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

JPMorgan Chase & Co. lessened its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 24.2% during the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 635,162 shares of the basic materials company’s stock after selling 202,394 shares during the period. JPMorgan Chase & Co.’s holdings in Eastman Chemical were worth $40,047,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the business. Brighton Jones LLC purchased a new position in Eastman Chemical in the fourth quarter valued at approximately $202,000. Integrated Wealth Concepts LLC boosted its holdings in shares of Eastman Chemical by 185.6% in the 1st quarter. Integrated Wealth Concepts LLC now owns 6,686 shares of the basic materials company’s stock valued at $589,000 after buying an additional 4,345 shares in the last quarter. Millennium Management LLC grew its position in shares of Eastman Chemical by 69.2% in the 1st quarter. Millennium Management LLC now owns 194,052 shares of the basic materials company’s stock valued at $17,098,000 after buying an additional 79,376 shares during the last quarter. NewEdge Advisors LLC grew its position in shares of Eastman Chemical by 2.6% in the 1st quarter. NewEdge Advisors LLC now owns 7,310 shares of the basic materials company’s stock valued at $644,000 after buying an additional 183 shares during the last quarter. Finally, United Services Automobile Association acquired a new stake in Eastman Chemical during the 1st quarter worth $252,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Trading Down 5.1%

NYSE EMN opened at $65.27 on Friday. The firm’s fifty day moving average is $72.85 and its two-hundred day moving average is $66.35. Eastman Chemical Company has a one year low of $56.11 and a one year high of $90.95. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.63 and a current ratio of 1.37. The firm 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 announced its earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The business had revenue of $1.97 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter last year, the company posted $1.87 EPS. Eastman Chemical’s quarterly revenue was down 12.1% on a year-over-year basis. Analysts expect that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 8th. Shareholders of record on Friday, March 13th will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 5.1%. The ex-dividend date is Friday, March 13th. Eastman Chemical’s dividend payout ratio (DPR) is 82.15%.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. KeyCorp restated an “overweight” rating on shares of Eastman Chemical in a research note on Monday, February 2nd. Zacks Research upgraded Eastman Chemical from a “strong sell” rating to a “hold” rating in a research report on Wednesday, March 4th. Bank of America upped their target price on Eastman Chemical from $74.00 to $79.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Wells Fargo & Company restated an “equal weight” rating and set a $70.00 price target on shares of Eastman Chemical in a research note on Friday, December 19th. Finally, JPMorgan Chase & Co. lifted their price target on Eastman Chemical from $60.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday, February 2nd. Seven investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $79.64.

Eastman Chemical Company Profile

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.