Earnest Partners LLC trimmed its holdings in Eastman Chemical (NYSE:EMN) by 4.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 473,370 shares of the basic materials company’s stock after selling 19,915 shares during the period. Earnest Partners LLC owned 0.33% of Eastman Chemical worth $43,853,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in EMN. Balter Liquid Alternatives LLC acquired a new position in Eastman Chemical during the fourth quarter valued at approximately $115,000. Steward Partners Investment Advisory LLC acquired a new position in Eastman Chemical during the third quarter valued at approximately $113,000. Advisors Preferred LLC acquired a new position in Eastman Chemical during the fourth quarter valued at approximately $120,000. NuWave Investment Management LLC acquired a new position in Eastman Chemical during the fourth quarter valued at approximately $123,000. Finally, Vigilant Capital Management LLC acquired a new position in Eastman Chemical during the fourth quarter valued at approximately $126,000. Institutional investors own 85.59% of the company’s stock.
Shares of Eastman Chemical (EMN) opened at $109.35 on Wednesday. The firm has a market cap of $15,846.43, a price-to-earnings ratio of 14.55, a price-to-earnings-growth ratio of 1.46 and a beta of 1.25. Eastman Chemical has a one year low of $76.02 and a one year high of $112.45. The company has a debt-to-equity ratio of 1.12, a quick ratio of 0.82 and a current ratio of 1.59.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, February 1st. The basic materials company reported $1.62 earnings per share for the quarter, topping analysts’ consensus estimates of $1.06 by $0.56. The firm had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.24 billion. Eastman Chemical had a net margin of 15.44% and a return on equity of 22.02%. The company’s revenue was up 8.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.51 earnings per share. sell-side analysts expect that Eastman Chemical will post 8.53 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, April 6th. Shareholders of record on Thursday, March 15th will be paid a dividend of $0.56 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.05%. Eastman Chemical’s payout ratio is presently 22.13%.
In related news, insider Lucian Boldea sold 3,325 shares of the business’s stock in a transaction on Friday, February 9th. The shares were sold at an average price of $95.00, for a total value of $315,875.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Damon Cary Warmack sold 2,710 shares of the business’s 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. In the last three months, insiders sold 134,335 shares of company stock worth $13,334,831. 1.14% of the stock is currently owned by insiders.
Several research analysts have commented on the stock. Jefferies Group restated a “buy” rating on shares of Eastman Chemical in a research report on Friday, March 9th. Zacks Investment Research upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $119.00 price objective for the company in a research report on Wednesday, March 7th. ValuEngine upgraded shares of Eastman Chemical from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 1st. Barclays boosted their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the company an “equal weight” rating in a research report on Monday, February 5th. Finally, 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. Eight analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and an average target price of $103.27.
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Eastman Chemical Company Profile
Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.
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