Fieldpoint Private Securities LLC Trims Stock Holdings in Eastman Chemical (NYSE:EMN)

Fieldpoint Private Securities LLC reduced its stake in Eastman Chemical (NYSE:EMN – Get Rating) by 53.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 278 shares of the basic materials company’s stock after selling 324 shares during the period. Fieldpoint Private Securities LLC’s holdings in Eastman Chemical were worth $31,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Yousif Capital Management LLC purchased a new stake in shares of Eastman Chemical in the fourth quarter worth $2,234,000. Xponance Inc. boosted its position in shares of Eastman Chemical by 22.4% during the fourth quarter. Xponance Inc. now owns 8,496 shares of the basic materials company’s stock valued at $1,027,000 after buying an additional 1,555 shares during the last quarter. Savant Capital LLC boosted its position in shares of Eastman Chemical by 6.2% during the fourth quarter. Savant Capital LLC now owns 3,577 shares of the basic materials company’s stock valued at $432,000 after buying an additional 209 shares during the last quarter. Asset Management One Co. Ltd. boosted its position in shares of Eastman Chemical by 3.0% during the fourth quarter. Asset Management One Co. Ltd. now owns 61,744 shares of the basic materials company’s stock valued at $7,427,000 after buying an additional 1,780 shares during the last quarter. Finally, WealthTrust Axiom LLC purchased a new stake in shares of Eastman Chemical during the fourth quarter valued at $226,000. 87.40% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Eastman Chemical stock opened at $89.04 on Thursday. The stock has a market cap of $11.48 billion, a price-to-earnings ratio of 14.57, a price-to-earnings-growth ratio of 0.95 and a beta of 1.43. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.04 and a current ratio of 1.57. The stock has a 50 day moving average price of $104.00 and a 200-day moving average price of $112.11. Eastman Chemical has a one year low of $85.94 and a one year high of $129.48.

Eastman Chemical (NYSE:EMN – Get Rating) last announced its earnings results on Thursday, April 28th. The basic materials company reported $2.06 EPS for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.01). The company had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.50 billion. Eastman Chemical had a return on equity of 19.82% and a net margin of 7.59%. Eastman Chemical’s revenue for the quarter was up 12.7% compared to the same quarter last year. During the same quarter last year, the firm posted $2.13 EPS. Sell-side analysts predict that Eastman Chemical will post 9.8 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 8th. Investors of record on Wednesday, June 15th will be paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.41%. The ex-dividend date is Tuesday, June 14th. Eastman Chemical’s dividend payout ratio is currently 49.75%.

Several equities research analysts recently commented on EMN shares. Wolfe Research reaffirmed a “peer perform” rating and set a $114.00 price objective (down from $130.00) on shares of Eastman Chemical in a research report on Tuesday, April 19th. Jefferies Financial Group downgraded Eastman Chemical from a “buy” rating to a “hold” rating and lowered their target price for the company from $150.00 to $87.00 in a report on Thursday, June 16th. They noted that the move was a valuation call. Wells Fargo & Company lowered their target price on Eastman Chemical from $138.00 to $128.00 and set an “overweight” rating on the stock in a report on Wednesday, April 6th. Stifel Nicolaus decreased their price objective on Eastman Chemical to $155.00 in a research note on Monday, May 2nd. Finally, Citigroup decreased their price objective on Eastman Chemical from $139.00 to $127.00 in a research note on Monday, May 2nd. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $125.57.

Eastman Chemical Profile (Get Rating)

Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.

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