IFP Advisors Inc Sells 1,087 Shares of Eastman Chemical (EMN)

IFP Advisors Inc decreased its position in Eastman Chemical (NYSE:EMN) by 16.1% during the fourth quarter, HoldingsChannel.com reports. The fund owned 5,645 shares of the basic materials company’s stock after selling 1,087 shares during the period. IFP Advisors Inc’s holdings in Eastman Chemical were worth $523,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of EMN. Steward Partners Investment Advisory LLC purchased a new stake in Eastman Chemical in the third quarter worth about $113,000. Psagot Investment House Ltd. increased its position in Eastman Chemical by 60.0% in the third quarter. Psagot Investment House Ltd. now owns 1,600 shares of the basic materials company’s stock worth $145,000 after buying an additional 600 shares in the last quarter. M&R Capital Management Inc. increased its position in Eastman Chemical by 62.9% in the second quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock worth $150,000 after buying an additional 700 shares in the last quarter. Advisory Services Network LLC increased its position in Eastman Chemical by 105.3% in the second quarter. Advisory Services Network LLC now owns 2,203 shares of the basic materials company’s stock worth $185,000 after buying an additional 1,130 shares in the last quarter. Finally, Parkwood LLC purchased a new stake in Eastman Chemical in the third quarter worth about $200,000. 82.71% of the stock is currently owned by institutional investors.

Shares of Eastman Chemical (EMN) opened at $99.27 on Friday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.94 and a current ratio of 1.83. Eastman Chemical has a 1 year low of $76.02 and a 1 year high of $103.21. The stock has a market capitalization of $14,146.34, a PE ratio of 12.92, a P/E/G ratio of 1.45 and a beta of 1.33.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, February 1st. The basic materials company reported $1.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.06 by $0.56. Eastman Chemical had a return on equity of 22.67% and a net margin of 15.44%. The firm had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.24 billion. During the same quarter last year, the business posted $1.51 earnings per share. The firm’s revenue was up 8.0% on a year-over-year basis. analysts forecast that Eastman Chemical will post 8.26 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, January 5th. Investors of record on Monday, December 18th were given a dividend of $0.56 per share. The ex-dividend date was Friday, December 15th. This represents a $2.24 annualized dividend and a dividend yield of 2.26%. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.51. Eastman Chemical’s dividend payout ratio (DPR) is currently 22.13%.

A number of analysts have commented on the company. Nomura cut Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price target for the company. in a research report on Tuesday, October 10th. Wells Fargo & Co restated an “outperform” rating and issued a $102.00 price target (up previously from $94.00) on shares of Eastman Chemical in a research report on Monday, October 30th. They noted that the move was a valuation call. Cowen restated an “outperform” rating and issued a $106.00 price target (up previously from $92.00) on shares of Eastman Chemical in a research report on Friday, December 8th. Royal Bank of Canada restated a “sector perform” rating and issued a $93.00 price target (up previously from $91.00) on shares of Eastman Chemical in a research report on Monday, October 30th. Finally, Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, January 5th. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $99.57.

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Eastman Chemical Profile

Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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