Dean Investment Associates LLC reduced its holdings in Eastman Chemical (NYSE:EMN) by 25.9% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,386 shares of the basic materials company’s stock after selling 4,324 shares during the period. Dean Investment Associates LLC’s holdings in Eastman Chemical were worth $1,308,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Balter Liquid Alternatives LLC acquired a new position in Eastman Chemical in the fourth quarter valued at approximately $115,000. Advisors Preferred LLC acquired a new position in Eastman Chemical in the fourth quarter valued at approximately $120,000. NuWave Investment Management LLC acquired a new position in Eastman Chemical in the fourth quarter valued at approximately $123,000. Vigilant Capital Management LLC acquired a new position in Eastman Chemical in the fourth quarter valued at approximately $126,000. Finally, Avestar Capital LLC acquired a new position in Eastman Chemical in the fourth quarter valued at approximately $129,000. Institutional investors and hedge funds own 83.87% of the company’s stock.
Shares of EMN stock opened at $108.44 on Wednesday. The company has a quick ratio of 0.99, a current ratio of 1.72 and a debt-to-equity ratio of 1.12. Eastman Chemical has a 12-month low of $78.59 and a 12-month high of $112.45. The firm has a market cap of $15.50 billion, a PE ratio of 13.55, a P/E/G ratio of 1.35 and a beta of 1.22.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, April 26th. The basic materials company reported $2.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.09 by $0.14. Eastman Chemical had a net margin of 15.08% and a return on equity of 22.14%. The company had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.47 billion. During the same quarter in the prior year, the firm earned $1.83 earnings per share. The firm’s revenue was up 13.2% compared to the same quarter last year. research analysts anticipate that Eastman Chemical will post 8.58 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 6th. Stockholders of record on Friday, June 15th will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 2.07%. The ex-dividend date of this dividend is Thursday, June 14th. Eastman Chemical’s dividend payout ratio is 29.43%.
In other news, EVP Brad A. Lich sold 12,066 shares of the 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 sale, the executive vice president now owns 18,997 shares of the company’s stock, valued at $2,008,932.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Damon Cary Warmack sold 2,710 shares of the stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $102.22, for a total transaction of $277,016.20. The disclosure for this sale can be found here. Insiders have sold 101,359 shares of company stock valued at $10,340,017 in the last three months. 1.18% of the stock is owned by insiders.
Several equities research analysts have commented on the stock. Zacks Investment Research raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $114.00 target price for the company in a research note on Wednesday, May 2nd. ValuEngine downgraded shares of Eastman Chemical from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 2nd. KeyCorp upped their target price on shares of Eastman Chemical from $118.00 to $122.00 and gave the company an “overweight” rating in a research note on Monday, April 30th. SunTrust Banks upped their target price on shares of Eastman Chemical to $105.00 and gave the company a “hold” rating in a research note on Monday, February 5th. They noted that the move was a valuation call. Finally, Citigroup upped their target price on shares of Eastman Chemical from $103.00 to $108.00 and gave the company a “neutral” rating in a research note on Monday, April 30th. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Eastman Chemical has a consensus rating of “Buy” and a consensus target price of $105.40.
Eastman Chemical 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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