Eastman Chemical (EMN) Holdings Trimmed by BlackRock Inc.

BlackRock Inc. cut its stake in shares of Eastman Chemical (NYSE:EMN) by 1.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,489,086 shares of the basic materials company’s stock after selling 166,645 shares during the period. BlackRock Inc. owned about 0.07% of Eastman Chemical worth $766,858,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Oregon Public Employees Retirement Fund increased its position in shares of Eastman Chemical by 7,724.0% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,316,050 shares of the basic materials company’s stock valued at $45,000 after purchasing an additional 3,273,667 shares during the last quarter. Victory Capital Management Inc. increased its position in shares of Eastman Chemical by 47.1% during the 4th quarter. Victory Capital Management Inc. now owns 3,260,797 shares of the basic materials company’s stock valued at $238,397,000 after purchasing an additional 1,043,805 shares during the last quarter. LSV Asset Management increased its position in shares of Eastman Chemical by 9.4% during the 3rd quarter. LSV Asset Management now owns 5,504,697 shares of the basic materials company’s stock valued at $526,909,000 after purchasing an additional 471,527 shares during the last quarter. Deutsche Bank AG increased its position in shares of Eastman Chemical by 41.0% during the 3rd quarter. Deutsche Bank AG now owns 1,194,697 shares of the basic materials company’s stock valued at $114,352,000 after purchasing an additional 347,574 shares during the last quarter. Finally, Canada Pension Plan Investment Board increased its position in shares of Eastman Chemical by 146.7% during the 3rd quarter. Canada Pension Plan Investment Board now owns 564,850 shares of the basic materials company’s stock valued at $54,067,000 after purchasing an additional 335,897 shares during the last quarter. Institutional investors and hedge funds own 81.99% of the company’s stock.

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In other news, Director David W. Raisbeck acquired 13,500 shares of the firm’s stock in a transaction that occurred on Friday, December 7th. The stock was bought at an average price of $73.21 per share, with a total value of $988,335.00. Following the acquisition, the director now owns 35,418 shares in the company, valued at approximately $2,592,951.78. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.18% of the company’s stock.

Several brokerages have recently issued reports on EMN. SunTrust Banks raised their target price on Eastman Chemical to $88.00 and gave the company a “hold” rating in a research report on Monday, November 19th. Zacks Investment Research raised Eastman Chemical from a “sell” rating to a “hold” rating in a research report on Tuesday, February 5th. Cowen lowered Eastman Chemical from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $94.00 to $88.00 in a research report on Wednesday, February 6th. Standpoint Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Thursday, January 31st. Finally, ValuEngine lowered Eastman Chemical from a “sell” rating to a “strong sell” rating in a research report on Friday, November 23rd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $92.90.

Shares of EMN opened at $83.21 on Monday. Eastman Chemical has a fifty-two week low of $67.40 and a fifty-two week high of $112.45. The stock has a market capitalization of $11.83 billion, a P/E ratio of 10.15, a PEG ratio of 1.11 and a beta of 1.20. The company has a quick ratio of 0.94, a current ratio of 1.69 and a debt-to-equity ratio of 0.98.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 31st. The basic materials company reported $1.39 earnings per share for the quarter, missing the consensus estimate of $1.60 by ($0.21). Eastman Chemical had a return on equity of 20.22% and a net margin of 10.64%. The firm had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.42 billion. Sell-side analysts expect that Eastman Chemical will post 8.76 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 5th. Investors of record on Friday, March 15th will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 2.98%. The ex-dividend date is Thursday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is currently 30.24%.

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Eastman Chemical Company Profile

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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