Asset Dedication LLC Sells 166 Shares of Eastman Chemical (NYSE:EMN)

Asset Dedication LLC reduced its position in Eastman Chemical (NYSE:EMN) by 4.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,467 shares of the basic materials company’s stock after selling 166 shares during the period. Asset Dedication LLC’s holdings in Eastman Chemical were worth $388,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the business. Vanguard Group Inc. lifted its stake in shares of Eastman Chemical by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock valued at $1,332,904,000 after buying an additional 61,580 shares in the last quarter. Capital Research Global Investors lifted its position in Eastman Chemical by 649.8% in the 1st quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after acquiring an additional 3,909,740 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Eastman Chemical by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock valued at $223,435,000 after purchasing an additional 198,645 shares during the last quarter. Earnest Partners LLC increased its holdings in Eastman Chemical by 1.8% during the 2nd quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company’s stock worth $219,454,000 after purchasing an additional 40,070 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in shares of Eastman Chemical by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 1,220,463 shares of the basic materials company’s stock worth $119,569,000 after purchasing an additional 7,847 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Down 1.4 %

EMN opened at $108.74 on Thursday. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $114.50. The company has a market cap of $12.79 billion, a PE ratio of 14.01, a price-to-earnings-growth ratio of 0.83 and a beta of 1.44. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. The company has a 50 day moving average of $103.61 and a 200 day moving average of $100.46.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.14. The company had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.99 earnings per share. On average, sell-side analysts expect that Eastman Chemical will post 7.67 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 16th were issued a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date of this dividend was Monday, September 16th. Eastman Chemical’s payout ratio is 41.75%.

Analyst Ratings Changes

Several research analysts recently issued reports on the company. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Royal Bank of Canada lifted their price objective on shares of Eastman Chemical from $100.00 to $107.00 and gave the stock a “sector perform” rating in a report on Friday, October 11th. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and increased their target price for the company from $114.00 to $119.00 in a report on Wednesday. Wells Fargo & Company boosted their price target on shares of Eastman Chemical from $105.00 to $118.00 and gave the stock an “equal weight” rating in a report on Tuesday. Finally, Deutsche Bank Aktiengesellschaft increased their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Eight equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and a consensus target price of $110.20.

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.