JPMorgan Chase & Co. Trims Stock Position in Eastman Chemical (NYSE:EMN)

JPMorgan Chase & Co. reduced its stake in Eastman Chemical (NYSE:EMN) by 8.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 11,832,017 shares of the basic materials company’s stock after selling 1,085,677 shares during the quarter. JPMorgan Chase & Co. owned 8.68% of Eastman Chemical worth $1,302,941,000 at the end of the most recent reporting period.

Several other institutional investors also recently added to or reduced their stakes in EMN. CIBC Private Wealth Group LLC lifted its holdings in shares of Eastman Chemical by 1.4% during the first quarter. CIBC Private Wealth Group LLC now owns 6,018 shares of the basic materials company’s stock worth $663,000 after purchasing an additional 82 shares during the period. Ritholtz Wealth Management lifted its stake in shares of Eastman Chemical by 40.7% in the 1st quarter. Ritholtz Wealth Management now owns 4,837 shares of the basic materials company’s stock worth $533,000 after acquiring an additional 1,399 shares during the period. E Fund Management Co. Ltd. purchased a new stake in shares of Eastman Chemical in the first quarter valued at about $26,000. Norinchukin Bank The raised its holdings in Eastman Chemical by 1.7% during the first quarter. Norinchukin Bank The now owns 11,278 shares of the basic materials company’s stock worth $1,242,000 after purchasing an additional 191 shares in the last quarter. Finally, Alpha DNA Investment Management LLC lifted its position in Eastman Chemical by 28.9% in the first quarter. Alpha DNA Investment Management LLC now owns 419 shares of the basic materials company’s stock valued at $46,000 after purchasing an additional 94 shares during the period. Institutional investors and hedge funds own 84.18% of the company’s stock.

Several analysts have recently commented on the company. KeyCorp raised their price target on Eastman Chemical from $126.00 to $135.00 and gave the company an “overweight” rating in a report on Monday, May 3rd. Morgan Stanley upped their price target on shares of Eastman Chemical from $130.00 to $142.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 5th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Eastman Chemical from $115.00 to $126.00 and gave the company a “buy” rating in a research note on Tuesday, March 16th. Wolfe Research started coverage on shares of Eastman Chemical in a research report on Wednesday. They set an “outperform” rating for the company. Finally, Tudor Pickering cut Eastman Chemical from a “buy” rating to a “hold” rating and set a $117.00 price target on the stock. in a report on Monday, May 3rd. Five research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Eastman Chemical presently has an average rating of “Buy” and an average price target of $109.23.

In related news, CAO Scott V. King sold 12,588 shares of the company’s stock in a transaction on Thursday, May 13th. The stock was sold at an average price of $126.00, for a total value of $1,586,088.00. Following the completion of the transaction, the chief accounting officer now directly owns 7,827 shares in the company, valued at $986,202. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Perry Stuckey sold 8,487 shares of the stock in a transaction dated Tuesday, May 4th. The stock was sold at an average price of $119.24, for a total value of $1,011,989.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 111,461 shares of company stock worth $13,969,529. 1.93% of the stock is owned by company insiders.

Eastman Chemical stock traded down $0.21 during mid-day trading on Friday, hitting $124.76. 6,957 shares of the company were exchanged, compared to its average volume of 858,455. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.88 and a quick ratio of 1.14. Eastman Chemical has a 12-month low of $65.86 and a 12-month high of $130.47. The firm has a 50 day moving average price of $120.62. The firm has a market cap of $17.01 billion, a P/E ratio of 34.71, a P/E/G ratio of 0.83 and a beta of 1.50.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, April 29th. The basic materials company reported $2.13 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.10. The firm had revenue of $2.41 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Eastman Chemical had a return on equity of 13.86% and a net margin of 5.72%. Analysts forecast that Eastman Chemical will post 8.66 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 2nd. Stockholders of record on Tuesday, June 15th will be given a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Monday, June 14th. Eastman Chemical’s dividend payout ratio is presently 44.88%.

Eastman Chemical 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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