RNC Capital Management LLC Has $634,000 Stock Position in Eastman Chemical (NYSE:EMN)

RNC Capital Management LLC lowered its position in Eastman Chemical (NYSE:EMN – Get Rating) by 17.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,782 shares of the basic materials company’s stock after selling 1,663 shares during the quarter. RNC Capital Management LLC’s holdings in Eastman Chemical were worth $634,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Envestnet Asset Management Inc. grew its stake in shares of Eastman Chemical by 0.5% in the 3rd quarter. Envestnet Asset Management Inc. now owns 304,244 shares of the basic materials company’s stock valued at $21,617,000 after buying an additional 1,578 shares in the last quarter. Asset Dedication LLC acquired a new position in shares of Eastman Chemical during the 3rd quarter worth $311,000. Bridgefront Capital LLC bought a new position in shares of Eastman Chemical during the 3rd quarter valued at $241,000. Clear Street Markets LLC lifted its stake in shares of Eastman Chemical by 49.3% in the 3rd quarter. Clear Street Markets LLC now owns 403 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 133 shares during the last quarter. Finally, U.S. Capital Wealth Advisors LLC boosted its holdings in Eastman Chemical by 15.8% in the second quarter. U.S. Capital Wealth Advisors LLC now owns 17,956 shares of the basic materials company’s stock worth $1,612,000 after purchasing an additional 2,447 shares in the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Price Performance

Shares of NYSE:EMN opened at $79.22 on Friday. The firm has a market capitalization of $9.41 billion, a PE ratio of 12.57, a PEG ratio of 2.18 and a beta of 1.48. The company has a current ratio of 1.16, a quick ratio of 0.58 and a debt-to-equity ratio of 0.77. Eastman Chemical has a 1-year low of $69.91 and a 1-year high of $114.97. The business’s 50 day moving average is $86.97 and its 200-day moving average is $83.24.

Eastman Chemical (NYSE:EMN – Get Rating) last issued its earnings results on Friday, January 27th. The basic materials company reported $0.89 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.37). Eastman Chemical had a return on equity of 17.82% and a net margin of 7.50%. The firm had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.42 billion. During the same period last year, the business earned $1.81 earnings per share. The firm’s revenue for the quarter was down 11.9% compared to the same quarter last year. Sell-side analysts predict that Eastman Chemical will post 7.77 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 10th. Investors of record on Wednesday, March 15th will be given a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 3.99%. The ex-dividend date is Tuesday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 50.16%.

Analysts Set New Price Targets

A number of analysts have weighed in on EMN shares. The Goldman Sachs Group boosted their price target on Eastman Chemical from $78.00 to $89.00 and gave the stock a “neutral” rating in a research report on Thursday, December 15th. Vertical Research cut Eastman Chemical from a “buy” rating to a “hold” rating and decreased their target price for the stock from $94.00 to $92.00 in a research report on Monday, January 30th. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lifted their price target for the company from $98.00 to $108.00 in a research report on Wednesday, January 11th. Citigroup upped their price objective on shares of Eastman Chemical from $75.00 to $90.00 and gave the stock a “neutral” rating in a report on Thursday, December 15th. Finally, StockNews.com assumed coverage on shares of Eastman Chemical in a report on Thursday. They issued a “hold” rating on the stock. Thirteen analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $98.78.

Eastman Chemical Company Profile

(Get Rating)

Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Advanced Material (AM), Additives and Functional Products (AFP), Chemical Intermediates (CI), and Fibers. The AM segment produces and markets its polymers, films, and plastics with differentiated performance properties for value-added end uses in transportation, consumables, building and construction, durable goods, and health and wellness markets.