Eastman Chemical (NYSE:EMN) Stake Lessened by Franklin Resources Inc.

Franklin Resources Inc. cut its stake in Eastman Chemical (NYSE:EMNFree Report) by 12.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,997 shares of the basic materials company’s stock after selling 2,173 shares during the period. Franklin Resources Inc.’s holdings in Eastman Chemical were worth $1,347,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also 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 fourth quarter valued at approximately $205,000. Massachusetts Financial Services Co. MA boosted its holdings in shares of Eastman Chemical by 7.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,575,783 shares of the basic materials company’s stock valued at $231,357,000 after acquiring an additional 168,009 shares in the last quarter. Cetera Trust Company N.A bought a new stake in Eastman Chemical during the fourth quarter worth approximately $812,000. Wedge Capital Management L L P NC boosted its holdings in Eastman Chemical by 17.6% during the fourth quarter. Wedge Capital Management L L P NC now owns 99,419 shares of the basic materials company’s stock worth $8,930,000 after buying an additional 14,898 shares in the last quarter. Finally, International Assets Investment Management LLC bought a new stake in Eastman Chemical during the fourth quarter worth approximately $8,592,000. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Stock Performance

NYSE:EMN opened at $98.43 on Thursday. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $102.71. The firm’s fifty day simple moving average is $98.99 and its 200 day simple moving average is $91.22. The company has a current ratio of 1.39, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77. The firm has a market capitalization of $11.58 billion, a PE ratio of 12.68, a PEG ratio of 1.07 and a beta of 1.51.

Eastman Chemical (NYSE:EMNGet Free Report) last posted its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. The business had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. Eastman Chemical’s revenue was down 4.2% compared to the same quarter last year. During the same period last year, the business posted $1.63 EPS. On average, sell-side analysts anticipate that Eastman Chemical will post 7.75 EPS for the current year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th will be given a $0.81 dividend. The ex-dividend date of this dividend is Monday, June 17th. This represents a $3.24 annualized dividend and a yield of 3.29%. Eastman Chemical’s dividend payout ratio is 41.75%.

Insiders Place Their Bets

In other Eastman Chemical news, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the sale, the chief executive officer now directly owns 395,699 shares in the company, valued at approximately $39,878,545.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Eastman Chemical news, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the sale, the chief executive officer now directly owns 395,699 shares in the company, valued at approximately $39,878,545.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Adrian James Holt sold 3,662 shares of Eastman Chemical stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $101.26, for a total transaction of $370,814.12. The disclosure for this sale can be found here. Insiders have sold 108,027 shares of company stock worth $10,885,638 in the last ninety days. Insiders own 2.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on EMN. Wells Fargo & Company raised their target price on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a report on Thursday, April 11th. Redburn Atlantic began coverage on shares of Eastman Chemical in a report on Thursday, February 15th. They set a “buy” rating and a $110.00 target price for the company. UBS Group upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and raised their target price for the stock from $106.00 to $128.00 in a report on Thursday, May 23rd. Barclays raised their target price on shares of Eastman Chemical from $85.00 to $103.00 and gave the stock an “equal weight” rating in a report on Monday, May 6th. Finally, Royal Bank of Canada raised their target price on shares of Eastman Chemical from $100.00 to $104.00 and gave the stock a “sector perform” rating in a report on Tuesday, April 30th. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and an average price target of $106.24.

Get Our Latest Research Report on Eastman Chemical

About Eastman Chemical

(Free Report)

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.

Featured Articles

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

Receive News & Ratings for Eastman Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical and related companies with MarketBeat.com's FREE daily email newsletter.