DnB Asset Management AS Lowers Holdings in Eastman Chemical (NYSE:EMN)

DnB Asset Management AS trimmed its holdings in Eastman Chemical (NYSE:EMNGet Rating) by 5.3% during the 2nd quarter, Holdings Channel.com reports. The firm 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 as of its most recent filing with the SEC.

Other hedge funds also recently added to or reduced their stakes in the company. American Century Companies Inc. boosted its stake in shares of Eastman Chemical by 12,812.9% during the 1st quarter. American Century Companies Inc. now owns 1,825,502 shares of the basic materials company’s stock worth $204,566,000 after acquiring an additional 1,811,365 shares in the last quarter. Ceredex Value Advisors LLC purchased a new stake in shares of Eastman Chemical during the 1st quarter worth about $76,900,000. Bank of Nova Scotia boosted its stake in shares of Eastman Chemical by 1,931.7% during the 1st quarter. Bank of Nova Scotia now owns 530,474 shares of the basic materials company’s stock worth $59,445,000 after acquiring an additional 504,364 shares in the last quarter. Southpoint Capital Advisors LP purchased a new stake in shares of Eastman Chemical during the 4th quarter worth about $36,273,000. Finally, Conning Inc. purchased a new stake in shares of Eastman Chemical during the 1st quarter worth about $33,390,000. 85.41% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. KeyCorp lowered their target price on shares of Eastman Chemical from $125.00 to $111.00 and set an “overweight” rating on the stock in a research note on Wednesday, September 14th. Barclays lowered their target price on shares of Eastman Chemical from $120.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Tuesday, August 2nd. StockNews.com lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Wednesday, September 14th. Credit Suisse Group assumed coverage on shares of Eastman Chemical in a research note on Tuesday, May 31st. They issued an “outperform” rating and a $130.00 price target on the stock. Finally, Wells Fargo & Company lowered shares of Eastman Chemical from an “overweight” rating to an “equal weight” rating and decreased their price target for the company from $110.00 to $95.00 in a research note on Tuesday, September 13th. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $112.53.

Eastman Chemical Stock Down 3.0 %

EMN stock opened at $77.33 on Wednesday. The company has a market cap of $9.50 billion, a price-to-earnings ratio of 8.40, a PEG ratio of 1.65 and a beta of 1.43. The company has a current ratio of 1.27, a quick ratio of 0.69 and a debt-to-equity ratio of 0.74. Eastman Chemical has a 12 month low of $76.48 and a 12 month high of $129.48. The firm has a 50-day moving average of $92.68 and a two-hundred day moving average of $99.64.

Eastman Chemical (NYSE:EMNGet Rating) last released its quarterly earnings data on Thursday, July 28th. The basic materials company reported $2.83 EPS for the quarter, beating analysts’ consensus estimates of $2.69 by $0.14. The company had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.79 billion. Eastman Chemical had a net margin of 11.18% and a return on equity of 20.67%. Eastman Chemical’s quarterly revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.46 EPS. As a group, analysts forecast that Eastman Chemical will post 9.04 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

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

Eastman Chemical Company 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

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

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