Oppenheimer & Co. Inc. Sells 590 Shares of Eastman Chemical (NYSE:EMN)

Oppenheimer & Co. Inc. lowered its holdings in Eastman Chemical (NYSE:EMN) by 2.5% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 23,334 shares of the basic materials company’s stock after selling 590 shares during the period. Oppenheimer & Co. Inc.’s holdings in Eastman Chemical were worth $2,131,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of the business. New York State Teachers Retirement System lifted its position in shares of Eastman Chemical by 0.9% during the third quarter. New York State Teachers Retirement System now owns 136,373 shares of the basic materials company’s stock worth $15,267,000 after acquiring an additional 1,254 shares in the last quarter. Pinnacle Associates Ltd. lifted its holdings in Eastman Chemical by 10.5% during the 3rd quarter. Pinnacle Associates Ltd. now owns 7,043 shares of the basic materials company’s stock worth $788,000 after purchasing an additional 671 shares in the last quarter. US Bancorp DE lifted its holdings in Eastman Chemical by 1.8% during the 3rd quarter. US Bancorp DE now owns 51,248 shares of the basic materials company’s stock worth $5,737,000 after purchasing an additional 895 shares in the last quarter. Farther Finance Advisors LLC boosted its stake in Eastman Chemical by 20.4% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,677 shares of the basic materials company’s stock worth $188,000 after purchasing an additional 284 shares during the period. Finally, Chicago Partners Investment Group LLC grew its holdings in Eastman Chemical by 9.9% during the 3rd quarter. Chicago Partners Investment Group LLC now owns 2,399 shares of the basic materials company’s stock valued at $257,000 after buying an additional 216 shares in the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Stock Up 0.9 %

Shares of NYSE EMN opened at $97.81 on Monday. The stock has a market capitalization of $11.26 billion, a P/E ratio of 12.74, a PEG ratio of 1.22 and a beta of 1.44. Eastman Chemical has a one year low of $86.59 and a one year high of $114.50. The firm’s 50 day simple moving average is $94.92 and its two-hundred day simple moving average is $100.38. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. As a group, analysts expect that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 43.23%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on EMN shares. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and cut their price objective for the company from $115.00 to $109.00 in a research report on Tuesday, January 14th. Piper Sandler raised their price target on shares of Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. upped their price target on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Saturday, January 18th. Finally, Barclays reduced their target price on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Eastman Chemical has a consensus rating of “Moderate Buy” and an average target price of $114.08.

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.