Principal Financial Group Inc. Increases Stock Position in Eastman Chemical (NYSE:EMN)

Principal Financial Group Inc. raised its holdings in Eastman Chemical (NYSE:EMNGet Rating) by 17.3% during the second quarter, Holdings Channel.com reports. The firm owned 187,388 shares of the basic materials company’s stock after purchasing an additional 27,667 shares during the quarter. Principal Financial Group Inc.’s holdings in Eastman Chemical were worth $16,822,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. American Century Companies Inc. boosted its stake in shares of Eastman Chemical by 12,812.9% during the 1st quarter. American Century Companies Inc. now owns 1,825,502 shares of the basic materials company’s stock worth $204,566,000 after acquiring an additional 1,811,365 shares in the last quarter. Ceredex Value Advisors LLC purchased a new stake in shares of Eastman Chemical during the 1st quarter worth approximately $76,900,000. Bank of Nova Scotia boosted its stake in shares of Eastman Chemical by 1,931.7% during the 1st quarter. Bank of Nova Scotia now owns 530,474 shares of the basic materials company’s stock worth $59,445,000 after acquiring an additional 504,364 shares in the last quarter. First Trust Advisors LP boosted its stake in shares of Eastman Chemical by 224.3% during the 1st quarter. First Trust Advisors LP now owns 298,558 shares of the basic materials company’s stock worth $33,456,000 after acquiring an additional 206,505 shares in the last quarter. Finally, Cerity Partners LLC boosted its stake in shares of Eastman Chemical by 8,479.7% during the 2nd quarter. Cerity Partners LLC now owns 194,845 shares of the basic materials company’s stock worth $17,640,000 after acquiring an additional 192,574 shares in the last quarter. Hedge funds and other institutional investors own 85.41% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on EMN. Mizuho decreased their price target on Eastman Chemical from $91.00 to $88.00 and set a “neutral” rating on the stock in a research note on Monday, October 31st. The Goldman Sachs Group began coverage on Eastman Chemical in a research note on Thursday, October 13th. They issued a “neutral” rating and a $78.00 target price on the stock. Barclays reduced their target price on Eastman Chemical from $110.00 to $82.00 in a research note on Tuesday, October 11th. Wells Fargo & Company reduced their target price on Eastman Chemical from $95.00 to $80.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 18th. Finally, KeyCorp reduced their target price on Eastman Chemical from $111.00 to $98.00 and set an “overweight” rating on the stock in a research note on Monday, October 31st. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $97.31.

Eastman Chemical Stock Performance

Shares of EMN opened at $86.88 on Thursday. The stock has a fifty day moving average of $77.41 and a two-hundred day moving average of $89.74. The company has a debt-to-equity ratio of 0.73, a quick ratio of 0.66 and a current ratio of 1.28. The company has a market capitalization of $10.42 billion, a PE ratio of 9.55, a price-to-earnings-growth ratio of 2.57 and a beta of 1.46. Eastman Chemical has a fifty-two week low of $69.91 and a fifty-two week high of $129.48.

Eastman Chemical Company Profile

(Get Rating)

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

See Also

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

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