CenturyLink Investment Management Co Decreases Holdings in Eastman Chemical (NYSE:EMN)

CenturyLink Investment Management Co lowered its position in Eastman Chemical (NYSE:EMN) by 14.5% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 10,730 shares of the basic materials company’s stock after selling 1,819 shares during the quarter. CenturyLink Investment Management Co’s holdings in Eastman Chemical were worth $792,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Invesco Ltd. boosted its stake in Eastman Chemical by 166.8% in the 2nd quarter. Invesco Ltd. now owns 3,284,054 shares of the basic materials company’s stock worth $255,599,000 after purchasing an additional 2,053,378 shares during the period. Victory Capital Management Inc. boosted its stake in Eastman Chemical by 25.7% in the 2nd quarter. Victory Capital Management Inc. now owns 4,477,400 shares of the basic materials company’s stock worth $348,476,000 after purchasing an additional 916,232 shares during the period. JPMorgan Chase & Co. boosted its stake in Eastman Chemical by 6.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,357,122 shares of the basic materials company’s stock worth $566,794,000 after purchasing an additional 460,512 shares during the period. Nuveen Asset Management LLC boosted its stake in Eastman Chemical by 2,295.3% in the 2nd quarter. Nuveen Asset Management LLC now owns 334,386 shares of the basic materials company’s stock worth $26,026,000 after purchasing an additional 320,426 shares during the period. Finally, Clark Capital Management Group Inc. bought a new position in Eastman Chemical in the 2nd quarter worth about $20,847,000. 81.09% of the stock is owned by institutional investors.

Shares of EMN opened at $73.05 on Thursday. The company has a market cap of $9.90 billion, a PE ratio of 8.91, a price-to-earnings-growth ratio of 1.08 and a beta of 1.39. The company has a current ratio of 1.58, a quick ratio of 0.80 and a debt-to-equity ratio of 0.95. The stock has a 50-day moving average price of $70.63 and a 200-day moving average price of $73.65. Eastman Chemical has a 12-month low of $61.22 and a 12-month high of $86.18.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $2.09 by ($0.10). The business had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.55 billion. Eastman Chemical had a net margin of 9.45% and a return on equity of 17.76%. The business’s revenue was down 9.8% compared to the same quarter last year. During the same quarter last year, the business posted $2.22 EPS. As a group, analysts predict that Eastman Chemical will post 7.62 earnings per share for the current year.

The business also recently declared a quarterly dividend, which was paid on Friday, October 4th. Shareholders of record on Monday, September 16th were paid a $0.62 dividend. The ex-dividend date was Friday, September 13th. This represents a $2.48 dividend on an annualized basis and a yield of 3.39%. Eastman Chemical’s dividend payout ratio (DPR) is currently 30.24%.

EMN has been the subject of several analyst reports. Tudor Pickering upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $79.00 target price for the company in a research note on Thursday, August 15th. Cowen restated a “market perform” rating and issued a $77.00 target price (down previously from $83.00) on shares of Eastman Chemical in a research note on Monday, August 5th. Wells Fargo & Co initiated coverage on Eastman Chemical in a research note on Tuesday. They issued an “outperform” rating and a $85.00 target price for the company. Zacks Investment Research downgraded Eastman Chemical from a “hold” rating to a “sell” rating and set a $78.00 target price for the company. in a research note on Tuesday, October 1st. Finally, UBS Group cut their target price on Eastman Chemical from $96.00 to $95.00 and set a “buy” rating for the company in a research note on Wednesday, October 2nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $84.33.

About Eastman Chemical

Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic 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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