Eastman Chemical Company (NYSE:EMN) Shares Sold by Cobblestone Capital Advisors LLC NY

Cobblestone Capital Advisors LLC NY cut its stake in shares of Eastman Chemical Company (NYSE:EMN) by 8.3% during the 1st quarter, HoldingsChannel.com reports. The fund owned 2,329 shares of the basic materials company’s stock after selling 210 shares during the period. Cobblestone Capital Advisors LLC NY’s holdings in Eastman Chemical were worth $205,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of EMN. Brighton Jones LLC acquired a new position in Eastman Chemical during the 4th quarter worth approximately $202,000. Wellington Management Group LLP acquired a new position in Eastman Chemical during the 4th quarter worth approximately $1,543,000. Russell Investments Group Ltd. increased its holdings in Eastman Chemical by 9.4% during the 4th quarter. Russell Investments Group Ltd. now owns 39,637 shares of the basic materials company’s stock worth $3,619,000 after purchasing an additional 3,392 shares during the last quarter. Federated Hermes Inc. increased its holdings in Eastman Chemical by 423.6% during the 4th quarter. Federated Hermes Inc. now owns 1,754 shares of the basic materials company’s stock worth $160,000 after purchasing an additional 1,419 shares during the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Eastman Chemical by 127.3% during the 4th quarter. Renaissance Technologies LLC now owns 173,040 shares of the basic materials company’s stock worth $15,802,000 after purchasing an additional 96,900 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Wall Street Zen downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a report on Monday, April 28th. The Goldman Sachs Group dropped their price objective on Eastman Chemical from $87.00 to $65.00 and set a “neutral” rating on the stock in a report on Thursday. Citigroup dropped their price objective on Eastman Chemical from $90.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, August 4th. Barclays dropped their price objective on Eastman Chemical from $108.00 to $85.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 29th. Finally, Royal Bank Of Canada dropped their price objective on Eastman Chemical from $91.00 to $74.00 and set an “outperform” rating on the stock in a report on Tuesday, August 5th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $87.00.

Eastman Chemical Stock Up 0.6%

EMN stock opened at $61.62 on Monday. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.68 and a quick ratio of 0.78. Eastman Chemical Company has a 1-year low of $56.78 and a 1-year high of $114.50. The firm has a fifty day moving average price of $75.75 and a two-hundred day moving average price of $83.36. The firm has a market cap of $7.08 billion, a price-to-earnings ratio of 8.65, a PEG ratio of 5.75 and a beta of 1.21.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $1.60 EPS for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.12). The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.32 billion. Eastman Chemical had a return on equity of 15.24% and a net margin of 8.96%. Eastman Chemical’s quarterly revenue was down 3.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.15 earnings per share. Research analysts predict that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 7th. Investors of record on Monday, September 15th will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 5.4%. The ex-dividend date is Monday, September 15th. Eastman Chemical’s dividend payout ratio is presently 46.63%.

About Eastman Chemical

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.