Sequoia Financial Advisors LLC Has $6.18 Million Holdings in Eastman Chemical (NYSE:EMN)

Sequoia Financial Advisors LLC cut its stake in shares of Eastman Chemical (NYSE:EMN) by 7.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 61,693 shares of the basic materials company’s stock after selling 4,703 shares during the period. Sequoia Financial Advisors LLC owned 0.05% of Eastman Chemical worth $6,183,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Burns J W & Co. Inc. NY acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at approximately $205,000. CHURCHILL MANAGEMENT Corp acquired a new stake in shares of Eastman Chemical in the first quarter valued at approximately $1,681,000. Massachusetts Financial Services Co. MA raised its position in shares of Eastman Chemical by 7.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,575,783 shares of the basic materials company’s stock valued at $231,357,000 after buying an additional 168,009 shares in the last quarter. Cetera Trust Company N.A bought a new stake in shares of Eastman Chemical in the fourth quarter worth $812,000. Finally, Vanguard Group Inc. lifted its holdings in Eastman Chemical by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock valued at $1,332,904,000 after buying an additional 61,580 shares during the period. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Eastman Chemical

In related news, SVP Adrian James Holt sold 3,662 shares of Eastman Chemical stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $101.26, for a total value of $370,814.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Eastman Chemical news, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the transaction, the chief executive officer now directly owns 395,699 shares of the company’s stock, valued at approximately $39,878,545.22. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Adrian James Holt sold 3,662 shares of Eastman Chemical stock in a transaction on Friday, May 10th. The stock was sold at an average price of $101.26, for a total transaction of $370,814.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,027 shares of company stock worth $10,885,638. Corporate insiders own 2.28% of the company’s stock.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock traded down $1.37 on Friday, reaching $94.50. 1,550,647 shares of the company traded hands, compared to its average volume of 873,835. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $105.98. The company has a 50 day moving average of $99.20 and a 200 day moving average of $93.48. The firm has a market capitalization of $11.12 billion, a PE ratio of 12.18, a PEG ratio of 1.05 and a beta of 1.46. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.39 and a quick ratio of 0.71.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.29 billion. During the same period in the prior year, the firm earned $1.63 EPS. The company’s revenue was down 4.2% compared to the same quarter last year. Equities analysts forecast that Eastman Chemical will post 7.69 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be paid a $0.81 dividend. The ex-dividend date is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a yield of 3.43%. Eastman Chemical’s dividend payout ratio is 41.75%.

Analysts Set New Price Targets

EMN has been the topic of several recent analyst reports. Barclays boosted their target price on shares of Eastman Chemical from $85.00 to $103.00 and gave the company an “equal weight” rating in a report on Monday, May 6th. Citigroup dropped their target price on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. Mizuho upped their price objective on shares of Eastman Chemical from $91.00 to $102.00 and gave the company a “neutral” rating in a report on Friday, April 26th. Wells Fargo & Company upped their target price on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a report on Thursday, April 11th. Finally, StockNews.com lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Thursday, June 20th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $107.31.

Eastman Chemical 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.