MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 16,687 Shares of Eastman Chemical (NYSE:EMN)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. cut its stake in Eastman Chemical (NYSE:EMN - Free Report) by 30.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 38,212 shares of the basic materials company's stock after selling 16,687 shares during the quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Eastman Chemical were worth $3,486,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Barclays PLC raised its position in shares of Eastman Chemical by 3.5% in the 3rd quarter. Barclays PLC now owns 315,044 shares of the basic materials company's stock valued at $35,268,000 after buying an additional 10,695 shares in the last quarter. Park Avenue Securities LLC grew its position in Eastman Chemical by 25.2% in the fourth quarter. Park Avenue Securities LLC now owns 10,527 shares of the basic materials company's stock valued at $961,000 after acquiring an additional 2,119 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its position in shares of Eastman Chemical by 36.8% in the 4th quarter. Hennion & Walsh Asset Management Inc. now owns 3,386 shares of the basic materials company's stock valued at $309,000 after acquiring an additional 911 shares during the period. Merit Financial Group LLC bought a new position in Eastman Chemical in the 4th quarter worth approximately $242,000. Finally, HB Wealth Management LLC lifted its position in Eastman Chemical by 133.7% during the fourth quarter. HB Wealth Management LLC now owns 5,354 shares of the basic materials company's stock valued at $489,000 after purchasing an additional 3,063 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on EMN. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $76.00 price target (down previously from $112.00) on shares of Eastman Chemical in a research report on Monday, April 28th. Morgan Stanley decreased their price objective on Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Monday, April 28th. The Goldman Sachs Group cut their price objective on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. Wall Street Zen cut Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Monday, April 28th. Finally, Citigroup raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and reduced their price objective for the stock from $105.00 to $101.00 in a research note on Friday, April 4th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Eastman Chemical currently has an average rating of "Moderate Buy" and a consensus price target of $99.15.

Eastman Chemical Trading Down 0.9%

Shares of NYSE EMN traded down $0.77 during mid-day trading on Friday, reaching $80.59. The company had a trading volume of 1,056,459 shares, compared to its average volume of 1,089,457. Eastman Chemical has a 52 week low of $70.90 and a 52 week high of $114.50. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The stock has a market cap of $9.30 billion, a price-to-earnings ratio of 10.49, a price-to-earnings-growth ratio of 1.22 and a beta of 1.29. The business's 50-day moving average is $80.66 and its 200-day moving average is $91.11.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, beating the consensus estimate of $1.89 by $0.02. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period last year, the firm earned $1.61 EPS. The company's revenue was down .9% on a year-over-year basis. Equities analysts expect that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently declared 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. This represents a $3.32 annualized dividend and a yield of 4.12%. The ex-dividend date is Friday, June 13th. Eastman Chemical's dividend payout ratio is 42.24%.

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.