Eastman Chemical (NYSE:EMN) Stake Reduced by Johnson Investment Counsel Inc.

Johnson Investment Counsel Inc. decreased its holdings in shares of Eastman Chemical (NYSE:EMN) by 29.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,186 shares of the basic materials company’s stock after selling 892 shares during the period. Johnson Investment Counsel Inc.’s holdings in Eastman Chemical were worth $214,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently made changes to their positions in the business. Lcnb Corp grew its position in Eastman Chemical by 1.7% in the first quarter. Lcnb Corp now owns 6,275 shares of the basic materials company’s stock worth $629,000 after acquiring an additional 103 shares in the last quarter. Kingswood Wealth Advisors LLC grew its position in Eastman Chemical by 2.8% in the second quarter. Kingswood Wealth Advisors LLC now owns 4,026 shares of the basic materials company’s stock worth $394,000 after acquiring an additional 111 shares in the last quarter. Quadrant Capital Group LLC grew its position in Eastman Chemical by 8.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,639 shares of the basic materials company’s stock worth $147,000 after acquiring an additional 128 shares in the last quarter. IFG Advisory LLC grew its position in Eastman Chemical by 0.9% in the second quarter. IFG Advisory LLC now owns 15,438 shares of the basic materials company’s stock worth $1,513,000 after acquiring an additional 137 shares in the last quarter. Finally, Empirical Finance LLC grew its position in Eastman Chemical by 3.3% in the first quarter. Empirical Finance LLC now owns 4,525 shares of the basic materials company’s stock worth $453,000 after acquiring an additional 145 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on EMN shares. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft upped their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Mizuho upped their price objective on shares of Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Citigroup decreased their price objective on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, June 27th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $100.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $108.07.

Eastman Chemical Stock Up 3.5 %

Shares of EMN stock opened at $103.10 on Monday. Eastman Chemical has a one year low of $68.89 and a one year high of $105.98. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. The stock has a fifty day moving average price of $98.48 and a 200 day moving average price of $97.86. The stock has a market cap of $12.05 billion, a P/E ratio of 13.29, a price-to-earnings-growth ratio of 0.75 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last issued its earnings results 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. The business had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The firm’s revenue was up 1.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.99 EPS. Analysts predict that Eastman Chemical will post 7.66 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be paid a $0.81 dividend. The ex-dividend date is Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 3.14%. Eastman Chemical’s dividend payout ratio is currently 41.75%.

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.