Invesco Ltd. boosted its position in Eastman Chemical (NYSE:EMN - Free Report) by 11.1% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,844,165 shares of the basic materials company's stock after purchasing an additional 284,271 shares during the period. Invesco Ltd. owned about 2.45% of Eastman Chemical worth $259,729,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Crews Bank & Trust acquired a new stake in Eastman Chemical in the fourth quarter valued at $27,000. Picton Mahoney Asset Management grew its stake in Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after acquiring an additional 124 shares during the last quarter. Assetmark Inc. increased its holdings in Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock valued at $34,000 after acquiring an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC purchased a new stake in shares of Eastman Chemical in the fourth quarter valued at about $35,000. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at approximately $37,000. 83.65% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research firms recently issued reports on EMN. Bank of America raised Eastman Chemical from a "neutral" rating to a "buy" rating and reduced their target price for the company from $115.00 to $109.00 in a research note on Tuesday, January 14th. Wells Fargo & Company dropped their price objective on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. KeyCorp reduced their target price on shares of Eastman Chemical from $128.00 to $120.00 and set an "overweight" rating on the stock in a report on Monday. JPMorgan Chase & Co. upped their price objective on shares of Eastman Chemical from $110.00 to $112.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. Finally, Piper Sandler lowered their target price on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $107.08.
Read Our Latest Stock Report on EMN
Eastman Chemical Trading Up 0.3 %
Shares of NYSE:EMN traded up $0.20 during trading on Wednesday, reaching $77.88. 130,178 shares of the stock were exchanged, compared to its average volume of 1,231,444. The firm's 50-day moving average price is $91.09 and its 200 day moving average price is $96.76. The firm has a market cap of $8.97 billion, a price-to-earnings ratio of 10.14, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38. Eastman Chemical has a 12-month low of $70.90 and a 12-month high of $114.50. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51.
Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) 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%. On average, sell-side analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.
Eastman Chemical Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Friday, March 14th were given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 4.26%. The ex-dividend date was Friday, March 14th. Eastman Chemical's payout ratio is 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.
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