Chevy Chase Trust Holdings LLC Decreases Stock Holdings in Eastman Chemical (NYSE:EMN)

Chevy Chase Trust Holdings LLC reduced its stake in shares of Eastman Chemical (NYSE:EMN) by 0.6% in the fourth quarter, HoldingsChannel reports. The firm owned 66,231 shares of the basic materials company’s stock after selling 410 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Eastman Chemical were worth $5,949,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. First Command Advisory Services Inc. purchased a new stake in shares of Eastman Chemical during the 3rd quarter worth $26,000. Pacifica Partners Inc. acquired a new position in Eastman Chemical during the 3rd quarter valued at about $28,000. Cornerstone Planning Group LLC acquired a new position in Eastman Chemical during the 2nd quarter valued at about $33,000. Sound Income Strategies LLC increased its position in Eastman Chemical by 213.8% during the 4th quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock valued at $37,000 after buying an additional 278 shares in the last quarter. Finally, Bruce G. Allen Investments LLC acquired a new position in Eastman Chemical during the 4th quarter valued at about $38,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on EMN. KeyCorp upped their target price on Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a research report on Tuesday. Royal Bank of Canada reduced their target price on Eastman Chemical from $91.00 to $89.00 and set a “sector perform” rating on the stock in a research report on Tuesday, February 6th. Citigroup reduced their target price on Eastman Chemical from $96.00 to $95.00 and set a “buy” rating on the stock in a research report on Tuesday, February 6th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Wednesday, December 13th. Finally, Redburn Atlantic initiated coverage on Eastman Chemical in a report on Thursday, February 15th. They issued a “buy” rating and a $110.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $95.00.

Eastman Chemical Stock Up 1.4 %

Eastman Chemical stock opened at $101.95 on Wednesday. The firm has a market cap of $11.99 billion, a price-to-earnings ratio of 13.61, a price-to-earnings-growth ratio of 1.11 and a beta of 1.54. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $102.71. The business’s 50-day moving average price is $90.39 and its 200 day moving average price is $84.53. The company has a quick ratio of 0.70, a current ratio of 1.35 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Friday, February 2nd. The basic materials company reported $1.31 EPS for the quarter, topping the consensus estimate of $1.28 by $0.03. The firm had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.21 billion. Eastman Chemical had a return on equity of 14.15% and a net margin of 9.71%. Eastman Chemical’s revenue for the quarter was down 7.0% compared to the same quarter last year. During the same period last year, the company earned $0.89 earnings per share. As a group, sell-side analysts anticipate that Eastman Chemical will post 7.7 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 3.18%. The ex-dividend date was Thursday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is 43.26%.

Insider Buying and Selling

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a filing with the SEC, which is accessible through this link. 2.28% of the stock is owned by corporate insiders.

Eastman Chemical 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.