JPMorgan Chase & Co. Cuts Holdings in Eastman Chemical (NYSE:EMN)

JPMorgan Chase & Co. cut its position in shares of Eastman Chemical (NYSE:EMN) by 8.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 11,832,017 shares of the basic materials company’s stock after selling 1,085,677 shares during the period. JPMorgan Chase & Co. owned approximately 8.68% of Eastman Chemical worth $1,302,941,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. E Fund Management Co. Ltd. purchased a new position in shares of Eastman Chemical in the first quarter valued at $26,000. San Francisco Sentry Investment Group CA lifted its holdings in shares of Eastman Chemical by 351.9% in the 1st quarter. San Francisco Sentry Investment Group CA now owns 244 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 190 shares during the last quarter. Arkadios Wealth Advisors purchased a new position in Eastman Chemical in the first quarter worth about $35,000. Alpha DNA Investment Management LLC bought a new stake in Eastman Chemical during the fourth quarter worth approximately $32,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Eastman Chemical during the first quarter valued at approximately $36,000. Hedge funds and other institutional investors own 84.18% of the company’s stock.

Shares of EMN stock traded down $0.21 during mid-day trading on Friday, hitting $124.76. The stock had a trading volume of 6,957 shares, compared to its average volume of 858,455. Eastman Chemical has a 12-month low of $65.86 and a 12-month high of $130.47. The company has a quick ratio of 1.14, a current ratio of 1.88 and a debt-to-equity ratio of 0.82. The stock has a 50-day moving average of $120.62. The firm has a market capitalization of $17.01 billion, a price-to-earnings ratio of 34.71, a P/E/G ratio of 0.83 and a beta of 1.50.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, April 29th. The basic materials company reported $2.13 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.03 by $0.10. The company had revenue of $2.41 billion during the quarter, compared to analyst estimates of $2.34 billion. Eastman Chemical had a net margin of 5.72% and a return on equity of 13.86%. Sell-side analysts predict that Eastman Chemical will post 8.66 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 2nd. Stockholders of record on Tuesday, June 15th will be paid a dividend of $0.69 per share. The ex-dividend date of this dividend is Monday, June 14th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.21%. Eastman Chemical’s dividend payout ratio is presently 44.88%.

In other Eastman Chemical news, SVP Perry Stuckey sold 8,487 shares of Eastman Chemical stock in a transaction dated Tuesday, May 4th. The stock was sold at an average price of $119.24, for a total value of $1,011,989.88. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Scott V. King sold 12,588 shares of the business’s stock in a transaction dated Thursday, May 13th. The stock was sold at an average price of $126.00, for a total transaction of $1,586,088.00. Following the completion of the transaction, the chief accounting officer now owns 7,827 shares of the company’s stock, valued at $986,202. The disclosure for this sale can be found here. Over the last three months, insiders have sold 111,461 shares of company stock worth $13,969,529. 1.93% of the stock is currently owned by corporate insiders.

A number of analysts recently issued reports on the company. Tudor Pickering downgraded Eastman Chemical from a “buy” rating to a “hold” rating and set a $117.00 price target for the company. in a research report on Monday, May 3rd. Morgan Stanley lifted their price target on shares of Eastman Chemical from $130.00 to $142.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 5th. Wolfe Research started coverage on shares of Eastman Chemical in a research report on Wednesday. They issued an “outperform” rating on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on Eastman Chemical from $115.00 to $126.00 and gave the company a “buy” rating in a research report on Tuesday, March 16th. Finally, KeyCorp raised their price target on Eastman Chemical from $126.00 to $135.00 and gave the stock an “overweight” rating in a research note on Monday, May 3rd. Five investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $109.23.

Eastman Chemical Company Profile

Eastman Chemical Company operates as a specialty materials company worldwide. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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