Illinois Municipal Retirement Fund lessened its holdings in shares of Eastman Chemical (NYSE:EMN) by 34.9% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,387 shares of the basic materials company’s stock after selling 17,882 shares during the quarter. Illinois Municipal Retirement Fund’s holdings in Eastman Chemical were worth $3,677,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds have also modified their holdings of EMN. Kingsview Wealth Management LLC acquired a new stake in shares of Eastman Chemical during the third quarter worth about $496,000. Mercer Global Advisors Inc. ADV increased its stake in Eastman Chemical by 14.5% in the third quarter. Mercer Global Advisors Inc. ADV now owns 33,046 shares of the basic materials company’s stock valued at $2,582,000 after purchasing an additional 4,181 shares during the last quarter. Wetherby Asset Management Inc. purchased a new position in shares of Eastman Chemical during the third quarter worth approximately $210,000. First National Bank of Mount Dora Trust Investment Services lifted its holdings in shares of Eastman Chemical by 2.1% during the fourth quarter. First National Bank of Mount Dora Trust Investment Services now owns 47,305 shares of the basic materials company’s stock worth $4,744,000 after purchasing an additional 974 shares during the period. Finally, First American Bank acquired a new stake in Eastman Chemical in the fourth quarter valued at $918,000. 84.43% of the stock is currently owned by institutional investors and hedge funds.
A number of equities analysts have issued reports on EMN shares. Wells Fargo & Company upped their target price on Eastman Chemical from $114.00 to $120.00 and gave the company an “overweight” rating in a research report on Tuesday, February 2nd. Zacks Investment Research cut Eastman Chemical from a “buy” rating to a “hold” rating and set a $105.00 target price for the company. in a research note on Thursday, January 28th. Deutsche Bank Aktiengesellschaft lifted their price objective on Eastman Chemical from $115.00 to $126.00 and gave the stock a “buy” rating in a research note on Monday, March 22nd. Tudor Pickering cut Eastman Chemical from a “buy” rating to a “hold” rating and set a $117.00 price objective for the company. in a research note on Monday. Finally, KeyCorp lifted their target price on Eastman Chemical from $126.00 to $135.00 and gave the stock an “overweight” rating in a report on Monday. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $95.50.
Eastman Chemical stock opened at $118.35 on Tuesday. Eastman Chemical has a one year low of $57.30 and a one year high of $119.30. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.23 and a current ratio of 1.98. The business has a fifty day moving average of $112.77 and a two-hundred day moving average of $103.95. The company has a market cap of $16.16 billion, a P/E ratio of 34.21, a price-to-earnings-growth ratio of 3.97 and a beta of 1.53.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, April 29th. The basic materials company reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.03 by $0.10. Eastman Chemical had a return on equity of 13.12% and a net margin of 5.56%. Sell-side analysts predict that Eastman Chemical will post 5.93 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, April 5th. Stockholders of record on Monday, March 15th were paid a $0.69 dividend. The ex-dividend date was Friday, March 12th. This represents a $2.76 annualized dividend and a dividend yield of 2.33%. Eastman Chemical’s payout ratio is 38.71%.
Eastman Chemical Profile
Eastman Chemical Company operates as a specialty materials company worldwide. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.
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