Earnest Partners LLC Has $208.01 Million Holdings in Eastman Chemical (NYSE:EMN)

Earnest Partners LLC grew its holdings in Eastman Chemical (NYSE:EMN - Free Report) by 1.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,277,827 shares of the basic materials company's stock after buying an additional 35,793 shares during the period. Eastman Chemical accounts for about 0.9% of Earnest Partners LLC's portfolio, making the stock its 23rd biggest holding. Earnest Partners LLC owned approximately 1.97% of Eastman Chemical worth $208,011,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in EMN. Oxford Asset Management LLP bought a new position in shares of Eastman Chemical in the fourth quarter valued at about $262,000. Johnson Financial Group Inc. raised its holdings in Eastman Chemical by 68.5% in the 4th quarter. Johnson Financial Group Inc. now owns 556 shares of the basic materials company's stock valued at $55,000 after acquiring an additional 226 shares during the period. Susquehanna Fundamental Investments LLC acquired a new stake in Eastman Chemical during the fourth quarter worth approximately $3,334,000. Three Seasons Wealth LLC acquired a new position in shares of Eastman Chemical in the fourth quarter valued at approximately $464,000. Finally, Kovitz Investment Group Partners LLC increased its stake in shares of Eastman Chemical by 5.7% during the fourth quarter. Kovitz Investment Group Partners LLC now owns 7,539 shares of the basic materials company's stock worth $688,000 after purchasing an additional 404 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on EMN. Royal Bank of Canada upgraded Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price objective on the stock in a research report on Wednesday, April 9th. Piper Sandler dropped their price objective on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Wells Fargo & Company reduced their target price on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Mizuho upgraded Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price target on the stock in a research note on Thursday, April 3rd. Finally, KeyCorp lowered their price target on shares of Eastman Chemical from $128.00 to $120.00 and set an "overweight" rating for the company in a report on Monday, April 14th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $107.08.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $75.80 on Friday. The stock has a market capitalization of $8.73 billion, a PE ratio of 9.87, a PEG ratio of 1.22 and a beta of 1.38. The business's 50 day simple moving average is $87.38 and its 200 day simple moving average is $94.99. 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 has a one year low of $70.90 and a one year high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, topping analysts' consensus estimates of $1.89 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. As a group, research analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 14th were issued a $0.83 dividend. 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 4.38%. Eastman Chemical's payout ratio is currently 43.23%.

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.

Want to see what other hedge funds are holding EMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastman Chemical (NYSE:EMN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.