Everstar Asset Management LLC Sells 1,613 Shares of Eastman Chemical (NYSE:EMN)

Everstar Asset Management LLC lessened its stake in Eastman Chemical (NYSE:EMN) by 34.3% in the fourth quarter, HoldingsChannel reports. The fund owned 3,088 shares of the basic materials company’s stock after selling 1,613 shares during the period. Everstar Asset Management LLC’s holdings in Eastman Chemical were worth $282,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the stock. Crews Bank & Trust bought a new stake in Eastman Chemical in the fourth quarter valued at approximately $27,000. Picton Mahoney Asset Management increased its stake in shares of Eastman Chemical by 62.3% in the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock worth $29,000 after buying an additional 124 shares during the period. Assetmark Inc. raised its holdings in Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock valued at $34,000 after buying an additional 296 shares during the last quarter. Bradley & Co. Private Wealth Management LLC purchased a new stake in Eastman Chemical during the 4th quarter valued at $35,000. Finally, Dunhill Financial LLC grew its holdings in Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 162 shares during the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Royal Bank of Canada increased their target price on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 4th. UBS Group cut their price objective on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Citigroup downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and decreased their target price for the company from $118.00 to $104.00 in a report on Wednesday, December 18th. KeyCorp lifted their price target on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Finally, JPMorgan Chase & Co. upped their price objective on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, Eastman Chemical presently has an average rating of “Moderate Buy” and a consensus target price of $114.08.

Eastman Chemical Price Performance

Shares of EMN opened at $88.14 on Tuesday. Eastman Chemical has a fifty-two week low of $85.84 and a fifty-two week high of $114.50. The firm’s 50-day simple moving average is $95.56 and its two-hundred day simple moving average is $99.29. The stock has a market cap of $10.15 billion, a PE ratio of 11.48, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. Analysts anticipate that Eastman Chemical will post 8.55 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, April 7th. Investors of record on Friday, March 14th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s payout ratio is 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.