Eastman Chemical (NYSE:EMN) Shares Sold by Sienna Gestion

Sienna Gestion cut its holdings in shares of Eastman Chemical (NYSE:EMN - Free Report) by 96.0% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 4,232 shares of the basic materials company's stock after selling 101,403 shares during the quarter. Sienna Gestion's holdings in Eastman Chemical were worth $386,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. State Street Corp boosted its position in Eastman Chemical by 1.4% during the third quarter. State Street Corp now owns 5,285,230 shares of the basic materials company's stock worth $595,820,000 after acquiring an additional 70,692 shares during the last quarter. Franklin Resources Inc. boosted its position in Eastman Chemical by 5.7% during the third 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 during the last quarter. Geode Capital Management LLC boosted its position in Eastman Chemical by 0.5% during the third quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company's stock worth $310,628,000 after acquiring an additional 13,381 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Eastman Chemical by 3.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company's stock worth $306,093,000 after acquiring an additional 83,504 shares during the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Eastman Chemical in the 4th quarter valued at about $150,537,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Upgrades and Downgrades

Several research firms have weighed in on EMN. Mizuho boosted their target price on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a "neutral" rating in a report on Tuesday, November 26th. KeyCorp boosted their target price on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Piper Sandler boosted their target price 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. Citigroup lowered shares of Eastman Chemical from a "buy" rating to a "neutral" rating and decreased their target price for the company from $118.00 to $104.00 in a report on Wednesday, December 18th. Finally, Bank of America upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and decreased their target price for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $114.08.

Eastman Chemical Stock Up 0.1 %

EMN traded up $0.06 during trading hours on Tuesday, hitting $91.22. 875,344 shares of the company's stock were exchanged, compared to its average volume of 915,363. Eastman Chemical has a 12-month low of $86.70 and a 12-month high of $114.50. The firm has a 50 day moving average of $95.74 and a 200 day moving average of $100.00. The firm has a market cap of $10.51 billion, a P/E ratio of 11.88, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its earnings results 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 net margin of 9.65% and a return on equity of 16.27%. Analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.64%. The ex-dividend date is Friday, March 14th. Eastman Chemical's payout ratio is currently 43.23%.

About Eastman Chemical

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.