Cetera Trust Company N.A Reduces Holdings in Eastman Chemical (NYSE:EMN)

Cetera Trust Company N.A cut its stake in Eastman Chemical (NYSE:EMN) by 27.1% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,693 shares of the basic materials company’s stock after selling 1,375 shares during the period. Cetera Trust Company N.A’s holdings in Eastman Chemical were worth $325,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently bought and sold shares of EMN. Raymond James Financial Inc. acquired a new stake in Eastman Chemical during the 4th quarter worth about $150,537,000. Capital World Investors purchased a new position in Eastman Chemical during the fourth quarter worth approximately $137,848,000. Norges Bank acquired a new stake in Eastman Chemical in the 4th quarter valued at $137,416,000. Wealthfront Advisers LLC grew its position in shares of Eastman Chemical by 3,136.8% in the fourth quarter. Wealthfront Advisers LLC now owns 736,011 shares of the basic materials company’s stock valued at $67,213,000 after purchasing an additional 713,272 shares during the period. Finally, Capital Research Global Investors increased its stake in Eastman Chemical by 13.4% during the 4th quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company’s stock worth $537,561,000 after buying an additional 697,388 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Analyst Ratings Changes

EMN has been the topic of several research reports. The Goldman Sachs Group decreased their price target on shares of Eastman Chemical from $112.00 to $87.00 and set a “neutral” rating on the stock in a research note on Monday, April 28th. Royal Bank of Canada upgraded Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 price target for the company in a report on Wednesday, April 9th. KeyCorp dropped their target price on shares of Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating for the company in a report on Monday, April 28th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $76.00 target price (down previously from $112.00) on shares of Eastman Chemical in a research note on Monday, April 28th. Finally, Wall Street Zen lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday, April 28th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus target price of $98.54.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $78.88 on Monday. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The stock has a market cap of $9.11 billion, a P/E ratio of 10.27, a P/E/G ratio of 1.22 and a beta of 1.25. The stock has a 50 day moving average of $78.86 and a two-hundred day moving average of $89.60. Eastman Chemical has a twelve month low of $70.90 and a twelve month high of $114.50.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.02. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The company’s revenue was down .9% on a year-over-year basis. During the same period last year, the business posted $1.61 EPS. On average, research analysts forecast that Eastman Chemical will post 8.55 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 8th. Shareholders of record on Friday, June 13th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 4.21%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical’s payout ratio is 42.24%.

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.