OMERS ADMINISTRATION Corp trimmed its stake in shares of Eastman Chemical (NYSE:EMN) by 12.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 51,900 shares of the basic materials company’s stock after selling 7,700 shares during the quarter. OMERS ADMINISTRATION Corp’s holdings in Eastman Chemical were worth $5,188,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. First Mercantile Trust Co. bought a new stake in shares of Eastman Chemical during the 2nd quarter valued at $113,000. Twin Tree Management LP raised its stake in shares of Eastman Chemical by 72.6% during the 1st quarter. Twin Tree Management LP now owns 1,310 shares of the basic materials company’s stock valued at $138,000 after purchasing an additional 551 shares during the period. Cornerstone Wealth Management LLC bought a new stake in shares of Eastman Chemical during the 2nd quarter valued at $177,000. Tiverton Asset Management LLC increased its stake in Eastman Chemical by 48.3% in the 1st quarter. Tiverton Asset Management LLC now owns 1,829 shares of the basic materials company’s stock worth $193,000 after acquiring an additional 596 shares during the last quarter. Finally, GW Henssler & Associates Ltd. bought a new position in Eastman Chemical in the 1st quarter worth about $200,000. Institutional investors own 83.91% of the company’s stock.

Shares of NYSE EMN opened at $98.99 on Friday. The stock has a market capitalization of $13.90 billion, a price-to-earnings ratio of 13.01, a price-to-earnings-growth ratio of 1.27 and a beta of 1.13. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.95 and a current ratio of 1.69. Eastman Chemical has a twelve month low of $84.15 and a twelve month high of $112.45.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 26th. The basic materials company reported $2.22 EPS for the quarter, beating the consensus estimate of $2.20 by $0.02. The firm had revenue of $2.62 billion for the quarter, compared to analyst estimates of $2.59 billion. Eastman Chemical had a return on equity of 21.79% and a net margin of 15.30%. The company’s revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the company earned $1.98 EPS. research analysts forecast that Eastman Chemical will post 8.57 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 5th. Stockholders of record on Friday, September 14th will be given a dividend of $0.56 per share. The ex-dividend date is Thursday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 2.26%. Eastman Chemical’s dividend payout ratio (DPR) is presently 29.43%.

EMN has been the topic of a number of research analyst reports. Morgan Stanley upped their target price on Eastman Chemical from $98.00 to $107.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 31st. KeyCorp upped their target price on Eastman Chemical from $118.00 to $122.00 and gave the stock an “overweight” rating in a research note on Monday, April 30th. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $114.00 target price on the stock in a research note on Wednesday, May 2nd. Royal Bank of Canada upped their target price on Eastman Chemical to $107.00 and gave the stock a “sector perform” rating in a research note on Monday, April 30th. They noted that the move was a valuation call. Finally, Citigroup upped their target price on Eastman Chemical from $103.00 to $108.00 and gave the stock a “neutral” rating in a research note on Monday, April 30th. Ten analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $105.31.

In other news, CAO Scott V. King sold 16,192 shares of the stock in a transaction dated Friday, August 3rd. The stock was sold at an average price of $101.35, for a total transaction of $1,641,059.20. Following the transaction, the chief accounting officer now directly owns 5,898 shares in the company, valued at approximately $597,762.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lucian Boldea sold 3,523 shares of the stock in a transaction dated Tuesday, July 31st. The shares were sold at an average price of $103.58, for a total value of $364,912.34. The disclosure for this sale can be found here. Insiders have sold a total of 39,715 shares of company stock worth $4,005,972 over the last quarter. Corporate insiders own 1.14% of the company’s stock.

About Eastman Chemical

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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