MetLife Investment Advisors LLC lowered its position in Eastman Chemical (NYSE:EMN) by 2.3% in the second quarter, Holdings Channel reports. The fund owned 42,025 shares of the basic materials company’s stock after selling 999 shares during the period. MetLife Investment Advisors LLC’s holdings in Eastman Chemical were worth $4,201,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. LSV Asset Management lifted its stake in Eastman Chemical by 6.6% in the second quarter. LSV Asset Management now owns 5,033,170 shares of the basic materials company’s stock worth $503,115,000 after acquiring an additional 309,716 shares during the last quarter. OppenheimerFunds Inc. raised its holdings in Eastman Chemical by 13.8% during the first quarter. OppenheimerFunds Inc. now owns 2,849,739 shares of the basic materials company’s stock worth $300,875,000 after purchasing an additional 346,667 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Eastman Chemical by 0.3% during the second quarter. Victory Capital Management Inc. now owns 2,085,840 shares of the basic materials company’s stock worth $208,500,000 after purchasing an additional 7,043 shares in the last quarter. Allianz Asset Management GmbH raised its holdings in Eastman Chemical by 10.9% during the first quarter. Allianz Asset Management GmbH now owns 1,730,877 shares of the basic materials company’s stock worth $182,746,000 after purchasing an additional 169,568 shares in the last quarter. Finally, Morgan Stanley raised its holdings in Eastman Chemical by 158.3% during the second quarter. Morgan Stanley now owns 1,215,942 shares of the basic materials company’s stock worth $121,546,000 after purchasing an additional 745,156 shares in the last quarter. Institutional investors own 83.00% of the company’s stock.

EMN has been the topic of a number of research analyst reports. ValuEngine cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Wednesday, June 20th. Zacks Investment Research raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $111.00 price objective on the stock in a report on Tuesday, July 3rd. Finally, Morgan Stanley raised their price objective on shares of Eastman Chemical from $98.00 to $107.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 31st. Ten analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $105.31.

In other news, CAO Scott V. King sold 16,192 shares of Eastman Chemical 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 transaction, the chief accounting officer now directly owns 5,898 shares of the company’s stock, valued at approximately $597,762.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark J. Costa sold 20,000 shares of Eastman Chemical stock in a transaction on Friday, August 3rd. The shares were sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the completion of the transaction, the chief executive officer now directly owns 190,584 shares in the company, valued at $19,058,400. The disclosure for this sale can be found here. Insiders sold a total of 39,715 shares of company stock worth $4,005,972 over the last ninety days. Corporate insiders own 1.18% of the company’s stock.

Shares of Eastman Chemical stock opened at $97.23 on Wednesday. The firm has a market capitalization of $13.77 billion, a PE ratio of 12.78, a price-to-earnings-growth ratio of 1.26 and a beta of 1.08. Eastman Chemical has a 12 month low of $85.10 and a 12 month high of $112.45. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.95 and a current ratio of 1.69.

Eastman Chemical (NYSE:EMN) last announced its earnings results 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 analysts’ expectations of $2.59 billion. Eastman Chemical had a net margin of 15.30% and a return on equity of 21.79%. The company’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the company posted $1.98 EPS. equities research analysts expect that Eastman Chemical will post 8.57 EPS for the current fiscal year.

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

About Eastman Chemical

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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