Swiss National Bank Sells 19,000 Shares of Eastman Chemical (NYSE:EMN)

Swiss National Bank lowered its stake in Eastman Chemical (NYSE:EMN) by 5.4% during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 330,100 shares of the basic materials company’s stock after selling 19,000 shares during the period. Swiss National Bank owned 0.28% of Eastman Chemical worth $30,145,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Crews Bank & Trust purchased a new stake in shares of Eastman Chemical in the fourth quarter worth $27,000. Dunhill Financial LLC grew its position 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 purchasing an additional 162 shares during the last quarter. Assetmark Inc. increased its stake in Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC purchased a new position in Eastman Chemical in the fourth quarter worth about $35,000. Finally, Stonebridge Financial Group LLC bought a new position in shares of Eastman Chemical in the fourth quarter worth approximately $37,000. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Trading Up 0.2 %

NYSE:EMN opened at $91.23 on Tuesday. The firm has a market capitalization of $10.51 billion, a price-to-earnings ratio of 11.88, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The business has a fifty day moving average price of $95.74 and a 200-day moving average price of $100.00. Eastman Chemical has a one year low of $86.70 and a one year high of $114.50.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. Sell-side analysts forecast that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be given a $0.83 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.64%. Eastman Chemical’s payout ratio is currently 43.23%.

Wall Street Analyst Weigh In

Several analysts have commented on the company. Barclays cut their target price on 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. Royal Bank of Canada lifted their price objective on Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 4th. UBS Group lowered their target price on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a research note on Friday, January 31st. Citigroup lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $118.00 to $104.00 in a research note on Wednesday, December 18th. Finally, Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $115.00 to $109.00 in a research report on Tuesday, January 14th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price 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.