Eastman Chemical (NYSE:EMN) Stock Position Decreased by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. cut its position in shares of Eastman Chemical (NYSE:EMN) by 20.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,084 shares of the basic materials company’s stock after selling 3,359 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Eastman Chemical were worth $1,311,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Empirical Financial Services LLC d.b.a. Empirical Wealth Management bought a new position in shares of Eastman Chemical in the 1st quarter valued at approximately $263,000. SG Americas Securities LLC raised its stake in shares of Eastman Chemical by 687.2% in the 1st quarter. SG Americas Securities LLC now owns 25,309 shares of the basic materials company’s stock valued at $2,536,000 after acquiring an additional 22,094 shares in the last quarter. Empowered Funds LLC bought a new position in shares of Eastman Chemical in the 1st quarter valued at approximately $594,000. Envestnet Portfolio Solutions Inc. raised its stake in shares of Eastman Chemical by 11.1% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock valued at $7,714,000 after acquiring an additional 7,717 shares in the last quarter. Finally, Empirical Finance LLC raised its stake in shares of Eastman Chemical by 3.3% in the 1st quarter. Empirical Finance LLC now owns 4,525 shares of the basic materials company’s stock valued at $453,000 after acquiring an additional 145 shares in the last quarter. 83.65% of the stock is owned by institutional investors.

Analysts Set New Price Targets

EMN has been the topic of several recent analyst reports. Royal Bank of Canada lifted their price target on Eastman Chemical from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research report on Tuesday, April 30th. Wells Fargo & Company lifted their price objective on Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a report on Thursday, April 11th. Bank of America decreased their price objective on Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a report on Monday, April 29th. KeyCorp lifted their price objective on Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Finally, Jefferies Financial Group raised Eastman Chemical from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $102.00 to $125.00 in a report on Monday, April 29th. Seven equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $107.31.

Eastman Chemical Trading Up 0.3 %

Shares of EMN opened at $98.64 on Monday. The stock has a fifty day moving average price of $99.27 and a two-hundred day moving average price of $93.79. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $105.98. The company has a market cap of $11.60 billion, a price-to-earnings ratio of 12.71, a PEG ratio of 1.09 and a beta of 1.46.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.20. The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.29 billion. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The business’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.63 EPS. Analysts predict that Eastman Chemical will post 7.69 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th were given a dividend of $0.81 per share. The ex-dividend date of this dividend was Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.28%. Eastman Chemical’s payout ratio is currently 41.75%.

Insider Transactions at Eastman Chemical

In other news, SVP Adrian James Holt sold 1,975 shares of the business’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total transaction of $195,959.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the sale, the chief executive officer now owns 395,699 shares in the company, valued at $39,878,545.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Adrian James Holt sold 1,975 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $99.22, for a total value of $195,959.50. The disclosure for this sale can be found here. Insiders sold a total of 108,027 shares of company stock worth $10,885,638 over the last 90 days. 1.93% of the stock is owned by insiders.

About Eastman Chemical

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.