Wrapmanager Inc. Sells 213 Shares of Eastman Chemical (NYSE:EMN)

Wrapmanager Inc. reduced its position in shares of Eastman Chemical (NYSE:EMN) by 9.0% in the second quarter, HoldingsChannel reports. The institutional investor owned 2,148 shares of the basic materials company’s stock after selling 213 shares during the quarter. Wrapmanager Inc.’s holdings in Eastman Chemical were worth $210,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in EMN. Vanguard Group Inc. raised its stake in shares of Eastman Chemical by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock valued at $1,332,904,000 after acquiring an additional 61,580 shares during the last quarter. Capital Research Global Investors increased its holdings in Eastman Chemical by 649.8% during the 1st quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after purchasing an additional 3,909,740 shares during the period. Putnam Investments LLC raised its position in Eastman Chemical by 4.0% during the 4th quarter. Putnam Investments LLC now owns 4,355,408 shares of the basic materials company’s stock valued at $391,203,000 after purchasing an additional 168,038 shares during the last quarter. Earnest Partners LLC lifted its holdings in Eastman Chemical by 11.0% in the 1st quarter. Earnest Partners LLC now owns 2,199,943 shares of the basic materials company’s stock worth $220,478,000 after buying an additional 217,720 shares during the period. Finally, Norges Bank bought a new stake in shares of Eastman Chemical in the 4th quarter worth approximately $121,847,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Trading Up 3.5 %

Eastman Chemical stock opened at $103.10 on Friday. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $105.98. The company has a market capitalization of $12.05 billion, a price-to-earnings ratio of 13.29, a price-to-earnings-growth ratio of 0.75 and a beta of 1.44. The business’s fifty day simple moving average is $98.48 and its two-hundred day simple moving average is $97.78. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, beating the consensus estimate of $2.01 by $0.14. The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. Eastman Chemical’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the prior year, the firm posted $1.99 EPS. As a group, equities analysts predict that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 16th will be given a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend is Monday, September 16th. Eastman Chemical’s dividend payout ratio (DPR) is currently 41.75%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on EMN shares. UBS Group raised Eastman Chemical from a “neutral” rating to a “buy” rating and raised their price target for the stock from $106.00 to $128.00 in a research note on Thursday, May 23rd. Mizuho lifted their target price on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Royal Bank of Canada reissued a “sector perform” rating and issued a $100.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Finally, Barclays increased their target price on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, Eastman Chemical has an average rating of “Moderate Buy” and an average price target of $108.07.

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.