Eastman Chemical (EMN) Holdings Trimmed by BLB&B Advisors LLC

BLB&B Advisors LLC lessened its stake in shares of Eastman Chemical (NYSE:EMN) by 15.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,769 shares of the basic materials company’s stock after selling 2,165 shares during the quarter. BLB&B Advisors LLC’s holdings in Eastman Chemical were worth $1,127,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of EMN. Morgan Stanley grew its holdings in Eastman Chemical by 158.3% during the 2nd quarter. Morgan Stanley now owns 1,215,942 shares of the basic materials company’s stock valued at $121,546,000 after buying an additional 745,156 shares in the last quarter. Bank of Montreal Can bought a new stake in shares of Eastman Chemical during the 2nd quarter valued at about $44,736,000. Janus Henderson Group PLC boosted its position in shares of Eastman Chemical by 809.1% during the 2nd quarter. Janus Henderson Group PLC now owns 430,650 shares of the basic materials company’s stock valued at $43,048,000 after acquiring an additional 383,279 shares during the last quarter. LSV Asset Management boosted its position in shares of Eastman Chemical by 6.6% during the 2nd quarter. LSV Asset Management now owns 5,033,170 shares of the basic materials company’s stock valued at $503,115,000 after acquiring an additional 309,716 shares during the last quarter. Finally, First Quadrant L P CA bought a new stake in shares of Eastman Chemical during the 2nd quarter valued at about $26,008,000. 83.05% of the stock is owned by institutional investors and hedge funds.

EMN has been the subject of a number of research analyst reports. ValuEngine downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, June 20th. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $111.00 price target for the company in a research report on Tuesday, July 3rd. Morgan Stanley lifted their price target on Eastman Chemical from $98.00 to $107.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 31st. JPMorgan Chase & Co. downgraded Eastman Chemical from an “overweight” rating to a “neutral” rating in a research report on Friday, October 5th. Finally, Citigroup dropped their price target on Eastman Chemical from $108.00 to $94.00 and set a “neutral” rating for the company in a research report on Thursday. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $108.18.

In related news, insider Lucian Boldea sold 3,523 shares of the business’s stock in a transaction that occurred on Tuesday, July 31st. The stock was sold at an average price of $103.58, for a total value of $364,912.34. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Scott V. King sold 16,192 shares of the business’s stock in a transaction that occurred on Friday, August 3rd. The stock was sold at an average price of $101.35, for a total value of $1,641,059.20. Following the completion of the sale, the chief accounting officer now owns 5,898 shares of the company’s stock, valued at approximately $597,762.30. The disclosure for this sale can be found here. Insiders sold a total of 39,715 shares of company stock valued at $4,005,972 in the last 90 days. 1.18% of the stock is currently owned by corporate insiders.

Shares of EMN opened at $82.49 on Friday. The stock has a market cap of $13.52 billion, a PE ratio of 10.87, a price-to-earnings-growth ratio of 1.28 and a beta of 1.07. The company has a quick ratio of 0.95, a current ratio of 1.69 and a debt-to-equity ratio of 1.04. Eastman Chemical has a 12-month low of $81.89 and a 12-month high of $112.45.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, July 26th. The basic materials company reported $2.22 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.20 by $0.02. The company had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.59 billion. Eastman Chemical had a return on equity of 21.79% and a net margin of 15.30%. Eastman Chemical’s quarterly revenue was up 8.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.98 EPS. On average, equities analysts forecast that Eastman Chemical will post 8.57 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, October 5th. Investors of record on Friday, September 14th were given a $0.56 dividend. The ex-dividend date of this dividend was Thursday, September 13th. This represents a $2.24 dividend on an annualized basis and a yield of 2.72%. Eastman Chemical’s payout ratio is 29.43%.

Eastman Chemical Profile

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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

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