Eastman Chemical (EMN) Holdings Trimmed by American International Group Inc.

American International Group Inc. reduced its holdings in shares of Eastman Chemical (NYSE:EMN) by 22.0% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 54,030 shares of the basic materials company’s stock after selling 15,222 shares during the quarter. American International Group Inc.’s holdings in Eastman Chemical were worth $3,950,000 as of its most recent filing with the SEC.

Other large investors have also added to or reduced their stakes in the company. MML Investors Services LLC raised its stake in shares of Eastman Chemical by 18.1% during the third quarter. MML Investors Services LLC now owns 4,900 shares of the basic materials company’s stock worth $469,000 after acquiring an additional 752 shares in the last quarter. Janus Henderson Group PLC raised its stake in shares of Eastman Chemical by 53.1% during the third quarter. Janus Henderson Group PLC now owns 659,273 shares of the basic materials company’s stock worth $63,106,000 after acquiring an additional 228,623 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of Eastman Chemical by 1.2% during the third quarter. Bank of New York Mellon Corp now owns 1,008,409 shares of the basic materials company’s stock worth $96,525,000 after acquiring an additional 12,412 shares in the last quarter. Martingale Asset Management L P raised its stake in shares of Eastman Chemical by 5.1% during the third quarter. Martingale Asset Management L P now owns 127,858 shares of the basic materials company’s stock worth $12,239,000 after acquiring an additional 6,201 shares in the last quarter. Finally, CIBC World Markets Inc. raised its stake in shares of Eastman Chemical by 1.2% during the third quarter. CIBC World Markets Inc. now owns 64,262 shares of the basic materials company’s stock worth $6,151,000 after acquiring an additional 754 shares in the last quarter. 82.91% of the stock is owned by institutional investors and hedge funds.

Several research analysts have commented on EMN shares. Zacks Investment Research downgraded shares of Eastman Chemical from a “hold” rating to a “sell” rating in a research note on Monday, April 1st. Nomura raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $89.00 to $93.00 in a research note on Monday. KeyCorp decreased their target price on shares of Eastman Chemical from $95.00 to $94.00 and set an “overweight” rating on the stock in a research note on Friday. Standpoint Research raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Wednesday, December 26th. Finally, Jefferies Financial Group decreased their target price on shares of Eastman Chemical to $91.00 and set a “buy” rating on the stock in a research note on Friday, December 21st. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and six have assigned a buy rating to the company’s stock. Eastman Chemical currently has an average rating of “Hold” and a consensus target price of $91.30.

NYSE:EMN remained flat at $$83.94 during trading hours on Monday. 786,682 shares of the company traded hands, compared to its average volume of 1,209,115. The company has a market capitalization of $11.34 billion, a PE ratio of 10.24, a P/E/G ratio of 1.07 and a beta of 1.14. Eastman Chemical has a twelve month low of $67.40 and a twelve month high of $110.17. The company has a current ratio of 1.82, a quick ratio of 0.96 and a debt-to-equity ratio of 1.01.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, January 31st. The basic materials company reported $1.39 earnings per share for the quarter, missing the consensus estimate of $1.60 by ($0.21). The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.42 billion. Eastman Chemical had a net margin of 10.64% and a return on equity of 20.15%. Analysts predict that Eastman Chemical will post 8.76 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were issued a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.95%. The ex-dividend date was Thursday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.24%.

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Eastman Chemical Profile

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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