Nisa Investment Advisors LLC Decreases Position in Eastman Chemical Company (NYSE:EMN)

Nisa Investment Advisors LLC cut its stake in Eastman Chemical Company (NYSE:EMN - Free Report) by 11.9% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 56,299 shares of the basic materials company's stock after selling 7,609 shares during the quarter. Nisa Investment Advisors LLC's holdings in Eastman Chemical were worth $5,009,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of EMN. Picton Mahoney Asset Management increased its position in shares of Eastman Chemical by 62.3% during the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after purchasing an additional 124 shares during the last quarter. Assetmark Inc. increased its position in shares of Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock worth $34,000 after purchasing an additional 296 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Eastman Chemical during the 4th quarter worth about $43,000. Orion Capital Management LLC acquired a new stake in shares of Eastman Chemical during the 4th quarter worth about $47,000. Finally, Brown Brothers Harriman & Co. increased its position in shares of Eastman Chemical by 135.7% during the 4th quarter. Brown Brothers Harriman & Co. now owns 528 shares of the basic materials company's stock worth $48,000 after purchasing an additional 304 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. UBS Group cut their price objective on Eastman Chemical from $107.00 to $101.00 and set a "buy" rating for the company in a research report on Wednesday. Barclays cut their price objective on 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. Royal Bank Of Canada raised Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 target price for the company in a research report on Wednesday, April 9th. Citigroup raised Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their target price for the company from $105.00 to $101.00 in a research report on Friday, April 4th. Finally, Morgan Stanley dropped their target price on Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, Eastman Chemical has an average rating of "Moderate Buy" and an average price target of $98.08.

Eastman Chemical Stock Down 1.6%

Shares of EMN traded down $1.27 during midday trading on Friday, hitting $80.29. The company had a trading volume of 818,507 shares, compared to its average volume of 1,246,465. The company's 50-day simple moving average is $78.94 and its 200-day simple moving average is $86.01. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.79 and a current ratio of 1.72. The firm has a market capitalization of $9.27 billion, a P/E ratio of 10.22, a P/E/G ratio of 1.95 and a beta of 1.22. Eastman Chemical Company has a 1 year low of $70.90 and a 1 year high of $114.50.

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 the consensus estimate of $1.89 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. Eastman Chemical had a return on equity of 16.59% and a net margin of 9.85%. The business's quarterly revenue was down .9% compared to the same quarter last year. During the same quarter last year, the business posted $1.61 EPS. As a group, sell-side analysts expect that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Friday, June 13th were paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 4.14%. The ex-dividend date was Friday, June 13th. Eastman Chemical's 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.