Olstein Capital Management L.P. Acquires 4,221 Shares of Eastman Chemical (NYSE:EMN)

Olstein Capital Management L.P. raised its holdings in shares of Eastman Chemical (NYSE:EMN) by 6.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 71,000 shares of the basic materials company’s stock after purchasing an additional 4,221 shares during the period. Olstein Capital Management L.P. owned 0.06% of Eastman Chemical worth $6,256,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Picton Mahoney Asset Management raised its stake in Eastman Chemical by 62.3% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock valued at $29,000 after buying an additional 124 shares during the last quarter. Assetmark Inc. grew its position in Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 296 shares during the last quarter. Bradley & Co. Private Wealth Management LLC bought a new position in shares of Eastman Chemical in the fourth quarter worth approximately $35,000. Stonebridge Financial Group LLC purchased a new stake in shares of Eastman Chemical during the fourth quarter valued at approximately $37,000. Finally, Headlands Technologies LLC bought a new stake in shares of Eastman Chemical during the fourth quarter valued at approximately $43,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research firms recently issued reports on EMN. Mizuho raised Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a research report on Thursday, April 3rd. UBS Group lowered their price target on Eastman Chemical from $111.00 to $107.00 and set a “buy” rating on the stock in a report on Wednesday, May 28th. KeyCorp dropped their price objective on Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating on the stock in a research report on Monday, April 28th. Wells Fargo & Company reduced their price objective on Eastman Chemical from $125.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Finally, Wall Street Zen downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday, April 28th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $98.54.

Eastman Chemical Price Performance

NYSE EMN opened at $78.88 on Monday. The company’s 50 day moving average is $78.86 and its two-hundred day moving average is $89.60. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The stock has a market cap of $9.11 billion, a price-to-earnings ratio of 10.27, a PEG ratio of 1.22 and a beta of 1.25. Eastman Chemical has a 12 month low of $70.90 and a 12 month high of $114.50.

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

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be given a $0.83 dividend. The ex-dividend date is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.21%. Eastman Chemical’s dividend payout ratio is currently 42.24%.

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.