Equitable Trust Co. Reduces Holdings in Eastman Chemical (NYSE:EMN)

Equitable Trust Co. cut its stake in shares of Eastman Chemical (NYSE:EMN) by 16.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,222 shares of the basic materials company’s stock after selling 628 shares during the quarter. Equitable Trust Co.’s holdings in Eastman Chemical were worth $316,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of EMN. Cultivar Capital Inc. bought a new position in Eastman Chemical during the 2nd quarter valued at approximately $29,000. Northwest Investment Counselors LLC bought a new position in Eastman Chemical during the 1st quarter valued at approximately $34,000. EntryPoint Capital LLC bought a new position in Eastman Chemical during the 1st quarter valued at approximately $38,000. Rothschild Investment LLC bought a new position in Eastman Chemical during the 2nd quarter valued at approximately $38,000. Finally, Advantage Trust Co bought a new position in Eastman Chemical during the 4th quarter valued at approximately $40,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Stock Performance

Shares of EMN opened at $102.37 on Tuesday. The business’s fifty day simple moving average is $97.99 and its two-hundred day simple moving average is $97.01. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $105.98. The company has a market cap of $12.04 billion, a price-to-earnings ratio of 13.19, a P/E/G ratio of 0.78 and a beta of 1.46.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, beating the consensus estimate of $2.01 by $0.14. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The business had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period last year, the business posted $1.99 EPS. The company’s revenue was up 1.7% compared to the same quarter last year. Research analysts anticipate that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 16th will be paid a dividend of $0.81 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $3.24 annualized dividend and a yield of 3.16%. Eastman Chemical’s dividend payout ratio is 41.75%.

Analyst Ratings Changes

A number of research firms have commented on EMN. Mizuho upped their price target on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Citigroup decreased their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. Royal Bank of Canada reissued a “sector perform” rating and issued a $100.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. Barclays increased their target price on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Finally, StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $108.07.

About Eastman Chemical

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.