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KBC Group NV Cuts Stock Position in Eastman Chemical Company (NYSE:EMN)

Eastman Chemical logo with Basic Materials background

KBC Group NV lessened its holdings in Eastman Chemical Company (NYSE:EMN - Free Report) by 7.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 44,065 shares of the basic materials company's stock after selling 3,506 shares during the quarter. KBC Group NV's holdings in Eastman Chemical were worth $3,883,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in EMN. Private Trust Co. NA lifted its position in Eastman Chemical by 14.0% during the fourth quarter. Private Trust Co. NA now owns 837 shares of the basic materials company's stock valued at $76,000 after purchasing an additional 103 shares during the period. Picton Mahoney Asset Management raised its stake in Eastman Chemical by 62.3% during the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after buying an additional 124 shares during the last quarter. Metis Global Partners LLC raised its stake in Eastman Chemical by 3.8% during the 4th quarter. Metis Global Partners LLC now owns 3,878 shares of the basic materials company's stock valued at $354,000 after buying an additional 143 shares during the last quarter. M&T Bank Corp lifted its holdings in shares of Eastman Chemical by 0.9% during the 4th quarter. M&T Bank Corp now owns 17,296 shares of the basic materials company's stock valued at $1,580,000 after buying an additional 149 shares during the period. Finally, Keybank National Association OH boosted its stake in shares of Eastman Chemical by 2.2% in the 4th quarter. Keybank National Association OH now owns 7,111 shares of the basic materials company's stock worth $649,000 after buying an additional 155 shares during the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently commented on EMN. Citigroup upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and reduced their price objective for the company from $105.00 to $101.00 in a research report on Friday, April 4th. Barclays reduced their price target on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 29th. UBS Group lowered their price objective on shares of Eastman Chemical from $111.00 to $107.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Wall Street Zen lowered shares of Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Monday, April 28th. Finally, KeyCorp decreased their price target on shares of Eastman Chemical from $120.00 to $106.00 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 given a buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $98.54.

Read Our Latest Report on Eastman Chemical

Eastman Chemical Price Performance

EMN traded up $0.14 on Friday, hitting $80.06. 798,044 shares of the company's stock traded hands, compared to its average volume of 1,236,188. The company's 50 day simple moving average is $78.58 and its 200-day simple moving average is $86.36. The company has a current ratio of 1.72, a quick ratio of 0.79 and a debt-to-equity ratio of 0.80. Eastman Chemical Company has a one year low of $70.90 and a one year high of $114.50. The firm has a market cap of $9.24 billion, a price-to-earnings ratio of 10.19, a P/E/G ratio of 1.91 and a beta of 1.22.

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

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 4.15%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical's payout ratio is currently 42.24%.

About Eastman Chemical

(Free Report)

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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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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