Oppenheimer & Co. Inc. Sells 205 Shares of Eastman Chemical (NYSE:EMN)

Oppenheimer & Co. Inc. decreased its position in shares of Eastman Chemical (NYSE:EMN) by 0.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,924 shares of the basic materials company’s stock after selling 205 shares during the period. Oppenheimer & Co. Inc.’s holdings in Eastman Chemical were worth $2,344,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Eastman Chemical by 0.4% in the 4th quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock worth $1,332,904,000 after purchasing an additional 61,580 shares during the last quarter. Capital Research Global Investors grew its position in Eastman Chemical by 649.8% during the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock worth $452,139,000 after buying an additional 3,909,740 shares in the last quarter. Putnam Investments LLC increased its stake in Eastman Chemical by 4.0% during the fourth quarter. Putnam Investments LLC now owns 4,355,408 shares of the basic materials company’s stock valued at $391,203,000 after acquiring an additional 168,038 shares during the period. Earnest Partners LLC raised its holdings in Eastman Chemical by 11.0% in the 1st quarter. Earnest Partners LLC now owns 2,199,943 shares of the basic materials company’s stock valued at $220,478,000 after acquiring an additional 217,720 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of Eastman Chemical in the 4th quarter worth approximately $121,847,000. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Stock Up 2.2 %

EMN stock opened at $105.37 on Tuesday. The firm has a 50-day moving average price of $98.48 and a 200-day moving average price of $97.86. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $105.98. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $12.40 billion, a P/E ratio of 13.58, a price-to-earnings-growth ratio of 0.75 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.14. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter last year, the business posted $1.99 EPS. Eastman Chemical’s revenue for the quarter was up 1.7% on a year-over-year basis. As a group, equities research analysts anticipate that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 16th will be given a $0.81 dividend. The ex-dividend date is Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.07%. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Analyst Upgrades and Downgrades

EMN has been the topic of a number of recent research reports. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. UBS Group raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and upped their target price for the company from $106.00 to $128.00 in a research note on Thursday, May 23rd. Royal Bank of Canada restated a “sector perform” rating and set a $100.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upped their price objective on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Finally, Mizuho raised their target price on Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $108.07.

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.