Eastman Chemical Company $EMN Shares Sold by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lowered its position in shares of Eastman Chemical Company (NYSE:EMN) by 1.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,275 shares of the basic materials company’s stock after selling 364 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Eastman Chemical were worth $1,439,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Holderness Investments Co. increased its position in Eastman Chemical by 1.2% during the first quarter. Holderness Investments Co. now owns 10,466 shares of the basic materials company’s stock worth $922,000 after buying an additional 125 shares during the period. CX Institutional boosted its holdings in shares of Eastman Chemical by 10.6% in the second quarter. CX Institutional now owns 1,339 shares of the basic materials company’s stock valued at $100,000 after acquiring an additional 128 shares during the period. Wesbanco Bank Inc. grew its position in shares of Eastman Chemical by 3.3% during the second quarter. Wesbanco Bank Inc. now owns 4,109 shares of the basic materials company’s stock worth $307,000 after acquiring an additional 130 shares during the last quarter. Y.D. More Investments Ltd increased its holdings in shares of Eastman Chemical by 15.0% in the 1st quarter. Y.D. More Investments Ltd now owns 1,044 shares of the basic materials company’s stock valued at $92,000 after acquiring an additional 136 shares during the period. Finally, Beverly Hills Private Wealth LLC raised its position in Eastman Chemical by 4.5% in the 1st quarter. Beverly Hills Private Wealth LLC now owns 3,304 shares of the basic materials company’s stock valued at $291,000 after purchasing an additional 143 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Price Performance

Shares of EMN opened at $59.60 on Friday. The company has a current ratio of 1.68, a quick ratio of 0.78 and a debt-to-equity ratio of 0.81. The stock’s 50 day moving average is $64.50 and its two-hundred day moving average is $71.99. Eastman Chemical Company has a twelve month low of $56.78 and a twelve month high of $107.50. The firm has a market capitalization of $6.84 billion, a PE ratio of 8.37, a P/E/G ratio of 6.16 and a beta of 1.29.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 31st. The basic materials company reported $1.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.72 by ($0.12). Eastman Chemical had a return on equity of 15.24% and a net margin of 8.96%.The business had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same period last year, the company posted $2.15 earnings per share. The business’s quarterly revenue was down 3.2% on a year-over-year basis. Research analysts anticipate that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Monday, September 15th were issued a $0.83 dividend. The ex-dividend date of this dividend was Monday, September 15th. This represents a $3.32 dividend on an annualized basis and a yield of 5.6%. Eastman Chemical’s dividend payout ratio (DPR) is 46.63%.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Weiss Ratings raised shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Friday, October 24th. Wells Fargo & Company raised their price target on Eastman Chemical from $70.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, September 16th. The Goldman Sachs Group dropped their price target on Eastman Chemical from $87.00 to $65.00 and set a “neutral” rating on the stock in a research report on Thursday, August 7th. Citigroup increased their price objective on Eastman Chemical from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, October 2nd. Finally, Royal Bank Of Canada set a $71.00 target price on Eastman Chemical in a report on Tuesday, October 14th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, Eastman Chemical presently has an average rating of “Moderate Buy” and an average target price of $82.62.

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.