Allianz Asset Management GmbH Sells 21,293 Shares of Eastman Chemical Company (NYSE:EMN)

Key Points

• Allianz Asset Management GmbH has reduced its stake in Eastman Chemical Company by 11.3%, selling 21,293 shares, and now owns 167,800 shares worth approximately $14.8 million.
• Eastman Chemical reported earnings of $1.91 per share for the last quarter, slightly exceeding expectations, but revenue declined by 0.9% year-over-year.
• The company has announced a quarterly dividend of $0.83 per share, representing a yield of 4.24% and a payout ratio of 42.24%.

Allianz Asset Management GmbH reduced its position in Eastman Chemical Company (NYSE:EMN - Free Report) by 11.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 167,800 shares of the basic materials company's stock after selling 21,293 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.15% of Eastman Chemical worth $14,785,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of EMN. Brighton Jones LLC purchased a new stake in shares of Eastman Chemical in the fourth quarter worth $202,000. Proficio Capital Partners LLC bought a new stake in shares of Eastman Chemical during the fourth quarter valued at approximately $75,000. Quantbot Technologies LP bought a new stake in shares of Eastman Chemical during the fourth quarter valued at approximately $290,000. KLP Kapitalforvaltning AS bought a new stake in shares of Eastman Chemical during the fourth quarter valued at approximately $2,154,000. Finally, LPL Financial LLC raised its position in shares of Eastman Chemical by 11.0% during the fourth quarter. LPL Financial LLC now owns 190,050 shares of the basic materials company's stock valued at $17,355,000 after buying an additional 18,827 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

EMN has been the topic of several recent analyst reports. Royal Bank Of Canada upgraded shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price objective on the stock in a research report on Wednesday, April 9th. Barclays reduced their price objective on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 29th. Wall Street Zen cut shares of Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Monday, April 28th. Piper Sandler reduced their price objective on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Finally, Morgan Stanley reduced their price target on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $97.08.

Eastman Chemical Trading Up 1.3%

Shares of Eastman Chemical stock traded up $0.99 during trading on Friday, hitting $78.32. The stock had a trading volume of 1,801,015 shares, compared to its average volume of 1,564,377. The firm's fifty day simple moving average is $78.72 and its 200-day simple moving average is $85.18. The stock has a market cap of $9.04 billion, a PE ratio of 9.96, a PEG ratio of 2.25 and a beta of 1.22. 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 Company has a 12 month low of $70.90 and a 12 month high of $114.50.

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

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th were issued a $0.83 dividend. The ex-dividend date was Friday, June 13th. This represents a $3.32 annualized dividend and a dividend yield of 4.24%. Eastman Chemical's dividend payout ratio (DPR) is presently 42.24%.

About Eastman Chemical

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.