Eastman Chemical Company $EMN Shares Sold by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. trimmed its position in shares of Eastman Chemical Company (NYSE:EMN) by 1.9% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 19,275 shares of the basic materials company’s stock after selling 364 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Eastman Chemical were worth $1,439,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of EMN. Vontobel Holding Ltd. acquired a new stake in shares of Eastman Chemical during the second quarter worth about $392,000. Principal Financial Group Inc. increased its stake in Eastman Chemical by 5.9% during the 1st quarter. Principal Financial Group Inc. now owns 155,509 shares of the basic materials company’s stock worth $13,702,000 after buying an additional 8,708 shares during the period. OneDigital Investment Advisors LLC increased its stake in Eastman Chemical by 36.9% during the 1st quarter. OneDigital Investment Advisors LLC now owns 3,029 shares of the basic materials company’s stock worth $267,000 after buying an additional 816 shares during the period. Teacher Retirement System of Texas acquired a new stake in Eastman Chemical during the 1st quarter worth approximately $1,494,000. Finally, Park Avenue Securities LLC purchased a new position in Eastman Chemical in the 2nd quarter valued at approximately $679,000. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Trading Down 2.4%

NYSE:EMN opened at $59.60 on Friday. Eastman Chemical Company has a 1 year low of $56.78 and a 1 year high of $107.50. The stock has a market cap of $6.84 billion, a P/E ratio of 8.37, a P/E/G ratio of 6.16 and a beta of 1.29. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.78 and a current ratio of 1.68. The stock has a 50-day simple moving average of $64.50 and a 200-day simple moving average of $71.99.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 31st. The basic materials company reported $1.60 earnings per share for the quarter, missing the consensus estimate of $1.72 by ($0.12). The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.32 billion. Eastman Chemical had a return on equity of 15.24% and a net margin of 8.96%.Eastman Chemical’s revenue was down 3.2% on a year-over-year basis. During the same period last year, the business posted $2.15 EPS. As a group, analysts anticipate that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Monday, September 15th were issued a dividend of $0.83 per share. The ex-dividend date of this dividend was Monday, September 15th. This represents a $3.32 dividend on an annualized basis and a yield of 5.6%. Eastman Chemical’s dividend payout ratio (DPR) is presently 46.63%.

Wall Street Analysts Forecast Growth

EMN has been the topic of a number of recent research reports. Bank of America cut their price objective on Eastman Chemical from $78.00 to $74.00 and set a “buy” rating on the stock in a research report on Tuesday, October 14th. Citigroup upped their price target on Eastman Chemical from $68.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, October 2nd. The Goldman Sachs Group decreased their price objective on Eastman Chemical from $87.00 to $65.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Wells Fargo & Company boosted their price objective on Eastman Chemical from $70.00 to $80.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 16th. Finally, Weiss Ratings raised shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, October 24th. Eight research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $82.62.

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.