Smartleaf Asset Management LLC Sells 119 Shares of Eastman Chemical (NYSE:EMN)

Smartleaf Asset Management LLC reduced its holdings in shares of Eastman Chemical (NYSE:EMN) by 2.9% during the fourth quarter, HoldingsChannel reports. The firm owned 4,054 shares of the basic materials company’s stock after selling 119 shares during the period. Smartleaf Asset Management LLC’s holdings in Eastman Chemical were worth $368,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of EMN. Farther Finance Advisors LLC boosted its holdings in shares of Eastman Chemical by 20.4% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,677 shares of the basic materials company’s stock valued at $188,000 after acquiring an additional 284 shares during the last quarter. Chicago Partners Investment Group LLC boosted its holdings in Eastman Chemical by 9.9% in the third quarter. Chicago Partners Investment Group LLC now owns 2,399 shares of the basic materials company’s stock worth $257,000 after purchasing an additional 216 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Eastman Chemical by 0.6% in the third quarter. Van ECK Associates Corp now owns 48,790 shares of the basic materials company’s stock worth $5,220,000 after purchasing an additional 287 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its stake in Eastman Chemical by 2.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 19,568 shares of the basic materials company’s stock valued at $2,191,000 after buying an additional 414 shares during the last quarter. Finally, Forum Financial Management LP bought a new position in shares of Eastman Chemical during the 3rd quarter valued at $217,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on EMN. Mizuho raised their price target on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Saturday, January 18th. JPMorgan Chase & Co. increased their price objective on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $110.00 to $125.00 in a research report on Tuesday, November 26th. Finally, Barclays dropped their price target on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Eastman Chemical has an average rating of “Moderate Buy” and a consensus price target of $114.08.

Eastman Chemical Stock Performance

NYSE:EMN opened at $93.13 on Wednesday. The stock has a 50-day moving average price of $94.99 and a 200 day moving average price of $100.35. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 12-month low of $86.70 and a 12-month high of $114.50. The stock has a market capitalization of $10.73 billion, a P/E ratio of 12.13, a P/E/G ratio of 1.22 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. Equities research analysts forecast that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be given a dividend of $0.83 per share. The ex-dividend date is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.56%. Eastman Chemical’s payout ratio is 43.23%.

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.