acquiring an additional 916,232 shares during the last quarter. Finally, Invesco Ltd. raised its stake in shares of Eastman Chemical by 166.8% in the second quarter. Invesco Ltd. now owns 3,284,054 shares of the basic materials company’s stock valued at $255,599,000 after acquiring an additional 2,053,378 shares during the last quarter. Institutional investors own 81.01% of the company’s stock.

EMN stock opened at $83.90 on Friday. The company has a debt-to-equity ratio of 0.91, a current ratio of 1.65 and a quick ratio of 0.80. The company has a 50 day moving average price of $74.31 and a 200 day moving average price of $73.13. Eastman Chemical has a fifty-two week low of $61.22 and a fifty-two week high of $86.18. The stock has a market capitalization of $11.06 billion, a PE ratio of 10.23, a price-to-earnings-growth ratio of 1.59 and a beta of 1.40.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 24th. The basic materials company reported $1.94 earnings per share for the quarter, missing the consensus estimate of $1.98 by ($0.04). Eastman Chemical had a return on equity of 16.58% and a net margin of 8.12%. The company had revenue of $2.33 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter last year, the firm earned $2.34 EPS. The business’s revenue for the quarter was down 8.7% on a year-over-year basis. As a group, equities analysts expect that Eastman Chemical will post 7.11 earnings per share for the current fiscal year.

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EMN has been the subject of a number of research analyst reports. UBS Group set a $89.00 target price on shares of Eastman Chemical and gave the company a “buy” rating in a research note on Friday, October 25th. Cowen restated a “market perform” rating and issued a $77.00 price objective (down previously from $83.00) on shares of Eastman Chemical in a research report on Monday, August 5th. SunTrust Banks boosted their price objective on shares of Eastman Chemical to $80.00 and gave the stock a “hold” rating in a research report on Tuesday, October 29th. They noted that the move was a valuation call. Zacks Investment Research cut shares of Eastman Chemical from a “hold” rating to a “sell” rating and set a $78.00 price objective for the company. in a research report on Tuesday, October 1st. Finally, Citigroup set a $78.00 price objective on shares of Eastman Chemical and gave the stock a “hold” rating in a research report on Monday, July 15th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and nine have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $84.47.

Eastman Chemical Profile

Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic 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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