Sei Investments Co. grew its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 6.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 856,508 shares of the basic materials company's stock after buying an additional 52,522 shares during the period. Sei Investments Co. owned 0.74% of Eastman Chemical worth $78,217,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in the stock. Raymond James Financial Inc. purchased a new position in Eastman Chemical during the fourth quarter valued at approximately $150,537,000. Wealthfront Advisers LLC raised its position in shares of Eastman Chemical by 3,136.8% during the 4th quarter. Wealthfront Advisers LLC now owns 736,011 shares of the basic materials company's stock valued at $67,213,000 after purchasing an additional 713,272 shares during the period. Franklin Resources Inc. lifted 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 valued at $593,233,000 after buying an additional 282,458 shares in the last quarter. National Bank of Canada FI lifted its stake in shares of Eastman Chemical by 492.9% during the 3rd quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company's stock valued at $23,863,000 after buying an additional 177,207 shares in the last quarter. Finally, Regents Gate Capital LLP bought a new position in Eastman Chemical in the 4th quarter worth $10,235,000. 83.65% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
EMN has been the topic of a number of recent analyst reports. Bank of America raised Eastman Chemical from a "neutral" rating to a "buy" rating and decreased their price target for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. StockNews.com raised Eastman Chemical from a "hold" rating to a "buy" rating in a report on Saturday, January 18th. Royal Bank of Canada increased their price objective on shares of Eastman Chemical from $101.00 to $103.00 and gave the company a "sector perform" rating in a report on Tuesday, February 4th. Citigroup downgraded shares of Eastman Chemical from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $118.00 to $104.00 in a report on Wednesday, December 18th. Finally, Piper Sandler lifted their price target 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. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $114.08.
Check Out Our Latest Analysis on EMN
Eastman Chemical Trading Down 0.7 %
NYSE:EMN traded down $0.60 during mid-day trading on Thursday, hitting $88.95. 1,169,796 shares of the stock traded hands, compared to its average volume of 908,361. Eastman Chemical has a 52 week low of $86.70 and a 52 week high of $114.50. The firm's 50 day moving average is $95.78 and its two-hundred day moving average is $99.44. The stock has a market capitalization of $10.24 billion, a price-to-earnings ratio of 11.58, a PEG ratio of 1.22 and a beta of 1.43. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78.
Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. On average, equities research analysts predict that Eastman Chemical will post 8.55 earnings per share for the current year.
Eastman Chemical Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date is Friday, March 14th. Eastman Chemical's dividend payout ratio (DPR) is presently 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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