Olstein Capital Management L.P. Has $5.41 Million Holdings in Eastman Chemical (NYSE:EMN)

Olstein Capital Management L.P. cut its stake in shares of Eastman Chemical (NYSE:EMN) by 1.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 54,000 shares of the basic materials company’s stock after selling 1,000 shares during the period. Olstein Capital Management L.P.’s holdings in Eastman Chemical were worth $5,412,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Turtle Creek Wealth Advisors LLC acquired a new stake in Eastman Chemical during the fourth quarter worth approximately $26,000. Northwest Investment Counselors LLC acquired a new stake in shares of Eastman Chemical in the first quarter valued at approximately $34,000. Sound Income Strategies LLC raised its position in shares of Eastman Chemical by 213.8% in the fourth quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock valued at $37,000 after buying an additional 278 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at approximately $38,000. Finally, Advantage Trust Co acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at approximately $40,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, SVP Adrian James Holt sold 1,975 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $99.22, for a total value of $195,959.50. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Eastman Chemical news, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the sale, the chief executive officer now directly owns 395,699 shares of the company’s stock, valued at approximately $39,878,545.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Adrian James Holt sold 1,975 shares of the stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $99.22, for a total transaction of $195,959.50. The disclosure for this sale can be found here. Insiders have sold 108,027 shares of company stock worth $10,885,638 in the last quarter. Insiders own 2.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on EMN. Mizuho lifted their price target on shares of Eastman Chemical from $91.00 to $102.00 and gave the company a “neutral” rating in a research report on Friday, April 26th. Bank of America dropped their price target on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating for the company in a research report on Monday, April 29th. StockNews.com downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Thursday, June 20th. Royal Bank of Canada boosted their price objective on shares of Eastman Chemical from $100.00 to $104.00 and gave the company a “sector perform” rating in a research report on Tuesday, April 30th. Finally, Barclays boosted their price objective on shares of Eastman Chemical from $85.00 to $103.00 and gave the company an “equal weight” rating in a research report on Monday, May 6th. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $107.31.

Eastman Chemical Trading Up 0.5 %

EMN traded up $0.52 during trading on Wednesday, reaching $95.87. 381,410 shares of the stock traded hands, compared to its average volume of 1,003,023. The company has a quick ratio of 0.71, a current ratio of 1.39 and a debt-to-equity ratio of 0.77. The stock has a market capitalization of $11.28 billion, a PE ratio of 12.29, a P/E/G ratio of 1.07 and a beta of 1.46. The stock’s 50-day moving average is $99.24 and its 200 day moving average is $93.40. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $105.98.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The business had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter in the prior year, the firm posted $1.63 earnings per share. The business’s quarterly revenue was down 4.2% compared to the same quarter last year. Equities analysts anticipate that Eastman Chemical will post 7.69 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be issued a $0.81 dividend. The ex-dividend date is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.38%. Eastman Chemical’s dividend payout ratio is presently 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.