Eastman Chemical (NYSE:EMN) Shares Sold by CANADA LIFE ASSURANCE Co

CANADA LIFE ASSURANCE Co lowered its position in Eastman Chemical (NYSE:EMN - Free Report) by 17.3% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 46,416 shares of the basic materials company's stock after selling 9,698 shares during the quarter. CANADA LIFE ASSURANCE Co's holdings in Eastman Chemical were worth $4,235,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Barclays PLC grew its position in shares of Eastman Chemical by 3.5% during the 3rd quarter. Barclays PLC now owns 315,044 shares of the basic materials company's stock worth $35,268,000 after buying an additional 10,695 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Eastman Chemical in the third quarter worth about $656,000. Franklin Resources Inc. grew its holdings in Eastman Chemical by 5.7% during the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company's stock worth $593,233,000 after acquiring an additional 282,458 shares in the last quarter. IMS Capital Management bought a new stake in shares of Eastman Chemical in the 3rd quarter valued at about $280,000. Finally, Principal Financial Group Inc. lifted its position in shares of Eastman Chemical by 6.8% in the 3rd quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company's stock worth $16,588,000 after purchasing an additional 9,447 shares during the period. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Stock Down 0.2 %

EMN stock traded down $0.15 during midday trading on Monday, hitting $75.69. The company's stock had a trading volume of 1,800,480 shares, compared to its average volume of 1,037,294. Eastman Chemical has a 52-week low of $70.90 and a 52-week high of $114.50. The firm has a 50-day simple moving average of $87.38 and a 200-day simple moving average of $94.89. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $8.72 billion, a P/E ratio of 9.86, a PEG ratio of 1.22 and a beta of 1.38.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.89 by $0.02. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the business posted $1.61 earnings per share. Eastman Chemical's revenue was down .9% compared to the same quarter last year. As a group, equities analysts forecast that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Friday, March 14th were paid a dividend of $0.83 per share. The ex-dividend date was Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.39%. Eastman Chemical's payout ratio is 42.24%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. The Goldman Sachs Group reduced their price target on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a research report on Monday. JPMorgan Chase & Co. reissued a "neutral" rating and set a $76.00 price target (down from $112.00) on shares of Eastman Chemical in a research report on Monday. UBS Group lowered their price target on shares of Eastman Chemical from $123.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, April 7th. StockNews.com upgraded shares of Eastman Chemical from a "hold" rating to a "buy" rating in a research note on Saturday, January 18th. Finally, Piper Sandler lowered their target price on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $102.64.

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.