Eastman Chemical (NYSE:EMN) Shares Sold by OLD National Bancorp IN

OLD National Bancorp IN cut its position in Eastman Chemical (NYSE:EMN) by 2.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,121 shares of the basic materials company’s stock after selling 212 shares during the quarter. OLD National Bancorp IN’s holdings in Eastman Chemical were worth $819,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of the company. Morgan Stanley boosted its holdings in Eastman Chemical by 1.0% in the third quarter. Morgan Stanley now owns 3,978,856 shares of the basic materials company’s stock valued at $305,258,000 after purchasing an additional 39,860 shares during the period. Invesco Ltd. boosted its holdings in Eastman Chemical by 37.4% in the third quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock valued at $214,496,000 after purchasing an additional 760,974 shares during the period. Massachusetts Financial Services Co. MA boosted its holdings in Eastman Chemical by 2.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,407,774 shares of the basic materials company’s stock valued at $184,724,000 after purchasing an additional 51,788 shares during the period. Earnest Partners LLC boosted its holdings in Eastman Chemical by 19.9% in the third quarter. Earnest Partners LLC now owns 1,807,691 shares of the basic materials company’s stock valued at $138,686,000 after purchasing an additional 299,951 shares during the period. Finally, Northern Trust Corp lifted its holdings in Eastman Chemical by 1.8% during the 3rd quarter. Northern Trust Corp now owns 1,328,396 shares of the basic materials company’s stock worth $101,915,000 after buying an additional 23,009 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $96.79 on Wednesday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35. Eastman Chemical has a one year low of $68.89 and a one year high of $102.71. The company’s 50-day simple moving average is $92.98 and its 200-day simple moving average is $85.93. The stock has a market capitalization of $11.38 billion, a price-to-earnings ratio of 12.92, a PEG ratio of 1.07 and a beta of 1.54.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Friday, February 2nd. The basic materials company reported $1.31 earnings per share (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 firm had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.21 billion. During the same quarter last year, the company posted $0.89 earnings per share. Eastman Chemical’s revenue was down 7.0% on a year-over-year basis. Equities analysts anticipate that Eastman Chemical will post 7.71 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

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

Insiders Place Their Bets

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a legal filing with the SEC, which is available at this link. 2.28% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

EMN has been the subject of a number of recent analyst reports. Stifel Nicolaus decreased their price target on Eastman Chemical from $102.00 to $101.00 and set a “buy” rating for the company in a report on Monday, February 5th. Royal Bank of Canada lifted their price target on Eastman Chemical from $89.00 to $100.00 and gave the stock a “sector perform” rating in a report on Friday, April 19th. Redburn Atlantic initiated coverage on Eastman Chemical in a report on Thursday, February 15th. They set a “buy” rating and a $110.00 price target for the company. Wells Fargo & Company lifted their price target on Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a report on Thursday, April 11th. Finally, KeyCorp boosted their target price on Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $97.81.

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.