Asset Management One Co. Ltd. Sells 4,175 Shares of Eastman Chemical (NYSE:EMN)

Asset Management One Co. Ltd. lessened its holdings in Eastman Chemical (NYSE:EMN) by 8.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 44,641 shares of the basic materials company’s stock after selling 4,175 shares during the period. Asset Management One Co. Ltd.’s holdings in Eastman Chemical were worth $4,038,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently made changes to their positions in the company. Burns J W & Co. Inc. NY bought a new position in shares of Eastman Chemical in the 4th quarter worth approximately $205,000. Invesco Ltd. lifted its stake in shares of Eastman Chemical by 37.4% in the 3rd quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock worth $214,496,000 after purchasing an additional 760,974 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Eastman Chemical by 1.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,079,130 shares of the basic materials company’s stock worth $82,791,000 after purchasing an additional 19,450 shares during the period. Morgan Stanley raised its stake in Eastman Chemical by 1.0% during the 3rd quarter. Morgan Stanley now owns 3,978,856 shares of the basic materials company’s stock worth $305,258,000 after acquiring an additional 39,860 shares during the period. Finally, Massachusetts Financial Services Co. MA raised its stake in Eastman Chemical by 2.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,407,774 shares of the basic materials company’s stock worth $184,724,000 after acquiring an additional 51,788 shares during the period. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Trading Down 0.6 %

Eastman Chemical stock opened at $100.02 on Friday. The stock has a market cap of $11.76 billion, a P/E ratio of 13.35, a PEG ratio of 1.11 and a beta of 1.54. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.35 and a quick ratio of 0.70. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $102.71. The firm’s 50 day moving average price is $91.04 and its 200-day moving average price is $84.75.

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

Eastman Chemical Announces Dividend

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

Insider Activity at Eastman Chemical

In related news, SVP Adrian James Holt sold 4,735 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.28% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. KeyCorp raised their target price on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday. Royal Bank of Canada decreased their target price on shares of Eastman Chemical from $91.00 to $89.00 and set a “sector perform” rating on the stock in a research note on Tuesday, February 6th. The Goldman Sachs Group raised their target price on shares of Eastman Chemical from $82.00 to $92.00 and gave the stock a “neutral” rating in a research note on Thursday, December 14th. Stifel Nicolaus decreased their target price on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a research note on Monday, February 5th. Finally, Redburn Atlantic assumed coverage on shares of Eastman Chemical in a research note on Thursday, February 15th. They set a “buy” rating and a $110.00 target price on the stock. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $97.13.

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.