Letko Brosseau & Associates Inc. Sells 8,035 Shares of Eastman Chemical (NYSE:EMN)

Letko Brosseau & Associates Inc. trimmed its position in Eastman Chemical (NYSE:EMN - Free Report) by 0.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 843,066 shares of the basic materials company's stock after selling 8,035 shares during the period. Eastman Chemical makes up about 1.5% of Letko Brosseau & Associates Inc.'s portfolio, making the stock its 23rd largest holding. Letko Brosseau & Associates Inc. owned 0.73% of Eastman Chemical worth $76,989,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Private Trust Co. NA lifted its position in Eastman Chemical by 14.0% in the fourth quarter. Private Trust Co. NA now owns 837 shares of the basic materials company's stock worth $76,000 after purchasing an additional 103 shares during the period. Blue Trust Inc. increased its holdings in shares of Eastman Chemical by 2.2% in the fourth quarter. Blue Trust Inc. now owns 5,505 shares of the basic materials company's stock valued at $503,000 after buying an additional 116 shares in the last quarter. Picton Mahoney Asset Management increased its holdings in shares of Eastman Chemical by 62.3% in the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after buying an additional 124 shares in the last quarter. Caprock Group LLC increased its holdings in shares of Eastman Chemical by 4.2% in the fourth quarter. Caprock Group LLC now owns 3,196 shares of the basic materials company's stock valued at $295,000 after buying an additional 128 shares in the last quarter. Finally, Global Retirement Partners LLC increased its holdings in shares of Eastman Chemical by 1.4% in the fourth quarter. Global Retirement Partners LLC now owns 9,268 shares of the basic materials company's stock valued at $846,000 after buying an additional 132 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Stock Performance

EMN stock traded up $1.28 during mid-day trading on Friday, reaching $82.53. 1,162,688 shares of the stock traded hands, compared to its average volume of 1,072,956. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 52 week low of $70.90 and a 52 week high of $114.50. The business has a 50-day moving average of $81.63 and a two-hundred day moving average of $92.00. The firm has a market capitalization of $9.53 billion, a PE ratio of 10.75, a P/E/G ratio of 1.22 and a beta of 1.29.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.89 by $0.02. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The company had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same period in the prior year, the company earned $1.61 earnings per share. The business's quarterly revenue was down .9% compared to the same quarter last year. As a group, equities analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal 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 paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical's payout ratio is presently 42.24%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on EMN shares. Wells Fargo & Company dropped their price target on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Morgan Stanley decreased 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. The Goldman Sachs Group decreased their target price 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. Barclays dropped their price target on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 29th. Finally, 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. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $99.15.

About Eastman Chemical

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.