Alliancebernstein L.P. Has $14.60 Million Stock Holdings in Eastman Chemical (NYSE:EMN)

Alliancebernstein L.P. lifted its position in Eastman Chemical (NYSE:EMN - Free Report) by 2.8% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 159,846 shares of the basic materials company's stock after acquiring an additional 4,350 shares during the quarter. Alliancebernstein L.P. owned 0.14% of Eastman Chemical worth $14,597,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in EMN. HighTower Advisors LLC grew its holdings in shares of Eastman Chemical by 7.1% during the third quarter. HighTower Advisors LLC now owns 33,085 shares of the basic materials company's stock valued at $3,696,000 after purchasing an additional 2,183 shares during the last quarter. Janus Henderson Group PLC increased its position in Eastman Chemical by 26.6% in the third quarter. Janus Henderson Group PLC now owns 12,868 shares of the basic materials company's stock worth $1,441,000 after buying an additional 2,700 shares during the period. Integrated Wealth Concepts LLC lifted its stake in Eastman Chemical by 12.0% in the third quarter. Integrated Wealth Concepts LLC now owns 2,651 shares of the basic materials company's stock valued at $297,000 after buying an additional 285 shares during the last quarter. Stifel Financial Corp boosted its holdings in shares of Eastman Chemical by 6.5% during the third quarter. Stifel Financial Corp now owns 102,475 shares of the basic materials company's stock valued at $11,472,000 after acquiring an additional 6,242 shares during the period. Finally, Kovitz Investment Group Partners LLC grew its position in shares of Eastman Chemical by 136.9% during the third quarter. Kovitz Investment Group Partners LLC now owns 7,135 shares of the basic materials company's stock worth $799,000 after acquiring an additional 4,123 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Stock Performance

Shares of NYSE EMN traded up $1.32 during mid-day trading on Monday, hitting $79.67. The company had a trading volume of 100,809 shares, compared to its average volume of 1,008,402. Eastman Chemical has a 12 month low of $70.90 and a 12 month high of $114.50. The firm has a market cap of $9.18 billion, a P/E ratio of 10.37, a PEG ratio of 1.22 and a beta of 1.38. The business's 50-day simple moving average is $92.01 and its 200-day simple moving average is $97.13. 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 - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. As a group, analysts predict that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Friday, March 14th were issued a dividend of $0.83 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a yield of 4.17%. Eastman Chemical's dividend payout ratio is 43.23%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Citigroup upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and decreased their target price for the company from $105.00 to $101.00 in a research report on Friday, April 4th. Bank of America upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and decreased their target price for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. JPMorgan Chase & Co. upped their price target on Eastman Chemical from $110.00 to $112.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. KeyCorp cut their price objective on Eastman Chemical from $128.00 to $120.00 and set an "overweight" rating for the company in a report on Monday. Finally, Piper Sandler cut their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $107.08.

Eastman Chemical Company 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.