Natixis Advisors LLC Sells 40,248 Shares of Eastman Chemical Company $EMN

Key Points

• Natixis Advisors LLC trimmed its position in Eastman Chemical by 16.3%, selling 40,248 shares and ending the quarter with 206,269 shares worth about $13.0 million, while institutional investors own roughly 83.65% of the stock.
• Eastman declared a quarterly dividend of $0.84 per share (annualized $3.36) implying a ~4.8% yield, with an ex-dividend date of March 13 and payment on April 8; the payout ratio is about 82.15%.
• Analysts' consensus is a "Hold" with a $79.64 target amid mixed upgrades, and the company slightly missed the latest quarter (EPS $0.75 vs. $0.76) with revenue down 12.1% year-over-year.

Natixis Advisors LLC lessened its position in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 16.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 206,269 shares of the basic materials company's stock after selling 40,248 shares during the period. Natixis Advisors LLC owned 0.18% of Eastman Chemical worth $13,005,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. MUFG Securities EMEA plc bought a new stake in Eastman Chemical during the second quarter valued at $25,000. Loomis Sayles & Co. L P bought a new position in shares of Eastman Chemical in the 2nd quarter worth about $33,000. Rothschild Investment LLC lifted its stake in shares of Eastman Chemical by 65.6% in 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 period. Financial Consulate Inc. acquired a new position in shares of Eastman Chemical in the 3rd quarter valued at about $42,000. Finally, Heartwood Wealth Advisors LLC bought a new stake in shares of Eastman Chemical during the 3rd quarter valued at about $44,000. Institutional investors and hedge funds own 83.65% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Weiss Ratings upgraded Eastman Chemical from a "sell (d+)" rating to a "hold (c)" rating in a report on Wednesday, February 18th. Wells Fargo & Company restated an "equal weight" rating and set a $70.00 price target on shares of Eastman Chemical in a report on Friday, December 19th. Bank of America raised their price objective on shares of Eastman Chemical from $74.00 to $79.00 and gave the stock a "buy" rating in a research report on Monday, February 2nd. Royal Bank Of Canada reiterated a "sector perform" rating and set a $79.00 target price on shares of Eastman Chemical in a research report on Wednesday, February 4th. Finally, JPMorgan Chase & Co. increased their target price on shares of Eastman Chemical from $60.00 to $70.00 and gave the stock an "overweight" rating in a research note on Monday, February 2nd. Seven investment analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, Eastman Chemical currently has an average rating of "Hold" and a consensus target price of $79.64.

Eastman Chemical Stock Up 4.1%

Shares of NYSE:EMN opened at $70.50 on Friday. 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 Company has a 52-week low of $56.11 and a 52-week high of $94.11. The business's 50 day simple moving average is $72.61 and its two-hundred day simple moving average is $66.38. The firm has a market cap of $8.04 billion, a P/E ratio of 17.24, a PEG ratio of 1.50 and a beta of 1.20.

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

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 8th. Shareholders of record on Friday, March 13th will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 4.8%. The ex-dividend date is Friday, March 13th. Eastman Chemical's payout ratio is 82.15%.

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.

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