Eastman Chemical (NYSE:EMN) Holdings Decreased by Lazard Asset Management LLC

Lazard Asset Management LLC lowered its position in Eastman Chemical (NYSE:EMN) by 5.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 154,579 shares of the basic materials company’s stock after selling 8,798 shares during the quarter. Lazard Asset Management LLC’s holdings in Eastman Chemical were worth $14,115,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. James J. Burns & Company LLC purchased a new position in Eastman Chemical in the fourth quarter valued at about $741,000. Goelzer Investment Management Inc. purchased a new position in Eastman Chemical in the fourth quarter valued at about $3,319,000. Dakota Wealth Management grew its stake in Eastman Chemical by 14.6% in the fourth quarter. Dakota Wealth Management now owns 44,675 shares of the basic materials company’s stock valued at $4,081,000 after purchasing an additional 5,700 shares in the last quarter. Olstein Capital Management L.P. grew its stake in Eastman Chemical by 16.1% in the fourth quarter. Olstein Capital Management L.P. now owns 66,779 shares of the basic materials company’s stock valued at $6,098,000 after purchasing an additional 9,279 shares in the last quarter. Finally, Barclays PLC grew its stake in Eastman Chemical by 3.5% in the third quarter. Barclays PLC now owns 315,044 shares of the basic materials company’s stock valued at $35,268,000 after purchasing an additional 10,695 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Price Performance

NYSE EMN opened at $82.39 on Wednesday. Eastman Chemical has a twelve month low of $70.90 and a twelve month high of $114.50. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. The stock has a market capitalization of $9.51 billion, a PE ratio of 10.73, a P/E/G ratio of 1.22 and a beta of 1.29. The stock has a 50-day simple moving average of $82.55 and a 200 day simple moving average of $92.41.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The firm’s revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.61 EPS. Research analysts anticipate that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be issued a $0.83 dividend. The ex-dividend date is Friday, June 13th. This represents a $3.32 annualized dividend and a yield of 4.03%. Eastman Chemical’s dividend payout ratio (DPR) is 42.24%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on EMN. Barclays decreased their price target on Eastman Chemical from $108.00 to $85.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 29th. The Goldman Sachs Group decreased their price target on Eastman Chemical from $112.00 to $87.00 and set a “neutral” rating for the company in a research note on Monday, April 28th. JPMorgan Chase & Co. reiterated a “neutral” rating and set a $76.00 price target (down previously from $112.00) on shares of Eastman Chemical in a research note on Monday, April 28th. Mizuho upgraded Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a research note on Thursday, April 3rd. Finally, KeyCorp decreased their price target on Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating for the company in a research note on Monday, April 28th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $99.15.

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.