Alaska Permanent Fund Corp Has $2.17 Million Holdings in Eastman Chemical (NYSE:EMN)

Alaska Permanent Fund Corp lessened its holdings in shares of Eastman Chemical (NYSE:EMN) by 16.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,166 shares of the basic materials company’s stock after selling 4,834 shares during the period. Alaska Permanent Fund Corp’s holdings in Eastman Chemical were worth $2,171,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in EMN. CWM LLC grew its position in shares of Eastman Chemical by 8.8% during the 3rd quarter. CWM LLC now owns 3,753 shares of the basic materials company’s stock worth $288,000 after purchasing an additional 304 shares in the last quarter. Czech National Bank grew its position in shares of Eastman Chemical by 46.9% during the 3rd quarter. Czech National Bank now owns 20,721 shares of the basic materials company’s stock worth $1,590,000 after purchasing an additional 6,616 shares in the last quarter. Stewart & Patten Co. LLC grew its position in shares of Eastman Chemical by 3.7% during the 3rd quarter. Stewart & Patten Co. LLC now owns 169,726 shares of the basic materials company’s stock worth $13,021,000 after purchasing an additional 6,065 shares in the last quarter. Trust Co. of Toledo NA OH acquired a new position in shares of Eastman Chemical during the 3rd quarter worth approximately $221,000. Finally, Valeo Financial Advisors LLC grew its position in shares of Eastman Chemical by 15.9% during the 3rd quarter. Valeo Financial Advisors LLC now owns 4,235 shares of the basic materials company’s stock worth $325,000 after purchasing an additional 580 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Price Performance

EMN stock opened at $96.12 on Friday. The company has a fifty day moving average price of $93.56 and a 200-day moving average price of $86.16. The company has a market capitalization of $11.30 billion, a P/E ratio of 12.83, a PEG ratio of 1.07 and a beta of 1.54. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $102.71. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.20. The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.29 billion. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.15%. The company’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter last year, the firm earned $1.63 earnings per share. As a group, equities analysts expect that Eastman Chemical will post 7.71 EPS for the current year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were given a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 3.37%. The ex-dividend date of this dividend was Thursday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 43.26%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on EMN shares. Stifel Nicolaus cut their price target on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating for the company in a report on Monday, February 5th. KeyCorp upped their price target on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Wells Fargo & Company upped their price target 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. Redburn Atlantic started coverage on shares of Eastman Chemical in a report on Thursday, February 15th. They set a “buy” rating and a $110.00 price target for the company. Finally, Citigroup upped their price target on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $97.81.

Insider Transactions at Eastman Chemical

In other news, SVP Adrian James Holt sold 4,735 shares of the stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total transaction of $415,496.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.93% of the stock is currently owned by corporate insiders.

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.