Eastman Chemical (NYSE:EMN) Shares Sold by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp reduced its position in shares of Eastman Chemical (NYSE:EMN - Free Report) by 40.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,961 shares of the basic materials company's stock after selling 3,375 shares during the quarter. OMERS ADMINISTRATION Corp's holdings in Eastman Chemical were worth $453,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the company. Capital Research Global Investors boosted its stake in shares of Eastman Chemical by 13.4% during the 4th quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock worth $537,561,000 after acquiring an additional 697,388 shares in the last quarter. Franklin Resources Inc. lifted its stake in Eastman Chemical by 10.8% in the 4th quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company's stock valued at $528,310,000 after buying an additional 565,821 shares in the last quarter. Invesco Ltd. lifted its stake in Eastman Chemical by 11.1% in the 4th quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company's stock valued at $259,729,000 after buying an additional 284,271 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Eastman Chemical by 4.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,843,506 shares of the basic materials company's stock valued at $259,669,000 after buying an additional 109,316 shares in the last quarter. Finally, Geode Capital Management LLC lifted its stake in Eastman Chemical by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 2,832,593 shares of the basic materials company's stock valued at $257,986,000 after buying an additional 48,491 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Trading Down 0.9%

Shares of NYSE EMN traded down $0.77 during midday trading on Friday, reaching $80.59. 1,056,459 shares of the stock were exchanged, compared to its average volume of 1,089,457. The company has a 50 day simple moving average of $80.66 and a 200 day simple moving average of $91.20. The stock has a market capitalization of $9.30 billion, a P/E ratio of 10.49, a PEG ratio of 1.22 and a beta of 1.29. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. Eastman Chemical has a twelve month low of $70.90 and a twelve month high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly 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. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The business's revenue was down .9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.61 EPS. As a group, equities analysts expect that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 annualized dividend and a yield of 4.12%. Eastman Chemical's dividend payout ratio (DPR) is presently 42.24%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on EMN shares. Morgan Stanley decreased 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 note on Monday, April 28th. Mizuho raised shares of Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price target on the stock in a research note on Thursday, April 3rd. The Goldman Sachs Group decreased their price target on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. UBS Group decreased their price target on shares of Eastman Chemical from $123.00 to $115.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and issued a $76.00 target price (down from $112.00) on shares of Eastman Chemical in a research note on Monday, April 28th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $99.15.

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.