First Hawaiian Bank Decreases Stock Position in Eastman Chemical (NYSE:EMN)

First Hawaiian Bank decreased its position in Eastman Chemical (NYSE:EMN) by 9.3% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,931 shares of the basic materials company’s stock after selling 404 shares during the quarter. First Hawaiian Bank’s holdings in Eastman Chemical were worth $394,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the company. Turtle Creek Wealth Advisors LLC acquired a new stake in Eastman Chemical during the 4th quarter valued at $26,000. Sound Income Strategies LLC increased its position in shares of Eastman Chemical by 213.8% during the fourth quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 278 shares during the last quarter. Bruce G. Allen Investments LLC acquired a new position in shares of Eastman Chemical in the fourth quarter worth about $38,000. Orion Capital Management LLC purchased a new position in Eastman Chemical in the third quarter valued at about $40,000. Finally, Advantage Trust Co acquired a new stake in Eastman Chemical during the 4th quarter valued at approximately $40,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Performance

Shares of EMN opened at $98.61 on Friday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $105.98. The firm has a fifty day moving average of $99.11 and a 200-day moving average of $92.79. The company has a market cap of $11.60 billion, a price-to-earnings ratio of 12.71, a price-to-earnings-growth ratio of 1.06 and a beta of 1.51.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, topping the consensus estimate of $1.41 by $0.20. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. Eastman Chemical’s quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.63 EPS. As a group, equities analysts anticipate that Eastman Chemical will post 7.75 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be paid a $0.81 dividend. The ex-dividend date is Monday, June 17th. This represents a $3.24 annualized dividend and a dividend yield of 3.29%. Eastman Chemical’s payout ratio is 41.75%.

Insider Activity

In related news, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the sale, the chief executive officer now owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, SVP Adrian James Holt sold 1,975 shares of Eastman Chemical stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total transaction of $195,959.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the sale, the chief executive officer now owns 395,699 shares of the company’s stock, valued at approximately $39,878,545.22. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 108,027 shares of company stock valued at $10,885,638. Company insiders own 1.93% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on EMN. StockNews.com lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Thursday. Mizuho increased their price objective on shares of Eastman Chemical from $91.00 to $102.00 and gave the company a “neutral” rating in a research note on Friday, April 26th. Royal Bank of Canada boosted their target price on shares of Eastman Chemical from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research report on Tuesday, April 30th. Wells Fargo & Company increased their price target on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 11th. Finally, Jefferies Financial Group raised Eastman Chemical from a “hold” rating to a “buy” rating and boosted their price objective for the company from $102.00 to $125.00 in a report on Monday, April 29th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Eastman Chemical presently has an average rating of “Moderate Buy” and an average target price of $107.50.

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.