Caisse DE Depot ET Placement DU Quebec lowered its position in Eastman Chemical (NYSE:EMN) by 87.7% in the second quarter, HoldingsChannel reports. The institutional investor owned 5,195 shares of the basic materials company’s stock after selling 37,000 shares during the period. Caisse DE Depot ET Placement DU Quebec’s holdings in Eastman Chemical were worth $519,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. BlueMountain Capital Management LLC purchased a new position in shares of Eastman Chemical in the second quarter valued at $1,929,000. Burney Co. increased its position in shares of Eastman Chemical by 5.3% in the second quarter. Burney Co. now owns 136,513 shares of the basic materials company’s stock valued at $13,646,000 after buying an additional 6,835 shares in the last quarter. Korea Investment CORP increased its position in shares of Eastman Chemical by 1.2% in the second quarter. Korea Investment CORP now owns 210,305 shares of the basic materials company’s stock valued at $21,022,000 after buying an additional 2,400 shares in the last quarter. United Services Automobile Association increased its position in shares of Eastman Chemical by 119.8% in the second quarter. United Services Automobile Association now owns 146,401 shares of the basic materials company’s stock valued at $9,113,000 after buying an additional 79,805 shares in the last quarter. Finally, ING Groep NV purchased a new position in shares of Eastman Chemical in the second quarter valued at $1,528,000. Institutional investors and hedge funds own 83.00% of the company’s stock.

EMN opened at $97.23 on Wednesday. The company has a current ratio of 1.69, a quick ratio of 0.95 and a debt-to-equity ratio of 1.04. The firm has a market cap of $13.77 billion, a P/E ratio of 12.81, a P/E/G ratio of 1.26 and a beta of 1.08. Eastman Chemical has a 52 week low of $85.10 and a 52 week high of $112.45.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 26th. The basic materials company reported $2.22 EPS for the quarter, beating analysts’ consensus estimates of $2.20 by $0.02. The business had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.59 billion. Eastman Chemical had a return on equity of 21.79% and a net margin of 15.30%. The business’s revenue for the quarter was up 8.4% compared to the same quarter last year. During the same quarter last year, the company earned $1.98 earnings per share. equities analysts predict that Eastman Chemical will post 8.57 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 5th. Investors of record on Friday, September 14th will be paid a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend is Thursday, September 13th. Eastman Chemical’s payout ratio is currently 29.43%.

In related news, CEO Mark J. Costa sold 20,000 shares of the stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the sale, the chief executive officer now owns 190,584 shares of the company’s stock, valued at $19,058,400. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CAO Scott V. King sold 16,192 shares of the stock in a transaction on Friday, August 3rd. The shares were 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 in the company, valued at approximately $597,762.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 39,715 shares of company stock worth $4,005,972. Corporate insiders own 1.18% of the company’s stock.

EMN has been the subject of a number of research analyst reports. Morgan Stanley raised their price target on Eastman Chemical from $98.00 to $107.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 31st. Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, August 1st. Finally, ValuEngine cut Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, June 20th. Ten equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $105.31.

Eastman Chemical Company 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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