OppenheimerFunds Inc. Has $231.88 Million Holdings in Eastman Chemical (EMN)

OppenheimerFunds Inc. trimmed its position in shares of Eastman Chemical (NYSE:EMN) by 0.6% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,503,072 shares of the basic materials company’s stock after selling 14,566 shares during the period. OppenheimerFunds Inc. owned approximately 1.75% of Eastman Chemical worth $231,884,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in EMN. Janus Henderson Group PLC boosted its stake in shares of Eastman Chemical by 38.6% in the 2nd quarter. Janus Henderson Group PLC now owns 25,832 shares of the basic materials company’s stock valued at $2,170,000 after purchasing an additional 7,199 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Eastman Chemical by 14.4% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 7,116 shares of the basic materials company’s stock valued at $598,000 after purchasing an additional 895 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Eastman Chemical in the 2nd quarter valued at approximately $302,000. Advisory Services Network LLC boosted its stake in shares of Eastman Chemical by 105.3% in the 2nd quarter. Advisory Services Network LLC now owns 2,203 shares of the basic materials company’s stock valued at $185,000 after purchasing an additional 1,130 shares in the last quarter. Finally, Shell Asset Management Co. boosted its stake in shares of Eastman Chemical by 255.0% in the 3rd quarter. Shell Asset Management Co. now owns 38,228 shares of the basic materials company’s stock valued at $3,092,000 after purchasing an additional 27,461 shares in the last quarter. Hedge funds and other institutional investors own 84.90% of the company’s stock.

Eastman Chemical (NYSE EMN) opened at $101.09 on Thursday. The stock has a market cap of $14,341.47, a P/E ratio of 13.16, a P/E/G ratio of 1.33 and a beta of 1.33. Eastman Chemical has a fifty-two week low of $76.02 and a fifty-two week high of $104.08. The company has a quick ratio of 0.94, a current ratio of 1.83 and a debt-to-equity ratio of 1.24.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, February 1st. The basic materials company reported $1.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.06 by $0.56. The business had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.24 billion. Eastman Chemical had a net margin of 15.44% and a return on equity of 22.67%. The firm’s quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter last year, the business earned $1.51 EPS. equities analysts expect that Eastman Chemical will post 8.47 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, April 6th. Investors of record on Thursday, March 15th will be issued a $0.56 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $2.24 dividend on an annualized basis and a yield of 2.22%. Eastman Chemical’s dividend payout ratio (DPR) is presently 22.13%.

In other Eastman Chemical news, insider Lucian Boldea sold 3,325 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $95.00, for a total transaction of $315,875.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Mark J. Costa sold 55,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $98.26, for a total transaction of $5,404,300.00. Following the transaction, the chief executive officer now owns 212,991 shares of the company’s stock, valued at approximately $20,928,495.66. The disclosure for this sale can be found here. In the last quarter, insiders sold 66,742 shares of company stock valued at $6,555,051. 1.14% of the stock is owned by company insiders.

A number of research firms have recently weighed in on EMN. Wells Fargo & Co restated an “outperform” rating and issued a $115.00 price target (up from $108.00) on shares of Eastman Chemical in a research note on Tuesday. Cowen restated an “outperform” rating and issued a $115.00 price target (up from $106.00) on shares of Eastman Chemical in a research note on Wednesday, February 7th. Zacks Investment Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Tuesday, February 6th. SunTrust Banks raised their price target on shares of Eastman Chemical to $105.00 and gave the company a “hold” rating in a research note on Monday, February 5th. They noted that the move was a valuation call. Finally, Barclays raised their price target on shares of Eastman Chemical from $100.00 to $108.00 and gave the company an “equal weight” rating in a research note on Monday, February 5th. Nine analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $102.60.

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Eastman Chemical Company Profile

Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.

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

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