Eastman Chemical (NYSE:EMN) Shares Sold by Sienna Gestion

Sienna Gestion cut its holdings in Eastman Chemical (NYSE:EMN) by 96.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,232 shares of the basic materials company’s stock after selling 101,403 shares during the period. Sienna Gestion’s holdings in Eastman Chemical were worth $386,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in EMN. Raymond James Financial Inc. purchased a new position in Eastman Chemical in the fourth quarter valued at approximately $150,537,000. Wealthfront Advisers LLC lifted its position in 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 acquiring an additional 713,272 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Eastman Chemical by 57.2% in the third quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock valued at $104,755,000 after acquiring an additional 340,562 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Eastman Chemical by 5.7% during the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after purchasing an additional 282,458 shares in the last quarter. Finally, National Bank of Canada FI lifted its holdings in shares of Eastman Chemical by 492.9% in the 3rd quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock valued at $23,863,000 after purchasing an additional 177,207 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. UBS Group lowered their target price on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. KeyCorp lifted their price objective on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. JPMorgan Chase & Co. raised their price objective on shares of Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Finally, Royal Bank of Canada increased their target price on Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 4th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $114.08.

Eastman Chemical Trading Down 2.2 %

Shares of EMN opened at $90.42 on Friday. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. Eastman Chemical has a 1-year low of $86.70 and a 1-year high of $114.50. The stock has a market cap of $10.41 billion, a price-to-earnings ratio of 11.77, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. The firm has a 50 day simple moving average of $95.60 and a 200-day simple moving average of $100.21.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping 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%. Equities analysts forecast that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical’s dividend payout ratio is presently 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.