Eastman Chemical (NYSE:EMN) Shares Purchased by State of Alaska Department of Revenue

State of Alaska Department of Revenue lifted its holdings in Eastman Chemical (NYSE:EMN - Free Report) by 94.0% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 28,216 shares of the basic materials company's stock after purchasing an additional 13,668 shares during the period. State of Alaska Department of Revenue's holdings in Eastman Chemical were worth $2,575,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in EMN. Exchange Traded Concepts LLC grew its holdings in shares of Eastman Chemical by 784.4% in the third quarter. Exchange Traded Concepts LLC now owns 681 shares of the basic materials company's stock valued at $76,000 after purchasing an additional 604 shares in the last quarter. McGlone Suttner Wealth Management Inc. acquired a new position in shares of Eastman Chemical in the third quarter valued at approximately $237,000. Sound Income Strategies LLC grew its holdings in shares of Eastman Chemical by 1,603.8% in the third quarter. Sound Income Strategies LLC now owns 2,232 shares of the basic materials company's stock valued at $250,000 after purchasing an additional 2,101 shares in the last quarter. Iams Wealth Management LLC grew its holdings in shares of Eastman Chemical by 12.8% in the third quarter. Iams Wealth Management LLC now owns 8,365 shares of the basic materials company's stock valued at $937,000 after purchasing an additional 949 shares in the last quarter. Finally, IQ EQ FUND MANAGEMENT IRELAND Ltd grew its holdings in shares of Eastman Chemical by 12.3% in the third quarter. IQ EQ FUND MANAGEMENT IRELAND Ltd now owns 25,616 shares of the basic materials company's stock valued at $2,868,000 after purchasing an additional 2,806 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company's stock.

Eastman Chemical Stock Performance

EMN stock traded down $0.59 on Friday, hitting $100.99. The company's stock had a trading volume of 829,322 shares, compared to its average volume of 1,146,727. The firm has a 50 day moving average of $94.26 and a two-hundred day moving average of $100.17. Eastman Chemical has a 1 year low of $83.38 and a 1 year high of $114.50. The stock has a market cap of $11.71 billion, a price-to-earnings ratio of 13.15, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, topping analysts' consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.40%. Equities analysts predict that Eastman Chemical will post 8.47 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be given a dividend of $0.83 per share. The ex-dividend date is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.29%. Eastman Chemical's payout ratio is currently 43.23%.

Wall Street Analyst Weigh In

Several research analysts have commented on EMN shares. Bank of America upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and lowered their price target for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. Barclays lowered their price target on shares of Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating for the company in a report on Monday, February 3rd. Piper Sandler boosted their price target on shares of Eastman Chemical from $102.00 to $105.00 and gave the stock a "neutral" rating in a report on Thursday. KeyCorp boosted their price target on shares of Eastman Chemical from $121.00 to $128.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Finally, Wells Fargo & Company upgraded shares of Eastman Chemical from an "equal weight" rating to an "overweight" rating and boosted their price target for the stock from $110.00 to $125.00 in a report on Tuesday, November 26th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Eastman Chemical currently has a consensus rating of "Moderate Buy" and a consensus target price of $113.77.

Insiders Place Their Bets

In other news, EVP Stephen Glenn Crawford sold 10,504 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the transaction, the executive vice president now owns 47,287 shares in the company, valued at $4,965,135. This trade represents a 18.18 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Julie A. Mcalindon sold 4,456 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the transaction, the senior vice president now owns 4,403 shares of the company's stock, valued at $466,013.52. This represents a 50.30 % decrease in their position. The disclosure for this sale can be found here. 1.93% of the stock is owned by insiders.

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.