Eastman Chemical (EMN) Holdings Decreased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lowered its holdings in Eastman Chemical (NYSE:EMN) by 20.0% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 381,022 shares of the basic materials company’s stock after selling 95,403 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.27% of Eastman Chemical worth $35,298,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC purchased a new stake in shares of Eastman Chemical in the 3rd quarter valued at about $113,000. Balter Liquid Alternatives LLC purchased a new stake in shares of Eastman Chemical in the 4th quarter valued at about $115,000. NuWave Investment Management LLC purchased a new stake in shares of Eastman Chemical in the 4th quarter valued at about $123,000. Vigilant Capital Management LLC purchased a new stake in shares of Eastman Chemical in the 4th quarter valued at about $126,000. Finally, Psagot Investment House Ltd. raised its holdings in shares of Eastman Chemical by 60.0% in the 3rd quarter. Psagot Investment House Ltd. now owns 1,600 shares of the basic materials company’s stock valued at $145,000 after acquiring an additional 600 shares in the last quarter. 84.90% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical (NYSE:EMN) opened at $100.29 on Wednesday. The company has a current ratio of 1.83, a quick ratio of 0.94 and a debt-to-equity ratio of 1.24. Eastman Chemical has a 1 year low of $76.02 and a 1 year high of $104.08. The stock has a market capitalization of $14,318.59, a P/E ratio of 9.91, a P/E/G ratio of 1.33 and a beta of 1.33.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, February 1st. The basic materials company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.56. Eastman Chemical had a return on equity of 22.67% and a net margin of 15.44%. The business had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.24 billion. During the same period last year, the company earned $1.51 EPS. Eastman Chemical’s revenue for the quarter was up 8.0% compared to the same quarter last year. analysts predict that Eastman Chemical will post 8.47 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, April 6th. Investors of record on Thursday, March 15th will be given a dividend of $0.56 per share. The ex-dividend date is Wednesday, March 14th. This represents a $2.24 annualized dividend and a yield of 2.23%. Eastman Chemical’s payout ratio is 22.13%.

In related news, insider Lucian Boldea sold 3,325 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The stock was sold at an average price of $95.00, for a total transaction of $315,875.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Stephen R. Demeritt sold 4,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $99.84, for a total value of $399,360.00. Following the transaction, the director now owns 17,732 shares in the company, valued at $1,770,362.88. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 66,742 shares of company stock worth $6,555,051. 1.14% of the stock is owned by corporate insiders.

Several research firms have weighed in on EMN. Wells Fargo & Co reaffirmed an “outperform” rating and issued a $102.00 price target (up previously from $94.00) on shares of Eastman Chemical in a report on Monday, October 30th. They noted that the move was a valuation call. Cowen reaffirmed an “outperform” rating and issued a $106.00 price target (up previously from $92.00) on shares of Eastman Chemical in a report on Friday, December 8th. Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a report on Tuesday, February 6th. Royal Bank of Canada reissued a “sector perform” rating and set a $93.00 price objective (up from $91.00) on shares of Eastman Chemical in a report on Monday, October 30th. Finally, Barclays raised their price objective on Eastman Chemical from $100.00 to $108.00 and gave the company an “equal weight” rating in a report on Monday, February 5th. Nine research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $102.60.

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About Eastman Chemical

Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.

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

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