State Board of Administration of Florida Retirement System Lowers Stock Position in Eastman Chemical (NYSE:EMN)

State Board of Administration of Florida Retirement System cut its holdings in shares of Eastman Chemical (NYSE:EMNGet Rating) by 3.9% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 162,080 shares of the basic materials company’s stock after selling 6,584 shares during the period. State Board of Administration of Florida Retirement System owned 0.13% of Eastman Chemical worth $14,550,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of EMN. BlackRock Inc. grew its position in Eastman Chemical by 1.6% in the 1st quarter. BlackRock Inc. now owns 8,994,075 shares of the basic materials company’s stock valued at $1,007,875,000 after buying an additional 138,868 shares during the last quarter. American Century Companies Inc. grew its position in Eastman Chemical by 12,812.9% in the 1st quarter. American Century Companies Inc. now owns 1,825,502 shares of the basic materials company’s stock valued at $204,566,000 after buying an additional 1,811,365 shares during the last quarter. Bank of America Corp DE grew its position in Eastman Chemical by 12.2% in the 1st quarter. Bank of America Corp DE now owns 1,648,178 shares of the basic materials company’s stock valued at $184,695,000 after buying an additional 179,730 shares during the last quarter. APG Asset Management N.V. grew its position in Eastman Chemical by 12.6% in the 1st quarter. APG Asset Management N.V. now owns 718,582 shares of the basic materials company’s stock valued at $72,372,000 after buying an additional 80,497 shares during the last quarter. Finally, Ceredex Value Advisors LLC purchased a new position in Eastman Chemical in the 1st quarter valued at $76,900,000. 85.41% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

EMN has been the topic of a number of analyst reports. KeyCorp lowered their price objective on shares of Eastman Chemical from $111.00 to $98.00 and set an “overweight” rating on the stock in a research report on Monday, October 31st. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Eastman Chemical from $115.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, September 15th. UBS Group decreased their target price on shares of Eastman Chemical from $118.00 to $108.00 and set a “buy” rating on the stock in a research report on Monday, September 19th. Mizuho decreased their target price on shares of Eastman Chemical from $91.00 to $88.00 and set a “neutral” rating on the stock in a research report on Monday, October 31st. Finally, TheStreet lowered shares of Eastman Chemical from a “b-” rating to a “c+” rating in a research report on Tuesday, October 11th. Eleven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $97.31.

Eastman Chemical Trading Down 3.7 %

Shares of EMN stock opened at $79.20 on Thursday. The firm has a 50-day moving average price of $78.16 and a 200 day moving average price of $91.09. Eastman Chemical has a twelve month low of $69.91 and a twelve month high of $129.48. The company has a market capitalization of $9.50 billion, a price-to-earnings ratio of 8.70, a PEG ratio of 2.43 and a beta of 1.46. The company has a current ratio of 1.28, a quick ratio of 0.66 and a debt-to-equity ratio of 0.73.

Eastman Chemical Company Profile

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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.

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

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