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

Swiss National Bank decreased its stake in Eastman Chemical (NYSE:EMN – Get Rating) by 10.6% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 499,100 shares of the basic materials company’s stock after selling 59,305 shares during the quarter. Swiss National Bank owned about 0.42% of Eastman Chemical worth $40,647,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Lincoln National Corp purchased a new position in Eastman Chemical during the 4th quarter valued at $272,000. State Board of Administration of Florida Retirement System boosted its holdings in Eastman Chemical by 0.3% during the 4th quarter. State Board of Administration of Florida Retirement System now owns 155,963 shares of the basic materials company’s stock valued at $12,702,000 after acquiring an additional 440 shares during the period. Toronto Dominion Bank boosted its holdings in Eastman Chemical by 12.7% during the 4th quarter. Toronto Dominion Bank now owns 61,227 shares of the basic materials company’s stock valued at $4,983,000 after acquiring an additional 6,881 shares during the period. Canandaigua National Corp boosted its holdings in Eastman Chemical by 4.1% during the 4th quarter. Canandaigua National Corp now owns 16,412 shares of the basic materials company’s stock valued at $1,337,000 after acquiring an additional 639 shares during the period. Finally, Duality Advisers LP purchased a new position in Eastman Chemical during the 4th quarter valued at $1,634,000. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Eastman Chemical Stock Down 1.0 %

Shares of EMN stock opened at $79.35 on Thursday. Eastman Chemical has a 1-year low of $69.91 and a 1-year high of $112.78. The stock’s fifty day moving average price is $81.80 and its 200 day moving average price is $83.97. The company has a debt-to-equity ratio of 0.88, a current ratio of 1.34 and a quick ratio of 0.68. The company has a market cap of $9.45 billion, a price-to-earnings ratio of 14.12, a price-to-earnings-growth ratio of 1.06 and a beta of 1.50.

Eastman Chemical (NYSE:EMN – Get Rating) last announced its earnings results on Friday, April 28th. The basic materials company reported $1.63 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.41. The firm had revenue of $2.41 billion for the quarter, compared to the consensus estimate of $2.43 billion. Eastman Chemical had a return on equity of 17.03% and a net margin of 6.73%. The firm’s revenue for the quarter was down 11.1% on a year-over-year basis. During the same period in the previous year, the business earned $2.06 EPS. On average, research analysts expect that Eastman Chemical will post 7.94 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, July 7th. Shareholders of record on Thursday, June 15th will be paid a dividend of $0.79 per share. The ex-dividend date of this dividend is Wednesday, June 14th. This represents a $3.16 annualized dividend and a yield of 3.98%. Eastman Chemical’s payout ratio is presently 56.23%.

Analyst Ratings Changes

EMN has been the subject of a number of research analyst reports. Wells Fargo & Company decreased their target price on Eastman Chemical from $95.00 to $89.00 and set an “equal weight” rating for the company in a research report on Monday, April 17th. Barclays lifted their target price on Eastman Chemical from $87.00 to $90.00 in a research report on Monday, May 1st. Scotiabank lowered Eastman Chemical from a “sector outperform” rating to a “sector perform” rating and decreased their target price for the company from $100.00 to $90.00 in a research report on Monday, January 30th. Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and lifted their target price for the company from $98.00 to $108.00 in a research report on Wednesday, January 11th. Finally, Deutsche Bank Aktiengesellschaft lowered Eastman Chemical from a “buy” rating to a “hold” rating and lifted their target price for the company from $90.00 to $96.00 in a research report on Monday, January 16th. Eleven analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $95.31.

Eastman Chemical Company Profile

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Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Advanced Material (AM), Additives and Functional Products (AFP), Chemical Intermediates (CI), and Fibers. The AM segment produces and markets its polymers, films, and plastics with differentiated performance properties for value-added end uses in transportation, consumables, building and construction, durable goods, and health and wellness markets.