DnB Asset Management AS Decreases Position in Eastman Chemical (NYSE:EMN)

DnB Asset Management AS lowered its stake in shares of Eastman Chemical (NYSE:EMNGet Rating) by 5.3% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 33,872 shares of the basic materials company’s stock after selling 1,877 shares during the period. DnB Asset Management AS’s holdings in Eastman Chemical were worth $3,041,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of EMN. Wellington Shields Capital Management LLC purchased a new position in Eastman Chemical in the 1st quarter valued at approximately $28,000. Jones Financial Companies Lllp grew its stake in Eastman Chemical by 217.5% in the 1st quarter. Jones Financial Companies Lllp now owns 308 shares of the basic materials company’s stock valued at $35,000 after buying an additional 211 shares in the last quarter. Burleson & Company LLC purchased a new position in Eastman Chemical in the 1st quarter valued at approximately $36,000. Tompkins Financial Corp purchased a new position in Eastman Chemical in the 1st quarter valued at approximately $36,000. Finally, Rockbridge Investment Management LCC grew its stake in Eastman Chemical by 76.4% in the 4th quarter. Rockbridge Investment Management LCC now owns 427 shares of the basic materials company’s stock valued at $52,000 after buying an additional 185 shares in the last quarter. Hedge funds and other institutional investors own 85.41% of the company’s stock.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $77.33 on Wednesday. Eastman Chemical has a 1 year low of $76.48 and a 1 year high of $129.48. The company has a debt-to-equity ratio of 0.74, a current ratio of 1.27 and a quick ratio of 0.69. The company’s 50-day moving average is $92.68 and its 200 day moving average is $99.64. The stock has a market capitalization of $9.50 billion, a P/E ratio of 8.40, a P/E/G ratio of 1.65 and a beta of 1.43.

Eastman Chemical (NYSE:EMNGet Rating) last announced its quarterly earnings data on Thursday, July 28th. The basic materials company reported $2.83 earnings per share for the quarter, topping analysts’ consensus estimates of $2.69 by $0.14. The business had revenue of $2.78 billion for the quarter, compared to analysts’ expectations of $2.79 billion. Eastman Chemical had a net margin of 11.18% and a return on equity of 20.67%. The business’s revenue was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.46 earnings per share. On average, sell-side analysts expect that Eastman Chemical will post 9.04 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Thursday, September 15th will be given a $0.76 dividend. The ex-dividend date of this dividend is Wednesday, September 14th. This represents a $3.04 annualized dividend and a yield of 3.93%. Eastman Chemical’s payout ratio is presently 33.01%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Barclays reduced their price objective on shares of Eastman Chemical from $120.00 to $110.00 and set an “equal weight” rating for the company in a research note on Tuesday, August 2nd. Bank of America reduced their price target on shares of Eastman Chemical from $123.00 to $115.00 and set a “neutral” rating for the company in a research report on Wednesday, July 13th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Eastman Chemical from $115.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, September 15th. KeyCorp reduced their price target on shares of Eastman Chemical from $125.00 to $111.00 and set an “overweight” rating for the company in a research report on Wednesday, September 14th. Finally, Jefferies Financial Group lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating and reduced their price target for the company from $150.00 to $87.00 in a research report on Thursday, June 16th. They noted that the move was a valuation call. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat.com, Eastman Chemical has an average rating of “Hold” and an average target price of $112.53.

Eastman Chemical Profile

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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.

See Also

Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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