New York State Teachers Retirement System lessened its stake in Eastman Chemical (NYSE:EMN) by 2.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 258,418 shares of the basic materials company’s stock after selling 6,248 shares during the quarter. New York State Teachers Retirement System owned about 0.18% of Eastman Chemical worth $27,284,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. MetLife Investment Advisors LLC acquired a new position in shares of Eastman Chemical during the 4th quarter valued at $4,120,000. Ifrah Financial Services Inc. lifted its holdings in shares of Eastman Chemical by 19.8% during the 4th quarter. Ifrah Financial Services Inc. now owns 4,984 shares of the basic materials company’s stock valued at $462,000 after acquiring an additional 823 shares in the last quarter. American International Group Inc. lifted its holdings in shares of Eastman Chemical by 7.3% during the 4th quarter. American International Group Inc. now owns 67,324 shares of the basic materials company’s stock valued at $6,237,000 after acquiring an additional 4,569 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Eastman Chemical by 1,621.2% during the 4th quarter. Mackenzie Financial Corp now owns 146,300 shares of the basic materials company’s stock valued at $13,553,000 after acquiring an additional 137,800 shares in the last quarter. Finally, HAP Trading LLC lifted its holdings in shares of Eastman Chemical by 61.5% during the 4th quarter. HAP Trading LLC now owns 143,670 shares of the basic materials company’s stock valued at $13,310,000 after acquiring an additional 54,704 shares in the last quarter. Institutional investors own 85.91% of the company’s stock.
Several equities analysts recently weighed in on the stock. Zacks Investment Research upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $114.00 target price on the stock in a report on Wednesday, May 2nd. Royal Bank of Canada lifted their target price on shares of Eastman Chemical to $107.00 and gave the company a “sector perform” rating in a report on Monday, April 30th. They noted that the move was a valuation call. Citigroup lifted their target price on shares of Eastman Chemical from $103.00 to $108.00 and gave the company a “neutral” rating in a report on Monday, April 30th. KeyCorp lifted their target price on shares of Eastman Chemical from $118.00 to $122.00 and gave the company an “overweight” rating in a report on Monday, April 30th. Finally, ValuEngine lowered shares of Eastman Chemical from a “strong-buy” rating to a “buy” rating in a report on Monday, April 2nd. Eight research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. The company has an average rating of “Buy” and an average target price of $105.40.
In other news, insider Damon Cary Warmack sold 4,417 shares of the business’s stock in a transaction dated Wednesday, February 7th. The shares were sold at an average price of $98.60, for a total value of $435,516.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Stephen R. Demeritt sold 4,000 shares of the business’s stock in a transaction dated Wednesday, February 7th. The stock was sold at an average price of $99.84, for a total transaction of $399,360.00. Following the completion of the sale, the director now directly owns 17,732 shares of the company’s stock, valued at approximately $1,770,362.88. The disclosure for this sale can be found here. Insiders have sold a total of 142,935 shares of company stock worth $14,241,099 in the last ninety days. 1.18% of the stock is currently owned by insiders.
Eastman Chemical stock opened at $105.07 on Tuesday. Eastman Chemical has a 12-month low of $76.11 and a 12-month high of $112.45. The firm has a market cap of $14.98 billion, a P/E ratio of 13.07, a PEG ratio of 1.30 and a beta of 1.22. The company has a current ratio of 1.59, a quick ratio of 0.82 and a debt-to-equity ratio of 1.12.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, April 26th. The basic materials company reported $2.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.09 by $0.14. Eastman Chemical had a net margin of 15.08% and a return on equity of 22.63%. The firm had revenue of $2.61 billion for the quarter, compared to the consensus estimate of $2.47 billion. During the same quarter in the previous year, the firm posted $1.83 EPS. The firm’s quarterly revenue was up 13.2% on a year-over-year basis. equities analysts expect that Eastman Chemical will post 8.58 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 6th. Investors of record on Friday, June 15th will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a yield of 2.13%. The ex-dividend date of this dividend is Thursday, June 14th. Eastman Chemical’s dividend payout ratio (DPR) is 29.43%.
About Eastman Chemical
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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