OLD National Bancorp IN Has $819,000 Holdings in Eastman Chemical (NYSE:EMN)

OLD National Bancorp IN lessened its holdings in Eastman Chemical (NYSE:EMN) by 2.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,121 shares of the basic materials company’s stock after selling 212 shares during the period. OLD National Bancorp IN’s holdings in Eastman Chemical were worth $819,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Invesco Ltd. raised its holdings in Eastman Chemical by 37.4% in the 3rd quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock worth $214,496,000 after acquiring an additional 760,974 shares during the period. Mackenzie Financial Corp raised its holdings in Eastman Chemical by 274.5% in the 4th quarter. Mackenzie Financial Corp now owns 249,104 shares of the basic materials company’s stock worth $22,375,000 after acquiring an additional 391,848 shares during the period. Schonfeld Strategic Advisors LLC raised its holdings in Eastman Chemical by 1,031.0% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 333,655 shares of the basic materials company’s stock worth $25,598,000 after acquiring an additional 304,155 shares during the period. Earnest Partners LLC raised its holdings in Eastman Chemical by 19.9% in the 3rd quarter. Earnest Partners LLC now owns 1,807,691 shares of the basic materials company’s stock worth $138,686,000 after acquiring an additional 299,951 shares during the period. Finally, Ceredex Value Advisors LLC raised its holdings in Eastman Chemical by 54.4% in the 3rd quarter. Ceredex Value Advisors LLC now owns 594,789 shares of the basic materials company’s stock worth $46,099,000 after acquiring an additional 209,644 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on EMN. Stifel Nicolaus dropped their price objective on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a report on Monday, February 5th. Redburn Atlantic began coverage on shares of Eastman Chemical in a report on Thursday, February 15th. They set a “buy” rating and a $110.00 price objective on the stock. Royal Bank of Canada boosted their price objective on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock a “sector perform” rating in a report on Friday, April 19th. KeyCorp increased their price target on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Finally, Wells Fargo & Company upped their price objective on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 11th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $97.81.

Insider Activity at Eastman Chemical

In related news, SVP Adrian James Holt sold 4,735 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.28% of the stock is owned by insiders.

Eastman Chemical Trading Down 0.3 %

EMN opened at $96.79 on Wednesday. The firm’s fifty day moving average is $92.98 and its two-hundred day moving average is $85.93. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35. The firm has a market cap of $11.38 billion, a PE ratio of 12.92, a price-to-earnings-growth ratio of 1.07 and a beta of 1.54. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $102.71.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Friday, February 2nd. The basic materials company reported $1.31 EPS for the quarter, topping analysts’ consensus estimates of $1.28 by $0.03. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.15%. The business had revenue of $2.21 billion for the quarter, compared to analyst estimates of $2.21 billion. During the same period last year, the business posted $0.89 earnings per share. The firm’s quarterly revenue was down 7.0% on a year-over-year basis. Equities research analysts anticipate that Eastman Chemical will post 7.71 EPS for the current year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued a dividend of $0.81 per share. The ex-dividend date was Thursday, March 14th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.35%. Eastman Chemical’s payout ratio is 43.26%.

About Eastman Chemical

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.