Eastman Chemical (NYSE:EMN) Shares Sold by Integrated Wealth Concepts LLC

Integrated Wealth Concepts LLC lessened its position in shares of Eastman Chemical (NYSE:EMN) by 11.7% during the 4th quarter, Holdings Channel reports. The firm owned 2,341 shares of the basic materials company’s stock after selling 310 shares during the quarter. Integrated Wealth Concepts LLC’s holdings in Eastman Chemical were worth $214,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Crews Bank & Trust purchased a new stake in Eastman Chemical in the fourth quarter valued at approximately $27,000. Picton Mahoney Asset Management boosted its holdings in shares of Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 124 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Eastman Chemical by 384.4% during the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock worth $34,000 after purchasing an additional 296 shares during the last quarter. Bradley & Co. Private Wealth Management LLC acquired a new position in Eastman Chemical during the fourth quarter valued at $35,000. Finally, Stonebridge Financial Group LLC purchased a new stake in Eastman Chemical in the fourth quarter valued at $37,000. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $76.15 on Tuesday. The firm has a 50-day simple moving average of $84.66 and a 200-day simple moving average of $93.49. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The stock has a market capitalization of $8.79 billion, a price-to-earnings ratio of 9.91, a price-to-earnings-growth ratio of 1.22 and a beta of 1.29. Eastman Chemical has a 52 week low of $70.90 and a 52 week high of $114.50.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.02. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The business’s revenue was down .9% on a year-over-year basis. During the same period last year, the company posted $1.61 EPS. On average, equities analysts predict that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 4.36%. The ex-dividend date is Friday, June 13th. Eastman Chemical’s payout ratio is currently 42.24%.

Wall Street Analysts Forecast Growth

EMN has been the subject of several analyst reports. JPMorgan Chase & Co. reissued a “neutral” rating and issued a $76.00 price objective (down previously from $112.00) on shares of Eastman Chemical in a report on Monday, April 28th. Wells Fargo & Company decreased their price target on Eastman Chemical from $125.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Royal Bank of Canada raised shares of Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 price objective on the stock in a research note on Wednesday, April 9th. StockNews.com cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Monday, April 28th. Finally, KeyCorp lowered their target price on shares of Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating on the stock in a research note on Monday, April 28th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Eastman Chemical presently has an average rating of “Moderate Buy” and a consensus price target of $99.15.

Eastman Chemical Company 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.