Eastman Chemical (NYSE:EMN) Shares Sold by Manning & Napier Group LLC

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Manning & Napier Group LLC cut its stake in shares of Eastman Chemical (NYSE:EMN) by 0.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 53,609 shares of the basic materials company’s stock after selling 204 shares during the quarter. Manning & Napier Group LLC’s holdings in Eastman Chemical were worth $3,957,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Vanguard Group Inc. lifted its holdings in shares of Eastman Chemical by 0.3% during the second quarter. Vanguard Group Inc. now owns 14,829,482 shares of the basic materials company’s stock worth $1,154,178,000 after purchasing an additional 49,886 shares during the period. JPMorgan Chase & Co. raised its position in Eastman Chemical by 6.7% in the second quarter. JPMorgan Chase & Co. now owns 7,357,122 shares of the basic materials company’s stock worth $566,794,000 after acquiring an additional 460,512 shares in the last quarter. LSV Asset Management raised its position in Eastman Chemical by 0.3% in the second quarter. LSV Asset Management now owns 5,610,418 shares of the basic materials company’s stock worth $436,658,000 after acquiring an additional 17,575 shares in the last quarter. Victory Capital Management Inc. raised its position in Eastman Chemical by 25.7% in the second quarter. Victory Capital Management Inc. now owns 4,477,400 shares of the basic materials company’s stock worth $348,476,000 after acquiring an additional 916,232 shares in the last quarter. Finally, Invesco Ltd. raised its position in Eastman Chemical by 166.8% in the second quarter. Invesco Ltd. now owns 3,284,054 shares of the basic materials company’s stock worth $255,599,000 after acquiring an additional 2,053,378 shares in the last quarter. 80.94% of the stock is owned by hedge funds and other institutional investors.

Several research analysts have issued reports on the company. UBS Group cut their price objective on Eastman Chemical from $96.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday, October 2nd. Nomura cut their price objective on Eastman Chemical from $88.00 to $85.00 and set a “buy” rating for the company in a research report on Monday, July 29th. JPMorgan Chase & Co. cut Eastman Chemical from an “overweight” rating to a “neutral” rating and cut their price objective for the stock from $88.00 to $80.00 in a research report on Monday, July 29th. Tudor Pickering upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a research report on Thursday, August 15th. Finally, ValuEngine upgraded Eastman Chemical from a “sell” rating to a “hold” rating in a research report on Wednesday, October 2nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $84.29.

NYSE:EMN opened at $72.61 on Friday. The stock has a fifty day moving average price of $69.60 and a two-hundred day moving average price of $73.71. The stock has a market capitalization of $9.50 billion, a price-to-earnings ratio of 8.85, a PEG ratio of 1.04 and a beta of 1.39. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.80 and a current ratio of 1.58. Eastman Chemical has a 1 year low of $61.22 and a 1 year high of $86.18.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.99 earnings per share for the quarter, missing analysts’ consensus estimates of $2.09 by ($0.10). Eastman Chemical had a net margin of 9.45% and a return on equity of 17.76%. The firm had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter in the prior year, the business earned $2.22 EPS. The company’s quarterly revenue was down 9.8% compared to the same quarter last year. On average, analysts predict that Eastman Chemical will post 7.64 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, October 4th. Stockholders of record on Monday, September 16th were given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.42%. The ex-dividend date of this dividend was Friday, September 13th. Eastman Chemical’s dividend payout ratio is currently 30.24%.

Eastman Chemical Profile

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

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

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