Eastman Chemical (EMN) Stake Lowered by Quest Investment Management LLC

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Quest Investment Management LLC lessened its position in Eastman Chemical (NYSE:EMN) by 71.4% during the 2nd quarter, HoldingsChannel reports. The firm owned 31,548 shares of the basic materials company’s stock after selling 78,686 shares during the quarter. Quest Investment Management LLC’s holdings in Eastman Chemical were worth $3,154,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the company. LSV Asset Management boosted its stake in shares of Eastman Chemical by 9.8% in the 1st quarter. LSV Asset Management now owns 4,723,454 shares of the basic materials company’s stock valued at $498,702,000 after purchasing an additional 420,337 shares in the last quarter. OppenheimerFunds Inc. boosted its stake in shares of Eastman Chemical by 13.8% in the 1st quarter. OppenheimerFunds Inc. now owns 2,849,739 shares of the basic materials company’s stock valued at $300,875,000 after purchasing an additional 346,667 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of Eastman Chemical by 0.3% in the 2nd quarter. Victory Capital Management Inc. now owns 2,085,840 shares of the basic materials company’s stock valued at $208,500,000 after purchasing an additional 7,043 shares in the last quarter. Allianz Asset Management GmbH boosted its stake in shares of Eastman Chemical by 10.9% in the 1st quarter. Allianz Asset Management GmbH now owns 1,730,877 shares of the basic materials company’s stock valued at $182,746,000 after purchasing an additional 169,568 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its stake in shares of Eastman Chemical by 52.3% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 1,000,517 shares of the basic materials company’s stock valued at $105,635,000 after purchasing an additional 343,606 shares in the last quarter. Institutional investors own 83.80% of the company’s stock.

EMN has been the topic of several research reports. Morgan Stanley upped their price target on shares of Eastman Chemical from $98.00 to $107.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 31st. Zacks Investment Research upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $111.00 price target on the stock in a research report on Tuesday, July 3rd. ValuEngine downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, June 20th. Royal Bank of Canada upped their price target on shares of Eastman Chemical to $107.00 and gave the stock a “sector perform” rating in a research report on Monday, April 30th. They noted that the move was a valuation call. Finally, Citigroup upped their price target on shares of Eastman Chemical from $103.00 to $108.00 and gave the stock a “neutral” rating in a research report on Monday, April 30th. Ten equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $105.31.

In other Eastman Chemical news, insider Lucian Boldea sold 3,523 shares of the business’s stock in a transaction dated Tuesday, July 31st. The stock was sold at an average price of $103.58, for a total transaction of $364,912.34. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Scott V. King sold 16,192 shares of the business’s stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $101.35, for a total value of $1,641,059.20. Following the sale, the chief accounting officer now directly owns 5,898 shares of the company’s stock, valued at $597,762.30. The disclosure for this sale can be found here. Insiders have sold a total of 39,715 shares of company stock valued at $4,005,972 over the last three months. Company insiders own 1.14% of the company’s stock.

Shares of NYSE EMN opened at $99.87 on Friday. The stock has a market cap of $14.37 billion, a P/E ratio of 13.12, a P/E/G ratio of 1.31 and a beta of 1.13. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.99 and a current ratio of 1.69. Eastman Chemical has a 12-month low of $82.33 and a 12-month high of $112.45.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 26th. The basic materials company reported $2.22 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.20 by $0.02. The business had revenue of $2.62 billion for the quarter, compared to the consensus estimate of $2.59 billion. Eastman Chemical had a net margin of 15.30% and a return on equity of 21.79%. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.98 EPS. sell-side analysts forecast that Eastman Chemical will post 8.57 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 5th. Shareholders of record on Friday, September 14th will be issued a dividend of $0.56 per share. The ex-dividend date is Thursday, September 13th. This represents a $2.24 annualized dividend and a yield of 2.24%. Eastman Chemical’s dividend payout ratio is currently 29.43%.

About Eastman Chemical

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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