Canandaigua National Bank & Trust Co. Sells 332 Shares of Eastman Chemical (NYSE:EMN)

Canandaigua National Bank & Trust Co. trimmed its holdings in shares of Eastman Chemical (NYSE:EMN) by 2.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,489 shares of the basic materials company’s stock after selling 332 shares during the period. Canandaigua National Bank & Trust Co.’s holdings in Eastman Chemical were worth $1,846,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Cultivar Capital Inc. bought a new stake in shares of Eastman Chemical during the 2nd quarter worth $29,000. Northwest Investment Counselors LLC bought a new stake in shares of Eastman Chemical during the 1st quarter worth $34,000. EntryPoint Capital LLC bought a new stake in shares of Eastman Chemical during the 1st quarter worth $38,000. Rothschild Investment LLC bought a new stake in Eastman Chemical in the 2nd quarter valued at about $38,000. Finally, Friedenthal Financial bought a new stake in Eastman Chemical in the 2nd quarter valued at about $49,000. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Price Performance

EMN traded up $1.07 during midday trading on Friday, hitting $109.00. The stock had a trading volume of 764,000 shares, compared to its average volume of 956,453. The company has a market cap of $12.82 billion, a P/E ratio of 14.05, a price-to-earnings-growth ratio of 0.82 and a beta of 1.44. The business has a fifty day moving average of $101.87 and a 200 day moving average of $99.75. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $114.50.

Eastman Chemical (NYSE:EMN) last announced 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. The firm had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The business’s revenue was up 1.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.99 earnings per share. As a group, equities analysts forecast that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 16th will be issued a dividend of $0.81 per share. The ex-dividend date is Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 2.97%. Eastman Chemical’s dividend payout ratio is presently 41.75%.

Analyst Upgrades and Downgrades

EMN has been the topic of a number of research reports. Deutsche Bank Aktiengesellschaft boosted 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. Barclays lifted their target price on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Mizuho lifted their target price on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a report on Friday, July 26th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and set a $100.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $108.07.

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.