Eastman Chemical (NYSE:EMN) Shares Bought by UBS Group AG

UBS Group AG raised its stake in shares of Eastman Chemical (NYSE:EMN) by 9.8% during the 4th quarter, HoldingsChannel.com reports. The firm owned 646,232 shares of the basic materials company’s stock after acquiring an additional 57,442 shares during the quarter. UBS Group AG’s holdings in Eastman Chemical were worth $58,045,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of EMN. Norges Bank acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at about $121,847,000. Invesco Ltd. raised its holdings in Eastman Chemical by 37.4% in the 3rd quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock valued at $214,496,000 after acquiring an additional 760,974 shares during the last quarter. Mackenzie Financial Corp raised its holdings in Eastman Chemical by 274.5% in the 4th quarter. Mackenzie Financial Corp now owns 249,104 shares of the basic materials company’s stock valued at $22,375,000 after acquiring an additional 391,848 shares during the last quarter. Schonfeld Strategic Advisors LLC grew its position in shares of Eastman Chemical by 1,031.0% in the third quarter. Schonfeld Strategic Advisors LLC now owns 333,655 shares of the basic materials company’s stock valued at $25,598,000 after purchasing an additional 304,155 shares in the last quarter. Finally, Earnest Partners LLC increased its holdings in shares of Eastman Chemical by 19.9% in the third quarter. Earnest Partners LLC now owns 1,807,691 shares of the basic materials company’s stock valued at $138,686,000 after purchasing an additional 299,951 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Insider Activity at Eastman Chemical

In related news, SVP Adrian James Holt sold 3,662 shares of Eastman Chemical stock in a transaction on Friday, May 10th. The stock was sold at an average price of $101.26, for a total value of $370,814.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other Eastman Chemical news, SVP Adrian James Holt sold 3,662 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $101.26, for a total value of $370,814.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the sale, the chief executive officer now owns 395,699 shares in the company, valued at $39,878,545.22. The disclosure for this sale can be found here. Over the last three months, insiders sold 110,787 shares of company stock worth $11,105,175. Company insiders own 1.93% of the company’s stock.

Eastman Chemical Trading Up 1.2 %

EMN opened at $100.23 on Friday. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $102.71. The business has a fifty day simple moving average of $98.39 and a 200-day simple moving average of $90.01. The firm has a market cap of $11.79 billion, a P/E ratio of 12.92, a P/E/G ratio of 1.07 and a beta of 1.54. The company has a quick ratio of 0.71, a current ratio of 1.39 and a debt-to-equity ratio of 0.77.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, topping the consensus estimate of $1.41 by $0.20. The business had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.29 billion. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The company’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period last year, the business posted $1.63 earnings per share. On average, equities analysts expect that Eastman Chemical will post 7.75 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be issued a $0.81 dividend. The ex-dividend date is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a yield of 3.23%. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Analyst Ratings Changes

Several research firms recently commented on EMN. Wells Fargo & Company increased their price target on Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a report on Thursday, April 11th. Bank of America cut their price target on Eastman Chemical from $113.00 to $112.00 and set a “buy” rating for the company in a report on Monday, April 29th. Stifel Nicolaus cut their price target on Eastman Chemical from $102.00 to $101.00 and set a “buy” rating for the company in a report on Monday, February 5th. Redburn Atlantic began coverage on Eastman Chemical in a report on Thursday, February 15th. They issued a “buy” rating and a $110.00 price target for the company. Finally, Mizuho increased their price target on Eastman Chemical from $91.00 to $102.00 and gave the company a “neutral” rating in a report on Friday, April 26th. Six analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $106.24.

Eastman Chemical Company Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.