Tucker Asset Management LLC Cuts Stake in Eastman Chemical (NYSE:EMN)

Tucker Asset Management LLC lessened its holdings in Eastman Chemical (NYSE:EMN) by 16.5% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,355 shares of the basic materials company’s stock after selling 267 shares during the period. Tucker Asset Management LLC’s holdings in Eastman Chemical were worth $124,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of EMN. State Street Corp lifted its stake in Eastman Chemical by 1.4% in the third quarter. State Street Corp now owns 5,285,230 shares of the basic materials company’s stock worth $595,820,000 after acquiring an additional 70,692 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Eastman Chemical by 5.7% in the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock valued at $593,233,000 after purchasing an additional 282,458 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Eastman Chemical by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company’s stock worth $310,628,000 after purchasing an additional 13,381 shares during the last quarter. Raymond James Financial Inc. acquired a new position in shares of Eastman Chemical during the fourth quarter worth $150,537,000. Finally, Norges Bank purchased a new position in Eastman Chemical in the fourth quarter valued at $137,416,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have issued reports on EMN. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. JPMorgan Chase & Co. upped their price target on Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. Barclays lowered their target price on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Finally, Citigroup lowered Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $118.00 to $104.00 in a report on Wednesday, December 18th. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $114.08.

Eastman Chemical Trading Down 2.1 %

Shares of EMN stock opened at $87.09 on Friday. Eastman Chemical has a twelve month low of $86.50 and a twelve month high of $114.50. 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 business’s 50 day moving average is $95.66 and its two-hundred day moving average is $99.37. The company has a market capitalization of $10.03 billion, a P/E ratio of 11.34, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. Equities analysts forecast that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be given a $0.83 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.81%. Eastman Chemical’s payout ratio is currently 43.23%.

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.