RNC Capital Management LLC Sells 425 Shares of Eastman Chemical (NYSE:EMN)

RNC Capital Management LLC reduced its position in Eastman Chemical (NYSE:EMN) by 5.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 6,815 shares of the basic materials company’s stock after selling 425 shares during the quarter. RNC Capital Management LLC’s holdings in Eastman Chemical were worth $612,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its position in shares of Eastman Chemical by 2.3% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,261 shares of the basic materials company’s stock valued at $1,934,000 after purchasing an additional 386 shares in the last quarter. Yousif Capital Management LLC grew its holdings in shares of Eastman Chemical by 0.8% during the 1st quarter. Yousif Capital Management LLC now owns 18,628 shares of the basic materials company’s stock worth $2,087,000 after acquiring an additional 150 shares during the period. Cibc World Market Inc. grew its holdings in shares of Eastman Chemical by 10.4% during the 1st quarter. Cibc World Market Inc. now owns 6,098 shares of the basic materials company’s stock worth $683,000 after acquiring an additional 572 shares during the period. Blair William & Co. IL grew its holdings in shares of Eastman Chemical by 2.5% during the 1st quarter. Blair William & Co. IL now owns 4,380 shares of the basic materials company’s stock worth $491,000 after acquiring an additional 105 shares during the period. Finally, Sei Investments Co. grew its stake in shares of Eastman Chemical by 16.4% in the 1st quarter. Sei Investments Co. now owns 200,656 shares of the basic materials company’s stock worth $22,546,000 after buying an additional 28,338 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on EMN shares. KeyCorp upped their price target on Eastman Chemical from $95.00 to $101.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 9th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Wednesday, December 13th. UBS Group upped their price objective on Eastman Chemical from $91.00 to $93.00 and gave the company a “neutral” rating in a research report on Friday, February 2nd. Royal Bank of Canada lowered their price target on Eastman Chemical from $91.00 to $89.00 and set a “sector perform” rating on the stock in a report on Tuesday, February 6th. Finally, Citigroup lowered their price target on Eastman Chemical from $96.00 to $95.00 and set a “buy” rating on the stock in a report on Tuesday, February 6th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $93.75.

Eastman Chemical Stock Up 1.3 %

Shares of NYSE EMN opened at $99.58 on Thursday. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.35 and a quick ratio of 0.70. The company has a market cap of $11.71 billion, a P/E ratio of 13.30, a PEG ratio of 1.09 and a beta of 1.52. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $100.37. The firm has a 50-day simple moving average of $87.69 and a two-hundred day simple moving average of $83.09.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Friday, February 2nd. The basic materials company reported $1.31 earnings per share for the quarter, beating the consensus estimate 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 during the quarter, compared to the consensus estimate of $2.21 billion. During the same quarter in the previous year, the firm posted $0.89 earnings per share. The company’s revenue was down 7.0% on a year-over-year basis. Research analysts anticipate that Eastman Chemical will post 7.7 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 5th. Investors of record on Friday, March 15th will be paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date is Thursday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is 43.26%.

Insider Buying and Selling

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of Eastman Chemical stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The transaction was disclosed in a document filed with the SEC, which is available through this link. 1.93% of the stock is currently owned by insiders.

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.