Park Place Capital Corp Sells 378 Shares of Eastman Chemical (NYSE:EMN)

Park Place Capital Corp decreased its holdings in shares of Eastman Chemical (NYSE:EMN) by 49.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 389 shares of the basic materials company’s stock after selling 378 shares during the quarter. Park Place Capital Corp’s holdings in Eastman Chemical were worth $39,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Burns J W & Co. Inc. NY purchased a new stake in Eastman Chemical in the fourth quarter worth $205,000. CHURCHILL MANAGEMENT Corp bought a new stake in Eastman Chemical during the 1st quarter valued at about $1,681,000. Massachusetts Financial Services Co. MA boosted its position in Eastman Chemical by 7.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,575,783 shares of the basic materials company’s stock valued at $231,357,000 after buying an additional 168,009 shares during the period. Cetera Trust Company N.A bought a new position in Eastman Chemical in the 4th quarter worth about $812,000. Finally, Vanguard Group Inc. increased its position in shares of Eastman Chemical by 0.4% during the fourth quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock worth $1,332,904,000 after acquiring an additional 61,580 shares during the period. 83.65% of the stock is owned by institutional investors.

Insider Buying and Selling at Eastman Chemical

In other news, SVP Adrian James Holt sold 1,975 shares of the 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Eastman Chemical news, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the transaction, the chief executive officer now directly owns 395,699 shares in the company, valued at $39,878,545.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Adrian James Holt sold 1,975 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total value of $195,959.50. The disclosure for this sale can be found here. Insiders have sold 108,027 shares of company stock worth $10,885,638 over the last quarter. 2.28% of the stock is currently owned by company insiders.

Eastman Chemical Stock Down 2.9 %

Shares of NYSE:EMN opened at $95.15 on Tuesday. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $105.98. The company has a quick ratio of 0.71, a current ratio of 1.39 and a debt-to-equity ratio of 0.77. The business has a fifty day moving average of $99.27 and a two-hundred day moving average of $93.35. The stock has a market cap of $11.19 billion, a P/E ratio of 12.26, a PEG ratio of 1.07 and a beta of 1.46.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (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 revenue was down 4.2% compared to the same quarter last year. During the same period last year, the business earned $1.63 earnings per share. On average, research analysts expect that Eastman Chemical will post 7.69 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be given a $0.81 dividend. The ex-dividend date of this dividend is Monday, June 17th. This represents a $3.24 annualized dividend and a yield of 3.41%. Eastman Chemical’s payout ratio is 41.75%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. Bank of America dropped their price objective on Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a research note on Monday, April 29th. Barclays raised their target price on shares of Eastman Chemical from $85.00 to $103.00 and gave the company an “equal weight” rating in a research report on Monday, May 6th. Jefferies Financial Group raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and upped their price target for the stock from $102.00 to $125.00 in a research report on Monday, April 29th. UBS Group raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $106.00 to $128.00 in a research note on Thursday, May 23rd. Finally, KeyCorp lifted their price target on Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Seven research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $107.31.

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.