Franklin Resources Inc. Lowers Stake in Eastman Chemical Company $EMN

Key Points

• Franklin Resources trimmed its stake in Eastman Chemical by 17.6% in Q3, selling 790,683 shares and retaining 3,702,330 shares (about 3.25% ownership) valued at roughly $233.4 million.
• Eastman reported quarterly EPS of $0.75 (missing by $0.01) and revenue of $1.97 billion, down 12.1% year-over-year, and declared a quarterly dividend of $0.84 (annualized $3.36) for a 4.8% yield (ex-dividend March 13).
• Analyst coverage is mixed-to-neutral with a consensus Hold rating and an average price target of $79.64 (7 Buys, 9 Holds); the stock trades with a market cap of $8.04 billion and a P/E of 17.24.

Franklin Resources Inc. lessened its stake in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 17.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,702,330 shares of the basic materials company's stock after selling 790,683 shares during the quarter. Franklin Resources Inc. owned approximately 3.25% of Eastman Chemical worth $233,432,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the stock. MUFG Securities EMEA plc purchased a new stake in Eastman Chemical during the second quarter valued at approximately $25,000. Loomis Sayles & Co. L P acquired a new position in shares of Eastman Chemical during the second quarter worth $33,000. Rothschild Investment LLC lifted its holdings in shares of Eastman Chemical by 65.6% during the 3rd quarter. Rothschild Investment LLC now owns 578 shares of the basic materials company's stock valued at $36,000 after purchasing an additional 229 shares during the last quarter. Financial Consulate Inc. acquired a new stake in shares of Eastman Chemical in the 3rd quarter worth $42,000. Finally, Heartwood Wealth Advisors LLC acquired a new stake in Eastman Chemical in the third quarter worth about $44,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $70.50 on Friday. The stock has a market capitalization of $8.04 billion, a P/E ratio of 17.24, a P/E/G ratio of 1.50 and a beta of 1.20. Eastman Chemical Company has a 1 year low of $56.11 and a 1 year high of $94.11. The company's fifty day moving average price is $72.61 and its 200 day moving average price is $66.38. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.63 and a current ratio of 1.37.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The business had revenue of $1.97 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period last year, the firm earned $1.87 EPS. The company's revenue for the quarter was down 12.1% compared to the same quarter last year. As a group, equities research analysts anticipate that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Stockholders of record on Friday, March 13th will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Friday, March 13th. Eastman Chemical's dividend payout ratio (DPR) is presently 82.15%.

Analyst Ratings Changes

A number of brokerages have commented on EMN. Zacks Research raised Eastman Chemical from a "strong sell" rating to a "hold" rating in a research report on Wednesday, March 4th. KeyCorp reaffirmed an "overweight" rating on shares of Eastman Chemical in a report on Monday, February 2nd. Deutsche Bank Aktiengesellschaft increased their price target on shares of Eastman Chemical from $64.00 to $72.00 and gave the stock a "hold" rating in a report on Monday, February 2nd. Evercore set a $75.00 price target on shares of Eastman Chemical in a research report on Wednesday, February 18th. Finally, Weiss Ratings raised shares of Eastman Chemical from a "sell (d+)" rating to a "hold (c)" rating in a report on Wednesday, February 18th. Seven investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $79.64.

Eastman Chemical Company Profile

Eastman Chemical Company NYSE: EMN is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company's main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.