Adams Natural Resources Fund Inc. Cuts Holdings in Eastman Chemical Company (NYSE:EMN)

Adams Natural Resources Fund Inc. decreased its position in Eastman Chemical Company (NYSE:EMN - Free Report) by 22.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 40,900 shares of the basic materials company's stock after selling 11,900 shares during the period. Adams Natural Resources Fund Inc.'s holdings in Eastman Chemical were worth $3,604,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in EMN. Farther Finance Advisors LLC grew its holdings in shares of Eastman Chemical by 12.8% in the first quarter. Farther Finance Advisors LLC now owns 1,890 shares of the basic materials company's stock valued at $167,000 after acquiring an additional 214 shares in the last quarter. CX Institutional purchased a new position in Eastman Chemical in the first quarter worth $107,000. State of Alaska Department of Revenue grew its stake in Eastman Chemical by 1.0% in the 1st quarter. State of Alaska Department of Revenue now owns 28,486 shares of the basic materials company's stock valued at $2,509,000 after purchasing an additional 270 shares during the period. Assenagon Asset Management S.A. purchased a new stake in shares of Eastman Chemical during the 1st quarter valued at $2,809,000. Finally, Merit Financial Group LLC raised its stake in shares of Eastman Chemical by 11.7% during the 1st quarter. Merit Financial Group LLC now owns 2,961 shares of the basic materials company's stock worth $261,000 after purchasing an additional 310 shares during the period. Hedge funds and other institutional investors own 83.65% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on EMN shares. KeyCorp reduced their price target on shares of Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Citigroup raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and reduced their target price for the company from $105.00 to $101.00 in a research report on Friday, April 4th. The Goldman Sachs Group lowered their price target on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. UBS Group dropped their price objective on Eastman Chemical from $111.00 to $107.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Finally, Barclays reduced their price objective on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating for the company in a report on Tuesday, April 29th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Eastman Chemical currently has a consensus rating of "Moderate Buy" and an average target price of $98.54.

Eastman Chemical Price Performance

EMN stock traded up $0.36 during mid-day trading on Thursday, reaching $76.23. 1,482,406 shares of the company traded hands, compared to its average volume of 1,194,165. The company has a fifty day moving average price of $78.58 and a 200-day moving average price of $87.38. Eastman Chemical Company has a 52-week low of $70.90 and a 52-week high of $114.50. The company has a market capitalization of $8.80 billion, a P/E ratio of 9.70, a P/E/G ratio of 1.78 and a beta of 1.25. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.72 and a quick ratio of 0.79.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, beating the consensus estimate of $1.89 by $0.02. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. The company had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same quarter in the previous year, the company earned $1.61 earnings per share. Eastman Chemical's revenue for the quarter was down .9% on a year-over-year basis. As a group, analysts anticipate that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 4.36%. The ex-dividend date is Friday, June 13th. Eastman Chemical's dividend payout ratio is 42.24%.

Eastman Chemical Company Profile

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.