Olstein Capital Management L.P. Has $7.02 Million Position in Eastman Chemical (EMN)

Olstein Capital Management L.P. trimmed its position in Eastman Chemical (NYSE:EMN) by 8.4% during the first quarter, Holdings Channel reports. The institutional investor owned 92,500 shares of the basic materials company’s stock after selling 8,500 shares during the period. Olstein Capital Management L.P.’s holdings in Eastman Chemical were worth $7,019,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently bought and sold shares of the stock. Edgemoor Investment Advisors Inc. grew its position in Eastman Chemical by 1.1% in the 1st quarter. Edgemoor Investment Advisors Inc. now owns 82,554 shares of the basic materials company’s stock valued at $6,264,000 after buying an additional 885 shares during the last quarter. Jensen Investment Management Inc. boosted its position in shares of Eastman Chemical by 13.4% during the 1st quarter. Jensen Investment Management Inc. now owns 6,100 shares of the basic materials company’s stock worth $463,000 after purchasing an additional 720 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its position in shares of Eastman Chemical by 70.4% during the 1st quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 60,654 shares of the basic materials company’s stock worth $4,602,000 after purchasing an additional 25,069 shares in the last quarter. Griffin Asset Management Inc. purchased a new stake in shares of Eastman Chemical during the 1st quarter worth $333,000. Finally, Tdam USA Inc. boosted its position in shares of Eastman Chemical by 16.1% during the 1st quarter. Tdam USA Inc. now owns 72,823 shares of the basic materials company’s stock worth $5,526,000 after purchasing an additional 10,076 shares in the last quarter. Hedge funds and other institutional investors own 84.25% of the company’s stock.

Eastman Chemical stock opened at $70.85 on Tuesday. Eastman Chemical has a 52 week low of $67.40 and a 52 week high of $110.17. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.79 and a current ratio of 1.51. The stock has a market capitalization of $9.87 billion, a P/E ratio of 8.64, a price-to-earnings-growth ratio of 0.95 and a beta of 1.14.

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

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Monday, June 17th will be given a $0.62 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.48 annualized dividend and a dividend yield of 3.50%. Eastman Chemical’s dividend payout ratio is presently 30.24%.

Several brokerages have commented on EMN. Nomura upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $89.00 to $93.00 in a research report on Monday, April 15th. 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 report on Friday, April 12th. Zacks Investment Research lowered shares of Eastman Chemical from a “hold” rating to a “sell” rating in a research report on Monday, April 15th. Cowen lowered shares of Eastman Chemical from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $94.00 to $88.00 in a research report on Wednesday, February 6th. Finally, Standpoint Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Thursday, January 31st. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $91.27.

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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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