Xact Kapitalforvaltning AB Sells 2,158 Shares of Eastman Chemical (NYSE:EMN)

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Xact Kapitalforvaltning AB lowered its position in Eastman Chemical (NYSE:EMN) by 16.8% in the first quarter, Holdings Channel reports. The fund owned 10,651 shares of the basic materials company’s stock after selling 2,158 shares during the period. Xact Kapitalforvaltning AB’s holdings in Eastman Chemical were worth $808,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of EMN. CSat Investment Advisory L.P. lifted its stake in Eastman Chemical by 125.2% in the fourth quarter. CSat Investment Advisory L.P. now owns 349 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 194 shares during the last quarter. Zions Bancorporation N.A. purchased a new position in Eastman Chemical in the first quarter worth approximately $27,000. JNBA Financial Advisors purchased a new position in Eastman Chemical in the fourth quarter worth approximately $28,000. Nalls Sherbakoff Group LLC purchased a new position in Eastman Chemical in the fourth quarter worth approximately $28,000. Finally, Capital Financial Planning LLC purchased a new position in Eastman Chemical in the fourth quarter worth approximately $29,000. Institutional investors own 82.50% of the company’s stock.

A number of analysts have weighed in on the stock. Citigroup set a $83.00 price objective on shares of Eastman Chemical and gave the stock a “hold” rating in a report on Friday, May 10th. ValuEngine cut shares of Eastman Chemical from a “sell” rating to a “strong sell” rating in a report on Tuesday, May 7th. Cowen reissued a “market perform” rating and set a $84.00 price objective (down previously from $88.00) on shares of Eastman Chemical in a report on Tuesday, April 30th. UBS Group set a $98.00 price objective on shares of Eastman Chemical and gave the stock a “buy” rating in a report on Friday, April 26th. Finally, Zacks Investment Research raised shares of Eastman Chemical from a “sell” rating to a “hold” rating in a report on Tuesday, March 26th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $91.27.

Shares of Eastman Chemical stock traded down $0.02 during trading on Wednesday, reaching $72.71. The company’s stock had a trading volume of 17,092 shares, compared to its average volume of 1,198,720. The stock has a market capitalization of $10.06 billion, a price-to-earnings ratio of 8.86, a PEG ratio of 0.95 and a beta of 1.24. Eastman Chemical has a fifty-two week low of $64.84 and a fifty-two week high of $110.17. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.51 and a quick ratio of 0.79.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, April 25th. The basic materials company reported $1.77 EPS for the quarter, missing analysts’ consensus estimates of $1.91 by ($0.14). The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.61 billion. Eastman Chemical had a net margin of 10.07% and a return on equity of 18.60%. The business’s revenue was down 8.7% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.23 earnings per share. Analysts anticipate that Eastman Chemical will post 8.57 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Monday, June 17th will be issued a $0.62 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.41%. Eastman Chemical’s payout ratio is 30.24%.

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Eastman Chemical Profile

Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic 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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