Eastman Chemical (NYSE:EMN) Shares Sold by Duality Advisers LP

Duality Advisers LP reduced its holdings in Eastman Chemical (NYSE:EMN) by 57.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,636 shares of the basic materials company’s stock after selling 6,297 shares during the period. Duality Advisers LP’s holdings in Eastman Chemical were worth $416,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of EMN. Invesco Ltd. grew its holdings in Eastman Chemical by 37.4% in the third quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock valued at $214,496,000 after purchasing an additional 760,974 shares during the period. Mackenzie Financial Corp lifted its position in shares of Eastman Chemical by 274.5% in the fourth quarter. Mackenzie Financial Corp now owns 249,104 shares of the basic materials company’s stock valued at $22,375,000 after acquiring an additional 391,848 shares in the last quarter. Schonfeld Strategic Advisors LLC lifted its position in shares of Eastman Chemical by 1,031.0% in the third quarter. Schonfeld Strategic Advisors LLC now owns 333,655 shares of the basic materials company’s stock valued at $25,598,000 after acquiring an additional 304,155 shares in the last quarter. Earnest Partners LLC lifted its position in shares of Eastman Chemical by 19.9% in the third quarter. Earnest Partners LLC now owns 1,807,691 shares of the basic materials company’s stock valued at $138,686,000 after acquiring an additional 299,951 shares in the last quarter. Finally, Ceredex Value Advisors LLC lifted its position in shares of Eastman Chemical by 54.4% in the third quarter. Ceredex Value Advisors LLC now owns 594,789 shares of the basic materials company’s stock valued at $46,099,000 after acquiring an additional 209,644 shares in the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Eastman Chemical

In other news, SVP Adrian James Holt sold 4,735 shares of Eastman Chemical stock in a transaction on 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 legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.93% of the company’s stock.

Eastman Chemical Price Performance

NYSE:EMN opened at $96.12 on Friday. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $102.71. The company has a quick ratio of 0.70, a current ratio of 1.35 and a debt-to-equity ratio of 0.78. The company has a market capitalization of $11.30 billion, a P/E ratio of 12.83, a P/E/G ratio of 1.07 and a beta of 1.54. The stock’s fifty day moving average is $93.56 and its two-hundred day moving average is $86.16.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Friday, February 2nd. The basic materials company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.03. Eastman Chemical had a return on equity of 14.15% and a net margin of 9.71%. The company had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.21 billion. During the same quarter in the previous year, the business earned $0.89 earnings per share. The company’s revenue for the quarter was down 7.0% on a year-over-year basis. Equities analysts expect that Eastman Chemical will post 7.71 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were given a $0.81 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $3.24 dividend on an annualized basis and a yield of 3.37%. Eastman Chemical’s dividend payout ratio is currently 43.26%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Wells Fargo & Company raised their target price on Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a research report on Thursday, April 11th. Citigroup raised their target price on Eastman Chemical from $95.00 to $114.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. UBS Group raised their target price on Eastman Chemical from $91.00 to $93.00 and gave the company a “neutral” rating in a research report on Friday, February 2nd. Stifel Nicolaus decreased their target price on Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a research report on Monday, February 5th. Finally, Royal Bank of Canada lifted their price objective on Eastman Chemical from $89.00 to $100.00 and gave the stock a “sector perform” rating in a research report on Friday, April 19th. Seven investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, Eastman Chemical has a consensus rating of “Moderate Buy” and a consensus price target of $97.81.

Eastman Chemical 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.