Swiss National Bank Cuts Stock Position in Eastman Chemical (NYSE:EMN)

Swiss National Bank lessened its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 5.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 330,100 shares of the basic materials company's stock after selling 19,000 shares during the quarter. Swiss National Bank owned 0.28% of Eastman Chemical worth $30,145,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Crews Bank & Trust acquired a new stake in Eastman Chemical in the 4th quarter valued at approximately $27,000. Assetmark Inc. raised its holdings in shares of Eastman Chemical by 384.4% in 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 period. Bradley & Co. Private Wealth Management LLC acquired a new position in Eastman Chemical during the 4th quarter worth about $35,000. Dunhill Financial LLC boosted its holdings in Eastman Chemical by 94.7% during the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company's stock valued at $37,000 after acquiring an additional 162 shares during the period. Finally, Stonebridge Financial Group LLC acquired a new position in Eastman Chemical in the 4th quarter valued at about $37,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Stock Down 1.5 %

EMN traded down $1.34 on Friday, reaching $88.55. The company's stock had a trading volume of 2,389,922 shares, compared to its average volume of 914,463. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. Eastman Chemical has a fifty-two week low of $86.70 and a fifty-two week high of $114.50. The stock has a 50 day moving average of $95.90 and a two-hundred day moving average of $99.79. The company has a market capitalization of $10.20 billion, a price-to-earnings ratio of 11.53, a P/E/G ratio of 1.22 and a beta of 1.43.

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Eastman Chemical (NYSE:EMN - Get Free Report) last issued its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. As a group, analysts forecast that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical's payout ratio is currently 43.23%.

Analyst Upgrades and Downgrades

EMN has been the subject of several recent research reports. Mizuho raised their price objective on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. StockNews.com raised shares of Eastman Chemical from a "hold" rating to a "buy" rating in a research report on Saturday, January 18th. 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. KeyCorp lifted their target price on Eastman Chemical from $121.00 to $128.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Finally, Royal Bank of Canada upped their price target on Eastman Chemical from $101.00 to $103.00 and gave the stock a "sector perform" rating in a report on Tuesday, February 4th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $114.08.

Eastman Chemical Company 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.