Alaska Permanent Fund Corp Sells 4,834 Shares of Eastman Chemical (NYSE:EMN)

Alaska Permanent Fund Corp trimmed its holdings in Eastman Chemical (NYSE:EMN) by 16.7% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 24,166 shares of the basic materials company’s stock after selling 4,834 shares during the quarter. Alaska Permanent Fund Corp’s holdings in Eastman Chemical were worth $2,171,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Burns J W & Co. Inc. NY bought a new stake in shares of Eastman Chemical in the 4th quarter worth approximately $205,000. Cetera Trust Company N.A bought a new stake in Eastman Chemical during the 4th quarter valued at $812,000. Wedge Capital Management L L P NC raised its holdings in Eastman Chemical by 17.6% during the 4th quarter. Wedge Capital Management L L P NC now owns 99,419 shares of the basic materials company’s stock valued at $8,930,000 after buying an additional 14,898 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Eastman Chemical during the 4th quarter valued at $8,592,000. Finally, Invesco Ltd. raised its holdings in Eastman Chemical by 37.4% during the 3rd quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock valued at $214,496,000 after buying an additional 760,974 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $96.12 on Friday. Eastman Chemical has a one year low of $68.89 and a one year high of $102.71. The company’s 50-day moving average is $93.56 and its 200 day moving average is $86.16. The company has a market capitalization of $11.30 billion, a price-to-earnings ratio of 12.83, a price-to-earnings-growth ratio of 1.07 and a beta of 1.54. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, beating the consensus estimate of $1.41 by $0.20. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.15%. The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.29 billion. During the same period in the prior year, the firm posted $1.63 EPS. Eastman Chemical’s revenue for the quarter was down 4.2% on a year-over-year basis. Sell-side analysts expect that Eastman Chemical will post 7.71 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were paid a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 3.37%. The ex-dividend date was Thursday, March 14th. Eastman Chemical’s dividend payout ratio is currently 43.26%.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.93% of the company’s stock.

Wall Street Analyst Weigh In

EMN has been the subject of a number of recent analyst reports. Royal Bank of Canada upped their price target on shares of Eastman Chemical from $89.00 to $100.00 and gave the company a “sector perform” rating in a report on Friday, April 19th. Stifel Nicolaus decreased their price objective on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating for the company in a report on Monday, February 5th. Redburn Atlantic initiated coverage on shares of Eastman Chemical in a report on Thursday, February 15th. They issued a “buy” rating and a $110.00 price objective for the company. UBS Group upped their price objective on shares of Eastman Chemical from $91.00 to $93.00 and gave the stock a “neutral” rating in a report on Friday, February 2nd. Finally, Wells Fargo & Company upped their price objective on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a report on Thursday, April 11th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $97.81.

Eastman Chemical 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.