Massachusetts Financial Services Co. MA Boosts Position in Eastman Chemical (NYSE:EMN)

Massachusetts Financial Services Co. MA boosted its holdings in shares of Eastman Chemical (NYSE:EMN - Free Report) by 7.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,575,783 shares of the basic materials company's stock after purchasing an additional 168,009 shares during the quarter. Massachusetts Financial Services Co. MA owned about 2.17% of Eastman Chemical worth $231,357,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in EMN. Raymond James Financial Services Advisors Inc. lifted its holdings in shares of Eastman Chemical by 4.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 26,482 shares of the basic materials company's stock worth $2,032,000 after buying an additional 1,137 shares in the last quarter. Park Avenue Securities LLC bought a new position in shares of Eastman Chemical during the 3rd quarter valued at about $594,000. TIAA Trust National Association purchased a new position in shares of Eastman Chemical during the third quarter valued at about $271,000. Sumitomo Mitsui DS Asset Management Company Ltd increased its holdings in shares of Eastman Chemical by 3.1% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 11,456 shares of the basic materials company's stock worth $879,000 after purchasing an additional 344 shares during the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of Eastman Chemical by 8.2% in the third quarter. Fifth Third Bancorp now owns 41,402 shares of the basic materials company's stock worth $3,176,000 after buying an additional 3,154 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Trading Down 0.3 %

Shares of NYSE:EMN traded down $0.29 during trading on Tuesday, reaching $100.73. 659,561 shares of the company were exchanged, compared to its average volume of 1,063,270. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.39 and a quick ratio of 0.71. The firm has a market capitalization of $11.85 billion, a PE ratio of 12.98, a P/E/G ratio of 1.09 and a beta of 1.54. The business's fifty day simple moving average is $96.64 and its 200-day simple moving average is $88.63. Eastman Chemical has a 12-month low of $68.89 and a 12-month high of $102.71.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.20. The company had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The firm's revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.63 earnings per share. On average, research analysts anticipate that Eastman Chemical will post 7.75 EPS for the current 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 paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend is Monday, June 17th. Eastman Chemical's dividend payout ratio (DPR) is 41.75%.

Analyst Ratings Changes

A number of analysts have issued reports on the company. Jefferies Financial Group raised Eastman Chemical from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $102.00 to $125.00 in a research note on Monday, April 29th. Wells Fargo & Company lifted their price objective on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock an "equal weight" rating in a research note on Thursday, April 11th. Barclays upped their target price on shares of Eastman Chemical from $85.00 to $103.00 and gave the company an "equal weight" rating in a research report on Monday, May 6th. KeyCorp boosted their price objective on Eastman Chemical from $101.00 to $121.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 9th. Finally, Mizuho raised their price objective on Eastman Chemical from $91.00 to $102.00 and gave the company a "neutral" rating in a research note on Friday, April 26th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $104.18.

Insiders Place Their Bets

In other Eastman Chemical news, SVP Adrian James Holt sold 3,662 shares of Eastman Chemical stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $101.26, for a total value of $370,814.12. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Mark J. Costa sold 102,390 shares of the company's stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the transaction, the chief executive officer now directly owns 395,699 shares of the company's stock, valued at approximately $39,878,545.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Adrian James Holt sold 3,662 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $101.26, for a total value of $370,814.12. The disclosure for this sale can be found here. Insiders sold a total of 110,787 shares of company stock worth $11,105,175 over the last 90 days. Company insiders own 2.28% of the company's stock.

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.