ARP Americas LP lowered its holdings in Eastman Chemical (NYSE:EMN) by 17.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,650 shares of the basic materials company’s stock after selling 750 shares during the quarter. ARP Americas LP’s holdings in Eastman Chemical were worth $349,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Allianz Asset Management GmbH boosted its holdings in Eastman Chemical by 10.9% in the first quarter. Allianz Asset Management GmbH now owns 1,730,877 shares of the basic materials company’s stock valued at $182,746,000 after purchasing an additional 169,568 shares during the period. CenturyLink Investment Management Co purchased a new position in Eastman Chemical in the second quarter valued at $1,405,000. Dorsey Wright & Associates purchased a new position in Eastman Chemical in the second quarter valued at $2,799,000. DnB Asset Management AS purchased a new position in Eastman Chemical in the second quarter valued at $2,213,000. Finally, Clinton Group Inc. purchased a new position in Eastman Chemical in the second quarter valued at $1,170,000. 82.81% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE EMN opened at $78.15 on Monday. The stock has a market cap of $11.04 billion, a price-to-earnings ratio of 10.27, a price-to-earnings-growth ratio of 1.05 and a beta of 1.07. The company has a quick ratio of 0.95, a current ratio of 1.69 and a debt-to-equity ratio of 1.04. Eastman Chemical has a 1 year low of $73.95 and a 1 year high of $112.45.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, October 25th. The basic materials company reported $2.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.29 by $0.05. The company had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.53 billion. Eastman Chemical had a return on equity of 21.53% and a net margin of 16.05%. On average, equities research analysts expect that Eastman Chemical will post 8.5 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Friday, October 5th. Shareholders of record on Friday, September 14th were issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date of this dividend was Thursday, September 13th. Eastman Chemical’s dividend payout ratio (DPR) is 29.43%.

In other Eastman Chemical news, insider Lucian Boldea sold 3,523 shares of Eastman Chemical stock in a transaction dated Tuesday, July 31st. The stock was sold at an average price of $103.58, for a total transaction of $364,912.34. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Scott V. King sold 16,192 shares of Eastman Chemical stock in a transaction dated Friday, August 3rd. The stock was 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 of the company’s stock, valued at $597,762.30. The disclosure for this sale can be found here. Insiders have sold a total of 39,715 shares of company stock valued at $4,005,972 over the last ninety days. 1.14% of the stock is owned by company insiders.

EMN has been the subject of a number of recent research reports. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $109.00 target price for the company in a report on Wednesday, October 3rd. JPMorgan Chase & Co. upgraded Eastman Chemical from a “neutral” rating to an “overweight” rating in a report on Friday, October 12th. Citigroup decreased their target price on Eastman Chemical from $108.00 to $94.00 and set a “neutral” rating for the company in a report on Thursday, October 11th. Nomura decreased their target price on Eastman Chemical from $111.00 to $99.00 and set a “neutral” rating for the company in a report on Monday, October 15th. Finally, ValuEngine lowered Eastman Chemical from a “hold” rating to a “sell” rating in a report on Saturday, October 6th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. Eastman Chemical currently has an average rating of “Hold” and a consensus price target of $107.82.

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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