Strs Ohio Decreases Position in Eastman Chemical (NYSE:EMN)

Strs Ohio cut its position in Eastman Chemical (NYSE:EMN) by 3.1% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 25,672 shares of the basic materials company’s stock after selling 812 shares during the period. Strs Ohio’s holdings in Eastman Chemical were worth $2,827,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. West Oak Capital LLC raised its holdings in Eastman Chemical by 71.4% in the fourth quarter. West Oak Capital LLC now owns 300 shares of the basic materials company’s stock worth $30,000 after buying an additional 125 shares during the last quarter. Alpha DNA Investment Management LLC purchased a new position in shares of Eastman Chemical during the fourth quarter valued at approximately $32,000. Northwest Investment Counselors LLC purchased a new position in shares of Eastman Chemical during the first quarter valued at approximately $36,000. Ropes Wealth Advisors LLC raised its holdings in shares of Eastman Chemical by 95.5% during the fourth quarter. Ropes Wealth Advisors LLC now owns 391 shares of the basic materials company’s stock valued at $39,000 after purchasing an additional 191 shares during the last quarter. Finally, Ellevest Inc. raised its holdings in shares of Eastman Chemical by 449.4% during the fourth quarter. Ellevest Inc. now owns 489 shares of the basic materials company’s stock valued at $49,000 after purchasing an additional 400 shares during the last quarter. 84.43% of the stock is owned by institutional investors and hedge funds.

In other news, CEO Mark J. Costa sold 74,301 shares of the firm’s stock in a transaction dated Wednesday, February 24th. The shares were sold at an average price of $113.75, for a total value of $8,451,738.75. Following the sale, the chief executive officer now directly owns 310,881 shares in the company, valued at approximately $35,362,713.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Perry Stuckey sold 20,985 shares of the firm’s stock in a transaction dated Friday, February 12th. The shares were sold at an average price of $107.00, for a total transaction of $2,245,395.00. The disclosure for this sale can be found here. Insiders sold a total of 177,103 shares of company stock worth $19,656,550 over the last 90 days. Company insiders own 1.66% of the company’s stock.

EMN has been the subject of several research reports. KeyCorp boosted their price objective on shares of Eastman Chemical from $126.00 to $135.00 and gave the company an “overweight” rating in a report on Monday. Wells Fargo & Company boosted their target price on shares of Eastman Chemical from $114.00 to $120.00 and gave the company an “overweight” rating in a research report on Tuesday, February 2nd. Morgan Stanley boosted their target price on shares of Eastman Chemical from $120.00 to $130.00 and gave the company an “overweight” rating in a research report on Monday, April 19th. Zacks Investment Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating and set a $105.00 target price for the company. in a research report on Thursday, January 28th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Eastman Chemical from $115.00 to $126.00 and gave the company a “buy” rating in a research report on Monday, March 22nd. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $95.50.

Shares of Eastman Chemical stock opened at $118.35 on Tuesday. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.98 and a quick ratio of 1.23. Eastman Chemical has a 1 year low of $57.30 and a 1 year high of $119.30. The firm’s 50-day moving average is $112.77 and its two-hundred day moving average is $103.95. The stock has a market cap of $16.16 billion, a price-to-earnings ratio of 34.21, a PEG ratio of 3.97 and a beta of 1.53.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, April 29th. The basic materials company reported $2.13 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.03 by $0.10. Eastman Chemical had a net margin of 5.56% and a return on equity of 13.12%. On average, equities analysts expect that Eastman Chemical will post 5.93 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which was paid on Monday, April 5th. Shareholders of record on Monday, March 15th were issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 2.33%. The ex-dividend date of this dividend was Friday, March 12th. Eastman Chemical’s payout ratio is 38.71%.

Eastman Chemical Company Profile

Eastman Chemical Company operates as a specialty materials company worldwide. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.

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

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