Swiss National Bank Reduces Holdings in Eastman Chemical (NYSE:EMN)

Swiss National Bank lowered its stake in shares of Eastman Chemical (NYSE:EMNFree Report) by 10.9% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 383,300 shares of the basic materials company’s stock after selling 47,000 shares during the period. Swiss National Bank owned about 0.32% of Eastman Chemical worth $29,407,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in EMN. First Command Advisory Services Inc. acquired a new position in Eastman Chemical during the third quarter worth about $26,000. Pacifica Partners Inc. acquired a new position in Eastman Chemical during the third quarter worth about $28,000. Cornerstone Planning Group LLC acquired a new position in Eastman Chemical during the second quarter worth about $33,000. Money Concepts Capital Corp raised its position in Eastman Chemical by 435.0% during the fourth quarter. Money Concepts Capital Corp now owns 428 shares of the basic materials company’s stock worth $35,000 after acquiring an additional 348 shares during the last quarter. Finally, Stonebridge Capital Advisors LLC raised its position in shares of Eastman Chemical by 134.0% in the second quarter. Stonebridge Capital Advisors LLC now owns 440 shares of the basic materials company’s stock valued at $37,000 after buying an additional 252 shares during the last quarter. Hedge funds and other institutional investors own 82.29% of the company’s stock.

Wall Street Analysts Forecast Growth

EMN has been the subject of a number of analyst reports. Stifel Nicolaus cut their price objective on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating for the company in a research report on Monday. JPMorgan Chase & Co. raised shares of Eastman Chemical from a “neutral” rating to an “overweight” rating and set a $90.00 price objective for the company in a research report on Monday, October 30th. KeyCorp boosted their price objective on shares of Eastman Chemical from $95.00 to $101.00 and gave the company an “overweight” rating in a research report on Tuesday, January 9th. Royal Bank of Canada dropped their price target on shares of Eastman Chemical from $91.00 to $89.00 and set a “sector perform” rating for the company in a research report on Tuesday. Finally, StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Wednesday, December 13th. Seven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Eastman Chemical presently has an average rating of “Moderate Buy” and an average price target of $92.67.

View Our Latest Stock Report on Eastman Chemical

Eastman Chemical Price Performance

EMN opened at $82.99 on Friday. The company has a quick ratio of 0.71, a current ratio of 1.36 and a debt-to-equity ratio of 0.84. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $91.38. The company has a 50 day moving average of $86.63 and a two-hundred day moving average of $81.90. The company has a market cap of $9.84 billion, a P/E ratio of 11.08, a P/E/G ratio of 0.92 and a beta of 1.53.

Eastman Chemical (NYSE:EMNGet Free Report) last released its quarterly earnings data on Friday, February 2nd. The basic materials company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.03. The company had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.21 billion. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.27%. Eastman Chemical’s revenue for the quarter was down 7.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.89 earnings per share. On average, analysts expect that Eastman Chemical will post 7.69 earnings per share for the current year.

Eastman Chemical Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, January 5th. Stockholders of record on Monday, December 18th were paid a $0.81 dividend. The ex-dividend date was Friday, December 15th. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.79. This represents a $3.24 annualized dividend and a dividend yield of 3.90%. Eastman Chemical’s dividend payout ratio is 43.26%.

Eastman Chemical Profile

(Free Report)

Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon 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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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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