Eastman Chemical Company $EMN Shares Sold by JPMorgan Chase & Co.

JPMorgan Chase & Co. trimmed its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 24.2% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 635,162 shares of the basic materials company’s stock after selling 202,394 shares during the quarter. JPMorgan Chase & Co. owned 0.56% of Eastman Chemical worth $40,047,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of EMN. MUFG Securities EMEA plc purchased a new position in Eastman Chemical during the second quarter worth about $25,000. Loomis Sayles & Co. L P purchased a new stake in shares of Eastman Chemical in the 2nd quarter valued at approximately $33,000. Rothschild Investment LLC lifted its holdings in shares of Eastman Chemical by 65.6% in the 3rd quarter. Rothschild Investment LLC now owns 578 shares of the basic materials company’s stock worth $36,000 after acquiring an additional 229 shares during the last quarter. Financial Consulate Inc. purchased a new position in shares of Eastman Chemical during the 3rd quarter worth approximately $42,000. Finally, Heartwood Wealth Advisors LLC acquired a new stake in Eastman Chemical in the 3rd quarter valued at approximately $44,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock opened at $65.27 on Friday. The business has a 50-day simple moving average of $72.85 and a 200-day simple moving average of $66.35. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.63 and a current ratio of 1.37. Eastman Chemical Company has a one year low of $56.11 and a one year high of $90.95. The company has a market cap of $7.45 billion, a PE ratio of 15.96, a P/E/G ratio of 1.45 and a beta of 1.20.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The firm had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the prior year, the firm earned $1.87 EPS. The firm’s revenue was down 12.1% compared to the same quarter last year. On average, equities research analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Stockholders of record on Friday, March 13th will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 5.1%. The ex-dividend date of this dividend is Friday, March 13th. Eastman Chemical’s payout ratio is 82.15%.

Analysts Set New Price Targets

A number of brokerages have issued reports on EMN. JPMorgan Chase & Co. boosted their target price on Eastman Chemical from $60.00 to $70.00 and gave the company an “overweight” rating in a research report on Monday, February 2nd. Zacks Research raised Eastman Chemical from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Citigroup boosted their price objective on Eastman Chemical from $78.00 to $84.00 and gave the company a “buy” rating in a report on Thursday, March 12th. Bank of America increased their target price on Eastman Chemical from $74.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Eastman Chemical in a research report on Monday, February 2nd. Seven analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $79.64.

About Eastman Chemical

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.