State of Wisconsin Investment Board Sells 194,575 Shares of Eastman Chemical (EMN)

State of Wisconsin Investment Board cut its holdings in Eastman Chemical (NYSE:EMN) by 59.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 132,240 shares of the basic materials company’s stock after selling 194,575 shares during the period. State of Wisconsin Investment Board owned 0.09% of Eastman Chemical worth $13,962,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in EMN. Victory Capital Management Inc. raised its position in Eastman Chemical by 6,003.3% in the fourth quarter. Victory Capital Management Inc. now owns 1,700,749 shares of the basic materials company’s stock worth $157,557,000 after acquiring an additional 1,672,883 shares during the period. UBS Asset Management Americas Inc. raised its position in Eastman Chemical by 255.8% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,581,835 shares of the basic materials company’s stock worth $146,541,000 after acquiring an additional 1,137,278 shares during the period. LSV Asset Management raised its position in Eastman Chemical by 9.8% in the first quarter. LSV Asset Management now owns 4,723,454 shares of the basic materials company’s stock worth $498,702,000 after acquiring an additional 420,337 shares during the period. BlackRock Inc. raised its position in Eastman Chemical by 2.7% in the fourth quarter. BlackRock Inc. now owns 12,147,844 shares of the basic materials company’s stock worth $1,125,377,000 after acquiring an additional 320,786 shares during the period. Finally, American Century Companies Inc. raised its position in Eastman Chemical by 91.6% in the fourth quarter. American Century Companies Inc. now owns 605,542 shares of the basic materials company’s stock worth $56,097,000 after acquiring an additional 289,505 shares during the period. Institutional investors and hedge funds own 87.30% of the company’s stock.

Several analysts have recently commented on the stock. Zacks Investment Research upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $119.00 price objective on the stock in a research report on Wednesday, March 7th. Cowen restated an “outperform” rating and set a $115.00 price objective (up from $106.00) on shares of Eastman Chemical in a research report on Wednesday, February 7th. Jefferies Group restated a “buy” rating on shares of Eastman Chemical in a research report on Friday, March 9th. Wells Fargo restated an “outperform” rating and set a $115.00 price objective (up from $108.00) on shares of Eastman Chemical in a research report on Tuesday, February 20th. Finally, ValuEngine upgraded shares of Eastman Chemical from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 1st. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Eastman Chemical currently has an average rating of “Buy” and an average price target of $105.40.

In related news, EVP Brad A. Lich sold 12,066 shares of the firm’s stock in a transaction on Wednesday, May 9th. The shares were sold at an average price of $105.75, for a total transaction of $1,275,979.50. Following the completion of the transaction, the executive vice president now directly owns 18,997 shares of the company’s stock, valued at $2,008,932.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Scott V. King sold 9,883 shares of the firm’s stock in a transaction on Thursday, March 1st. The shares were sold at an average price of $100.82, for a total transaction of $996,404.06. Following the transaction, the chief accounting officer now directly owns 19,781 shares of the company’s stock, valued at $1,994,320.42. The disclosure for this sale can be found here. Insiders have sold 101,359 shares of company stock valued at $10,340,017 over the last ninety days. 1.14% of the stock is currently owned by corporate insiders.

Eastman Chemical opened at $108.95 on Friday, according to Marketbeat.com. The firm has a market cap of $15.54 billion, a P/E ratio of 13.58, a P/E/G ratio of 1.36 and a beta of 1.22. Eastman Chemical has a fifty-two week low of $77.48 and a fifty-two week high of $112.45. The company has a debt-to-equity ratio of 1.12, a current ratio of 1.72 and a quick ratio of 0.99.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, April 26th. The basic materials company reported $2.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.09 by $0.14. The company had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.47 billion. Eastman Chemical had a net margin of 15.08% and a return on equity of 22.14%. Eastman Chemical’s quarterly revenue was up 13.2% on a year-over-year basis. During the same period last year, the company posted $1.83 earnings per share. research analysts predict that Eastman Chemical will post 8.58 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, July 6th. Investors of record on Friday, June 15th will be paid a dividend of $0.56 per share. The ex-dividend date is Thursday, June 14th. This represents a $2.24 annualized dividend and a yield of 2.06%. Eastman Chemical’s payout ratio is 29.43%.

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.

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 (NYSE:EMN).

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

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



Leave a Reply