Toronto Dominion Bank Decreases Position in Eastman Chemical Company (EMN)

Toronto Dominion Bank reduced its stake in Eastman Chemical Company (NYSE:EMN) by 41.7% during the first quarter, Holdings Channel reports. The institutional investor owned 190,039 shares of the basic materials company’s stock after selling 135,752 shares during the period. Toronto Dominion Bank’s holdings in Eastman Chemical Company were worth $15,353,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank bought a new stake in Eastman Chemical Company during the fourth quarter valued at $115,997,000. Two Sigma Investments LP increased its stake in Eastman Chemical Company by 19,045.8% in the fourth quarter. Two Sigma Investments LP now owns 947,290 shares of the basic materials company’s stock valued at $71,246,000 after buying an additional 952,290 shares during the last quarter. Credit Suisse AG increased its stake in Eastman Chemical Company by 195.4% in the third quarter. Credit Suisse AG now owns 1,432,761 shares of the basic materials company’s stock valued at $96,968,000 after buying an additional 947,720 shares during the last quarter. AQR Capital Management LLC increased its stake in Eastman Chemical Company by 76.5% in the fourth quarter. AQR Capital Management LLC now owns 1,950,141 shares of the basic materials company’s stock valued at $146,670,000 after buying an additional 845,159 shares during the last quarter. Finally, Letko Brosseau & Associates Inc. bought a new stake in Eastman Chemical Company during the fourth quarter valued at $42,644,000. 81.27% of the stock is owned by hedge funds and other institutional investors.

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

Shares of Eastman Chemical Company (NYSE:EMN) traded up 1.71% during mid-day trading on Friday, reaching $78.57. The company’s stock had a trading volume of 1,025,685 shares. Eastman Chemical Company has a one year low of $62.70 and a one year high of $82.39. The firm’s 50 day moving average is $79.45 and its 200 day moving average is $77.67. The firm has a market cap of $11.46 billion, a PE ratio of 13.21 and a beta of 1.36.

Eastman Chemical Company (NYSE:EMN) last issued its quarterly earnings results on Thursday, April 27th. The basic materials company reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $0.09. The business had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.24 billion. Eastman Chemical Company had a return on equity of 22.70% and a net margin of 9.61%. On average, equities analysts anticipate that Eastman Chemical Company will post $7.45 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 5th. Stockholders of record on Thursday, June 15th will be given a dividend of $0.51 per share. This represents a $2.04 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date is Tuesday, June 13th. Eastman Chemical Company’s payout ratio is presently 34.99%.

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Several analysts recently weighed in on EMN shares. Standpoint Research downgraded Eastman Chemical Company from a “buy” rating to a “hold” rating in a research note on Tuesday, January 24th. Barclays PLC upped their price target on Eastman Chemical Company from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, January 30th. Instinet upped their price target on Eastman Chemical Company from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Wednesday, February 1st. TheStreet downgraded Eastman Chemical Company from a “b” rating to a “c+” rating in a research note on Thursday, March 30th. Finally, Zacks Investment Research upgraded Eastman Chemical Company from a “hold” rating to a “buy” rating and set a $91.00 price target on the stock in a research note on Monday, April 3rd. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $82.09.

In other news, SVP Michael Hk Chung sold 10,968 shares of the company’s stock in a transaction on Wednesday, February 22nd. The stock was sold at an average price of $81.26, for a total transaction of $891,259.68. Following the transaction, the senior vice president now directly owns 34,067 shares of the company’s stock, valued at $2,768,284.42. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Stephen Glenn Crawford sold 3,800 shares of the company’s stock in a transaction on Thursday, March 2nd. The stock was sold at an average price of $80.73, for a total value of $306,774.00. Following the transaction, the senior vice president now directly owns 8,491 shares in the company, valued at $685,478.43. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,589 shares of company stock worth $2,216,979. Insiders own 1.10% of the company’s stock.

About Eastman Chemical Company

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.

5 Day Chart for NYSE:EMN

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