Eastman Chemical (NYSE:EMN) Shares Sold by Tredje AP fonden

Tredje AP fonden lessened its stake in Eastman Chemical (NYSE:EMN) by 0.7% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 40,342 shares of the basic materials company’s stock after selling 291 shares during the quarter. Tredje AP fonden’s holdings in Eastman Chemical were worth $3,952,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Lcnb Corp raised its position in Eastman Chemical by 1.7% during the first quarter. Lcnb Corp now owns 6,275 shares of the basic materials company’s stock valued at $629,000 after acquiring an additional 103 shares in the last quarter. Kingswood Wealth Advisors LLC lifted its stake in shares of Eastman Chemical by 2.8% in the 2nd quarter. Kingswood Wealth Advisors LLC now owns 4,026 shares of the basic materials company’s stock valued at $394,000 after purchasing an additional 111 shares during the period. Prosperity Consulting Group LLC boosted its holdings in Eastman Chemical by 4.8% during the second quarter. Prosperity Consulting Group LLC now owns 2,662 shares of the basic materials company’s stock worth $261,000 after buying an additional 123 shares in the last quarter. Quadrant Capital Group LLC grew its position in Eastman Chemical by 8.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,639 shares of the basic materials company’s stock valued at $147,000 after buying an additional 128 shares during the period. Finally, IFG Advisory LLC increased its holdings in Eastman Chemical by 0.9% in the second quarter. IFG Advisory LLC now owns 15,438 shares of the basic materials company’s stock valued at $1,513,000 after buying an additional 137 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Citigroup dropped their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. Royal Bank of Canada reissued a “sector perform” rating and issued a $100.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. Mizuho boosted their price objective on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Deutsche Bank Aktiengesellschaft increased their target price on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Finally, Barclays boosted their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $108.07.

Eastman Chemical Stock Performance

EMN opened at $106.38 on Thursday. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $108.04. The firm has a market capitalization of $12.52 billion, a PE ratio of 13.71, a PEG ratio of 0.75 and a beta of 1.44. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. The firm’s 50-day moving average price is $99.10 and its 200 day moving average price is $98.17.

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

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 16th will be issued a $0.81 dividend. This represents a $3.24 annualized dividend and a yield of 3.05%. The ex-dividend date is Monday, September 16th. Eastman Chemical’s payout ratio is currently 41.75%.

Eastman Chemical Company Profile

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.