Eastman Chemical Company $EMN Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. reduced its position in shares of Eastman Chemical Company (NYSE:EMN) by 2.2% in the third quarter, HoldingsChannel.com reports. The firm owned 14,337,211 shares of the basic materials company’s stock after selling 322,380 shares during the period. Vanguard Group Inc. owned about 0.12% of Eastman Chemical worth $903,961,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. MUFG Securities EMEA plc bought a new position in Eastman Chemical during the second quarter valued at about $25,000. Loomis Sayles & Co. L P bought a new stake in Eastman Chemical in the second quarter worth about $33,000. Financial Consulate Inc. acquired a new stake in Eastman Chemical in the 3rd quarter valued at about $42,000. Heartwood Wealth Advisors LLC bought a new position in shares of Eastman Chemical during the 3rd quarter valued at about $44,000. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Eastman Chemical during the 3rd quarter valued at about $49,000. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Trading Up 1.4%

NYSE EMN opened at $79.13 on Monday. The firm’s 50 day moving average price is $69.98 and its two-hundred day moving average price is $65.62. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.63 and a current ratio of 1.37. Eastman Chemical Company has a twelve month low of $56.11 and a twelve month high of $101.00. The stock has a market cap of $9.03 billion, a price-to-earnings ratio of 19.35, a PEG ratio of 1.74 and a beta of 1.23.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The business had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the previous year, the company earned $1.87 EPS. Eastman Chemical’s revenue for the quarter was down 12.1% on a year-over-year basis. Equities analysts anticipate that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Shareholders of record on Friday, March 13th will be given a dividend of $0.84 per share. The ex-dividend date is Friday, March 13th. This represents a $3.36 dividend on an annualized basis and a yield of 4.2%. Eastman Chemical’s dividend payout ratio (DPR) is presently 82.15%.

Wall Street Analyst Weigh In

EMN has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their target price on shares of Eastman Chemical from $60.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday, February 2nd. Evercore set a $75.00 price target on shares of Eastman Chemical in a research report on Wednesday. KeyCorp reiterated an “overweight” rating on shares of Eastman Chemical in a research report on Monday, February 2nd. Weiss Ratings upgraded Eastman Chemical from a “sell (d+)” rating to a “hold (c)” rating in a report on Wednesday. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $79.00 target price on shares of Eastman Chemical in a research report on Wednesday, February 4th. Seven investment analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $79.21.

Eastman Chemical Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.