Thrivent Financial for Lutherans Sells 110,248 Shares of Eastman Chemical (NYSE:EMN)

Thrivent Financial for Lutherans lowered its position in shares of Eastman Chemical (NYSE:EMN - Free Report) by 11.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 837,225 shares of the basic materials company's stock after selling 110,248 shares during the quarter. Thrivent Financial for Lutherans owned 0.72% of Eastman Chemical worth $76,455,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. State Street Corp lifted its holdings 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 period. Franklin Resources Inc. raised its stake in shares of 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 purchasing an additional 282,458 shares during the period. Geode Capital Management LLC boosted its holdings in shares of Eastman Chemical by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company's stock worth $310,628,000 after buying an additional 13,381 shares during the last quarter. Massachusetts Financial Services Co. MA grew 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 valued at $306,093,000 after buying an additional 83,504 shares during the period. Finally, Raymond James Financial Inc. purchased a new stake in Eastman Chemical during the fourth quarter worth about $150,537,000. Hedge funds and other institutional investors own 83.65% of the company's stock.

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Eastman Chemical Price Performance

NYSE:EMN traded down $1.34 during trading hours on Friday, hitting $88.55. The stock had a trading volume of 2,389,922 shares, compared to its average volume of 912,300. The company has a 50 day simple moving average of $95.92 and a two-hundred day simple moving average of $99.69. The firm has a market capitalization of $10.20 billion, a price-to-earnings ratio of 11.53, a P/E/G ratio of 1.22 and a beta of 1.43. 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 $86.70 and a one year high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating 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%. Research analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business 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 $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date is Friday, March 14th. Eastman Chemical's dividend payout ratio is currently 43.23%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on EMN shares. 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 research note on Thursday, February 13th. Citigroup lowered Eastman Chemical from a "buy" rating to a "neutral" rating and reduced their price objective for the company from $118.00 to $104.00 in a report on Wednesday, December 18th. Wells Fargo & Company raised Eastman Chemical from an "equal weight" rating to an "overweight" rating and raised their target price for the stock from $110.00 to $125.00 in a research report on Tuesday, November 26th. 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. Finally, UBS Group decreased their price objective on Eastman Chemical from $124.00 to $123.00 and set a "buy" rating for the company in a report on Friday, January 31st. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $114.08.

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.