New York Life Investment Management LLC Sells 129 Shares of Eastman Chemical (NYSE:EMN)

New York Life Investment Management LLC lowered its stake in Eastman Chemical (NYSE:EMN) by 0.8% in the 4th quarter, HoldingsChannel.com reports. The fund owned 16,326 shares of the basic materials company’s stock after selling 129 shares during the quarter. New York Life Investment Management LLC’s holdings in Eastman Chemical were worth $1,491,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Crews Bank & Trust acquired a new stake in Eastman Chemical in the 4th quarter valued at $27,000. Bradley & Co. Private Wealth Management LLC acquired a new stake in Eastman Chemical in the 4th quarter valued at $35,000. Dunhill Financial LLC grew its position in Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 162 shares during the period. Stonebridge Financial Group LLC acquired a new stake in Eastman Chemical in the 4th quarter valued at $37,000. Finally, Versant Capital Management Inc grew its position in Eastman Chemical by 32.4% in the 4th quarter. Versant Capital Management Inc now owns 916 shares of the basic materials company’s stock valued at $84,000 after purchasing an additional 224 shares during the period. Institutional investors own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on EMN. Mizuho lifted their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Wells Fargo & Company raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $110.00 to $125.00 in a research report on Tuesday, November 26th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, Eastman Chemical presently has an average rating of “Moderate Buy” and a consensus target price of $114.08.

Eastman Chemical Price Performance

Shares of NYSE:EMN opened at $94.38 on Tuesday. The company’s 50-day moving average is $94.92 and its 200 day moving average is $100.38. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. The company has a market capitalization of $10.87 billion, a P/E ratio of 12.29, a price-to-earnings-growth ratio of 1.22 and a beta of 1.44. Eastman Chemical has a fifty-two week low of $86.70 and a fifty-two week high of $114.50.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. On average, equities research analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.52%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s dividend payout ratio is currently 43.23%.

Eastman Chemical 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.