Royal London Asset Management Ltd. Decreases Stake in Eastman Chemical (NYSE:EMN)

Royal London Asset Management Ltd. lowered its holdings in Eastman Chemical (NYSE:EMNFree Report) by 2.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 59,465 shares of the basic materials company’s stock after selling 1,305 shares during the quarter. Royal London Asset Management Ltd. owned 0.05% of Eastman Chemical worth $5,341,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Norges Bank purchased a new stake in Eastman Chemical during the fourth quarter valued at $121,847,000. Invesco Ltd. increased its position in Eastman Chemical by 37.4% during the third quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock valued at $214,496,000 after acquiring an additional 760,974 shares during the last quarter. Mackenzie Financial Corp increased its position in Eastman Chemical by 274.5% during the fourth quarter. Mackenzie Financial Corp now owns 249,104 shares of the basic materials company’s stock valued at $22,375,000 after acquiring an additional 391,848 shares during the last quarter. Schonfeld Strategic Advisors LLC increased its position in Eastman Chemical by 1,031.0% during the third quarter. Schonfeld Strategic Advisors LLC now owns 333,655 shares of the basic materials company’s stock valued at $25,598,000 after acquiring an additional 304,155 shares during the last quarter. Finally, Earnest Partners LLC increased its position in Eastman Chemical by 19.9% during the third quarter. Earnest Partners LLC now owns 1,807,691 shares of the basic materials company’s stock valued at $138,686,000 after acquiring an additional 299,951 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Insider Activity at Eastman Chemical

In related news, CEO Mark J. Costa sold 102,390 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the transaction, the chief executive officer now directly owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The sale was disclosed in a filing with the SEC, which is available through this link. In other Eastman Chemical news, SVP Adrian James Holt sold 3,662 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $101.26, for a total transaction of $370,814.12. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction that occurred 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 owns 395,699 shares in the company, valued at $39,878,545.22. The disclosure for this sale can be found here. Over the last three months, insiders sold 108,027 shares of company stock valued at $10,885,638. Insiders own 1.93% of the company’s stock.

Eastman Chemical Stock Performance

NYSE EMN opened at $103.30 on Friday. The firm has a market cap of $12.15 billion, a price-to-earnings ratio of 13.31, a price-to-earnings-growth ratio of 1.09 and a beta of 1.51. The company has a quick ratio of 0.71, a current ratio of 1.39 and a debt-to-equity ratio of 0.77. The business has a 50-day moving average price of $99.05 and a 200-day moving average price of $91.49. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $103.67.

Eastman Chemical (NYSE:EMNGet Free Report) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The company had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.29 billion. During the same period in the prior year, the company earned $1.63 earnings per share. The firm’s revenue was down 4.2% on a year-over-year basis. As a group, equities research analysts predict that Eastman Chemical will post 7.75 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be paid a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend is Monday, June 17th. Eastman Chemical’s payout ratio is presently 41.75%.

Wall Street Analysts Forecast Growth

EMN has been the subject of a number of research reports. Wells Fargo & Company upped their price objective on Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a research report on Thursday, April 11th. Jefferies Financial Group raised Eastman Chemical from a “hold” rating to a “buy” rating and boosted their price target for the company from $102.00 to $125.00 in a report on Monday, April 29th. Royal Bank of Canada boosted their price target on Eastman Chemical from $100.00 to $104.00 and gave the company a “sector perform” rating in a report on Tuesday, April 30th. KeyCorp boosted their price target on Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Finally, Barclays boosted their price target on Eastman Chemical from $85.00 to $103.00 and gave the company an “equal weight” rating in a report on Monday, May 6th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $106.24.

Check Out Our Latest Stock Analysis on EMN

Eastman Chemical Profile

(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.

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

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