Dakota Wealth Management Cuts Holdings in Eastman Chemical Company (NYSE:EMN)

Dakota Wealth Management cut its stake in Eastman Chemical Company (NYSE:EMN - Free Report) by 94.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,424 shares of the basic materials company's stock after selling 42,251 shares during the quarter. Dakota Wealth Management's holdings in Eastman Chemical were worth $214,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. OVERSEA CHINESE BANKING Corp Ltd purchased a new position in Eastman Chemical during the first quarter valued at $344,000. Prudent Man Advisors LLC grew its position in Eastman Chemical by 2.2% during the 1st quarter. Prudent Man Advisors LLC now owns 6,651 shares of the basic materials company's stock valued at $586,000 after purchasing an additional 144 shares during the last quarter. CWM LLC grew its position in Eastman Chemical by 34.1% during the 1st quarter. CWM LLC now owns 6,199 shares of the basic materials company's stock valued at $546,000 after purchasing an additional 1,578 shares during the last quarter. Stephens Inc. AR grew its position in Eastman Chemical by 1,477.8% during the 1st quarter. Stephens Inc. AR now owns 45,268 shares of the basic materials company's stock valued at $3,989,000 after purchasing an additional 42,399 shares during the last quarter. Finally, Ballentine Partners LLC purchased a new stake in Eastman Chemical during the 1st quarter valued at about $204,000. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Stock Performance

Shares of NYSE EMN traded up $0.31 during trading hours on Monday, reaching $78.06. The stock had a trading volume of 322,673 shares, compared to its average volume of 1,251,380. The firm has a 50-day moving average of $79.08 and a 200-day moving average of $85.49. The company has a current ratio of 1.72, a quick ratio of 0.79 and a debt-to-equity ratio of 0.80. The firm has a market cap of $9.01 billion, a price-to-earnings ratio of 9.93, a PEG ratio of 1.87 and a beta of 1.22. Eastman Chemical Company has a fifty-two week low of $70.90 and a fifty-two week high of $114.50.

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

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th were issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 4.25%. The ex-dividend date was Friday, June 13th. Eastman Chemical's dividend payout ratio (DPR) is presently 42.24%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on EMN. JPMorgan Chase & Co. restated a "neutral" rating and issued a $76.00 price target (down previously from $112.00) on shares of Eastman Chemical in a research note on Monday, April 28th. Citigroup upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and lowered their price objective for the stock from $105.00 to $101.00 in a research note on Friday, April 4th. KeyCorp cut their target price on Eastman Chemical from $106.00 to $93.00 and set an "overweight" rating for the company in a research report on Monday, July 14th. Wall Street Zen cut Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. Finally, Wells Fargo & Company decreased their price target on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Eastman Chemical has a consensus rating of "Moderate Buy" and an average target price of $97.08.

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.