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

Asset Dedication LLC reduced its holdings in Eastman Chemical (NYSE:EMN) by 4.6% during the third quarter, Holdings Channel.com reports. The fund owned 3,467 shares of the basic materials company’s stock after selling 166 shares during the quarter. Asset Dedication LLC’s holdings in Eastman Chemical were worth $388,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of EMN. Bessemer Group Inc. increased its position in shares of Eastman Chemical by 321.2% in the first quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock worth $1,628,000 after purchasing an additional 12,392 shares during the last quarter. CHURCHILL MANAGEMENT Corp purchased a new stake in shares of Eastman Chemical during the 1st quarter valued at $1,681,000. Empowered Funds LLC purchased a new stake in shares of Eastman Chemical during the 1st quarter valued at $594,000. Dakota Wealth Management lifted its holdings in shares of Eastman Chemical by 13.5% during the 2nd quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock worth $2,183,000 after acquiring an additional 2,655 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. grew its position in Eastman Chemical by 11.1% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock worth $7,714,000 after acquiring an additional 7,717 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on EMN shares. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $114.00 to $119.00 in a research note on Wednesday. Wells Fargo & Company upped their target price on Eastman Chemical from $105.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Royal Bank of Canada lifted their price target on shares of Eastman Chemical from $100.00 to $107.00 and gave the stock a “sector perform” rating in a research note on Friday, October 11th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a report on Monday, July 29th. Finally, Citigroup lowered their price target on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research note on Thursday, June 27th. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $110.20.

Eastman Chemical Stock Down 1.4 %

Shares of NYSE:EMN opened at $108.74 on Thursday. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $114.50. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. The stock’s 50-day moving average is $103.61 and its 200 day moving average is $100.46. The company has a market cap of $12.79 billion, a PE ratio of 14.01, a P/E/G ratio of 0.83 and a beta of 1.44.

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

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 16th were paid a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date was Monday, September 16th. Eastman Chemical’s 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.