Eastman Chemical Company (NYSE:EMN) Position Trimmed by Motley Fool Wealth Management LLC

Key Points

• Motley Fool Wealth Management LLC reduced its stake in Eastman Chemical Company by 8.0%, now owning approximately 80,280 shares valued at around $7.07 million as of the latest SEC filing.
• Eastman Chemical reported $1.60 earnings per share, missing analysts' estimates of $1.72, with revenue down 3.2% year-over-year at $2.29 billion.
• The company declared a quarterly dividend of $0.83, representing an annual yield of 5.4%, with a dividend payout ratio of 46.63%.

Motley Fool Wealth Management LLC decreased its holdings in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 8.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 80,280 shares of the basic materials company's stock after selling 7,019 shares during the period. Motley Fool Wealth Management LLC owned about 0.07% of Eastman Chemical worth $7,073,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in EMN. Capital World Investors acquired a new position in shares of Eastman Chemical during the fourth quarter valued at $137,848,000. Capital Research Global Investors boosted its holdings in shares of Eastman Chemical by 13.4% during the fourth quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock valued at $537,561,000 after acquiring an additional 697,388 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Eastman Chemical by 11,261.1% during the first quarter. GAMMA Investing LLC now owns 476,939 shares of the basic materials company's stock valued at $42,023,000 after acquiring an additional 472,741 shares during the period. Nuveen LLC acquired a new position in shares of Eastman Chemical during the first quarter valued at $26,289,000. Finally, Barclays PLC boosted its holdings in shares of Eastman Chemical by 74.5% during the fourth quarter. Barclays PLC now owns 549,769 shares of the basic materials company's stock valued at $50,203,000 after acquiring an additional 234,725 shares during the period. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Performance

EMN stock opened at $61.62 on Monday. The company has a market capitalization of $7.08 billion, a P/E ratio of 8.65, a PEG ratio of 5.75 and a beta of 1.21. The company has a 50-day simple moving average of $75.75 and a 200 day simple moving average of $83.36. Eastman Chemical Company has a fifty-two week low of $56.78 and a fifty-two week high of $114.50. The company has a quick ratio of 0.78, a current ratio of 1.68 and a debt-to-equity ratio of 0.81.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The basic materials company reported $1.60 earnings per share for the quarter, missing analysts' consensus estimates of $1.72 by ($0.12). Eastman Chemical had a net margin of 8.96% and a return on equity of 15.24%. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.32 billion. During the same period in the previous year, the company posted $2.15 earnings per share. Eastman Chemical's revenue was down 3.2% compared to the same quarter last year. Sell-side analysts predict that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 7th. Shareholders of record on Monday, September 15th will be issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 5.4%. The ex-dividend date of this dividend is Monday, September 15th. Eastman Chemical's dividend payout ratio is presently 46.63%.

Analyst Upgrades and Downgrades

EMN has been the subject of several analyst reports. The Goldman Sachs Group reduced their price target on shares of Eastman Chemical from $87.00 to $65.00 and set a "neutral" rating for the company in a report on Thursday. Wall Street Zen downgraded shares of Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. KeyCorp set a $79.00 price target on shares of Eastman Chemical and gave the company an "overweight" rating in a report on Monday, August 4th. UBS Group reduced their price target on shares of Eastman Chemical from $107.00 to $101.00 and set a "buy" rating for the company in a report on Wednesday, July 9th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and set a $76.00 price target (down previously from $112.00) on shares of Eastman Chemical in a report on Monday, April 28th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $87.00.

Eastman Chemical 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.

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