Eastman Chemical (NYSE:EMN) Shares Sold by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky decreased its position in Eastman Chemical (NYSE:EMN) by 32.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 133,997 shares of the basic materials company’s stock after selling 63,495 shares during the quarter. Teachers Retirement System of The State of Kentucky owned 0.11% of Eastman Chemical worth $12,036,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in EMN. Norges Bank acquired a new position in shares of Eastman Chemical in the 4th quarter worth approximately $121,847,000. Invesco Ltd. boosted its position in Eastman Chemical by 37.4% during the 3rd 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. Capital Research Global Investors acquired a new position in Eastman Chemical during the 4th quarter valued at approximately $54,047,000. Mackenzie Financial Corp boosted its position in Eastman Chemical by 274.5% during the 4th quarter. Mackenzie Financial Corp now owns 249,104 shares of the basic materials company’s stock valued at $22,375,000 after purchasing an additional 391,848 shares during the period. Finally, Schonfeld Strategic Advisors LLC boosted its position in Eastman Chemical by 1,031.0% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 333,655 shares of the basic materials company’s stock valued at $25,598,000 after purchasing an additional 304,155 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Insider Activity

In other news, CEO Mark J. Costa sold 102,390 shares of Eastman Chemical stock in a transaction on 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 owns 395,699 shares in the company, valued at $39,878,545.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Eastman Chemical news, CEO Mark J. Costa sold 102,390 shares of the business’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total value of $10,318,864.20. Following the transaction, the chief executive officer now owns 395,699 shares in the company, valued at $39,878,545.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Adrian James Holt sold 3,662 shares of the business’s 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. Over the last quarter, insiders have sold 108,027 shares of company stock worth $10,885,638. 1.93% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of research firms recently issued reports on EMN. Mizuho boosted their price objective on Eastman Chemical from $91.00 to $102.00 and gave the company a “neutral” rating in a research report on Friday, April 26th. Wells Fargo & Company boosted their price objective 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. Bank of America cut their target price on Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a research note on Monday, April 29th. Barclays lifted their target price on Eastman Chemical from $85.00 to $103.00 and gave the company an “equal weight” rating in a research note on Monday, May 6th. Finally, Royal Bank of Canada lifted their target price on Eastman Chemical from $100.00 to $104.00 and gave the company a “sector perform” rating in a research note on Tuesday, April 30th. Six research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $107.50.

Eastman Chemical Trading Down 3.0 %

Shares of Eastman Chemical stock traded down $3.06 on Friday, reaching $99.51. 746,452 shares of the company were exchanged, compared to its average volume of 791,101. The stock has a fifty day moving average price of $99.25 and a 200-day moving average price of $92.28. The firm has a market capitalization of $11.71 billion, a price-to-earnings ratio of 12.82, a price-to-earnings-growth ratio of 1.08 and a beta of 1.51. The company has a current ratio of 1.39, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $105.98.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.29 billion. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. Eastman Chemical’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.63 earnings per share. On average, analysts expect that Eastman Chemical will post 7.75 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be issued a dividend of $0.81 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.26%. Eastman Chemical’s dividend payout ratio is 41.75%.

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.