Eastman Chemical (NYSE:EMN) Position Trimmed by Swiss National Bank

Swiss National Bank lowered its holdings in Eastman Chemical (NYSE:EMN - Free Report) by 3.1% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 371,300 shares of the basic materials company's stock after selling 12,000 shares during the quarter. Swiss National Bank owned about 0.31% of Eastman Chemical worth $33,350,000 at the end of the most recent reporting period.

A number of other hedge funds also recently added to or reduced their stakes in the stock. First Command Advisory Services Inc. bought a new stake in shares of Eastman Chemical during the third quarter worth $26,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Eastman Chemical in the 4th quarter worth about $26,000. Sound Income Strategies LLC raised its stake in shares of Eastman Chemical by 213.8% in the fourth quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company's stock valued at $37,000 after buying an additional 278 shares during the period. Bruce G. Allen Investments LLC purchased a new stake in shares of Eastman Chemical in the 4th quarter valued at about $38,000. Finally, Orion Capital Management LLC purchased a new stake in Eastman Chemical during the 3rd quarter valued at $40,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the business's stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other Eastman Chemical news, CEO Mark J. Costa sold 102,390 shares of the firm's stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total value of $10,318,864.20. Following the transaction, the chief executive officer now owns 395,699 shares in the company, valued at approximately $39,878,545.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Adrian James Holt sold 4,735 shares of Eastman Chemical stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The disclosure for this sale can be found here. 2.27% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts have issued reports on EMN shares. Stifel Nicolaus reduced their price target on shares of Eastman Chemical from $102.00 to $101.00 and set a "buy" rating on the stock in a report on Monday, February 5th. Bank of America cut their price target on Eastman Chemical from $113.00 to $112.00 and set a "buy" rating for the company in a report on Monday, April 29th. Royal Bank of Canada raised their price objective on shares of Eastman Chemical from $100.00 to $104.00 and gave the company a "sector perform" rating in a report on Tuesday, April 30th. Wells Fargo & Company increased their price target on shares of Eastman Chemical from $89.00 to $100.00 and gave the company an "equal weight" rating in a report on Thursday, April 11th. Finally, Redburn Atlantic initiated coverage on Eastman Chemical in a report on Thursday, February 15th. They issued a "buy" rating and a $110.00 price objective on the stock. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical currently has an average rating of "Moderate Buy" and a consensus price target of $104.18.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock traded up $0.13 during midday trading on Wednesday, hitting $100.76. The company had a trading volume of 716,078 shares, compared to its average volume of 1,074,451. The business's 50 day simple moving average is $95.83 and its two-hundred day simple moving average is $87.85. The stock has a market cap of $11.85 billion, a PE ratio of 12.98, a P/E/G ratio of 1.06 and a beta of 1.54. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $102.71. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.39 and a quick ratio of 0.71.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating analysts' consensus estimates of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The firm had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.29 billion. During the same quarter in the previous year, the firm posted $1.63 earnings per share. The business's revenue was down 4.2% on a year-over-year basis. As a group, equities analysts predict that Eastman Chemical will post 7.75 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be given a $0.81 dividend. The ex-dividend date is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.22%. Eastman Chemical's dividend payout ratio (DPR) is presently 41.75%.

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.