Quadrant Capital Group LLC Lowers Stock Position in Eastman Chemical (NYSE:EMN)

Quadrant Capital Group LLC reduced its position in Eastman Chemical (NYSE:EMN – Get Rating) by 13.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,921 shares of the basic materials company’s stock after selling 311 shares during the quarter. Quadrant Capital Group LLC’s holdings in Eastman Chemical were worth $215,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dorsey & Whitney Trust CO LLC raised its holdings in shares of Eastman Chemical by 4.6% in the 4th quarter. Dorsey & Whitney Trust CO LLC now owns 2,261 shares of the basic materials company’s stock worth $273,000 after purchasing an additional 100 shares during the period. Woodward Diversified Capital LLC increased its position in Eastman Chemical by 4.0% during the 1st quarter. Woodward Diversified Capital LLC now owns 2,762 shares of the basic materials company’s stock worth $310,000 after purchasing an additional 105 shares in the last quarter. Clarius Group LLC raised its holdings in Eastman Chemical by 2.6% in the fourth quarter. Clarius Group LLC now owns 4,382 shares of the basic materials company’s stock valued at $530,000 after buying an additional 109 shares during the period. Gilbert & Cook Inc. lifted its position in Eastman Chemical by 3.5% during the first quarter. Gilbert & Cook Inc. now owns 3,231 shares of the basic materials company’s stock valued at $362,000 after buying an additional 110 shares in the last quarter. Finally, Personal CFO Solutions LLC grew its stake in Eastman Chemical by 2.8% during the first quarter. Personal CFO Solutions LLC now owns 5,038 shares of the basic materials company’s stock worth $565,000 after buying an additional 136 shares during the period. Institutional investors and hedge funds own 87.40% of the company’s stock.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock opened at $95.13 on Friday. The firm has a market cap of $11.68 billion, a PE ratio of 10.33, a price-to-earnings-growth ratio of 1.29 and a beta of 1.43. Eastman Chemical has a 1 year low of $84.95 and a 1 year high of $129.48. The firm’s 50-day simple moving average is $95.05 and its 200-day simple moving average is $105.88. The company has a debt-to-equity ratio of 0.74, a quick ratio of 1.04 and a current ratio of 1.27.

Eastman Chemical (NYSE:EMN – Get Rating) last announced its quarterly earnings data on Thursday, July 28th. The basic materials company reported $2.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.69 by $0.14. Eastman Chemical had a return on equity of 20.67% and a net margin of 11.18%. The firm had revenue of $2.78 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the prior year, the firm posted $2.46 earnings per share. Eastman Chemical’s revenue for the quarter was up 4.9% compared to the same quarter last year. Equities analysts forecast that Eastman Chemical will post 9.7 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Thursday, September 15th will be paid a dividend of $0.76 per share. This represents a $3.04 annualized dividend and a yield of 3.20%. Eastman Chemical’s payout ratio is 33.01%.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on EMN. Credit Suisse Group started coverage on shares of Eastman Chemical in a report on Tuesday, May 31st. They set an “outperform” rating and a $130.00 target price on the stock. UBS Group lowered their target price on Eastman Chemical from $121.00 to $118.00 and set a “buy” rating for the company in a research note on Friday, July 29th. Wolfe Research reissued a “peer perform” rating and set a $114.00 price target (down from $130.00) on shares of Eastman Chemical in a research report on Tuesday, April 19th. Citigroup downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and set a $102.00 price objective for the company. in a research report on Monday, August 1st. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on shares of Eastman Chemical from $125.00 to $115.00 in a research report on Monday, August 1st. Nine equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $118.07.

About Eastman Chemical

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