Handelsbanken Fonder AB decreased its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 20.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,700 shares of the basic materials company's stock after selling 6,200 shares during the period. Handelsbanken Fonder AB's holdings in Eastman Chemical were worth $2,164,000 as of its most recent SEC filing.
A number of other large investors have also recently modified their holdings of EMN. State Street Corp lifted its position in Eastman Chemical by 1.4% during the 3rd quarter. State Street Corp now owns 5,285,230 shares of the basic materials company's stock valued at $595,820,000 after acquiring an additional 70,692 shares during the period. Franklin Resources Inc. raised its holdings in Eastman Chemical by 5.7% in the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company's stock worth $593,233,000 after buying an additional 282,458 shares during the last quarter. Geode Capital Management LLC raised its holdings in Eastman Chemical by 0.5% in 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 buying an additional 13,381 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Eastman Chemical by 3.2% in 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 buying an additional 83,504 shares during the last quarter. Finally, Truist Financial Corp raised its holdings in Eastman Chemical by 8.6% in the fourth quarter. Truist Financial Corp now owns 1,158,107 shares of the basic materials company's stock worth $105,758,000 after buying an additional 92,162 shares during the last quarter. Institutional investors own 83.65% of the company's stock.
Analyst Upgrades and Downgrades
Several brokerages have issued reports on EMN. JPMorgan Chase & Co. lifted their target price on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. KeyCorp lifted their target price 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. Piper Sandler lifted their target price on shares of Eastman Chemical from $102.00 to $105.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Wells Fargo & Company upgraded shares of Eastman Chemical from an "equal weight" rating to an "overweight" rating and lifted their price target for the stock from $110.00 to $125.00 in a research note on Tuesday, November 26th. Finally, Citigroup lowered shares of Eastman Chemical from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $118.00 to $104.00 in a research note on Wednesday, December 18th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $114.08.
Read Our Latest Analysis on Eastman Chemical
Eastman Chemical Stock Performance
NYSE EMN traded up $0.91 during trading hours on Friday, hitting $97.81. 866,471 shares of the company's stock traded hands, compared to its average volume of 1,076,812. The business's fifty day moving average price is $94.80 and its two-hundred day moving average price is $100.29. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $11.26 billion, a P/E ratio of 12.74, a P/E/G ratio of 1.22 and a beta of 1.44. Eastman Chemical has a 52 week low of $86.59 and a 52 week high of $114.50.
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 (EPS) for the quarter, beating 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%. Equities research analysts predict that Eastman Chemical will post 8.55 EPS for the current year.
Eastman Chemical Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be given a $0.83 dividend. The ex-dividend date is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.39%. Eastman Chemical's payout ratio is currently 43.23%.
About Eastman Chemical
(
Free Report)
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.
Featured Stories
Before you consider Eastman Chemical, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Eastman Chemical wasn't on the list.
While Eastman Chemical currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
If a company's CEO, COO, and CFO were all selling shares of their stock, would you want to know? MarketBeat just compiled its list of the twelve stocks that corporate insiders are abandoning. Complete the form below to see which companies made the list.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
