US Bancorp DE lifted its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 12.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 57,746 shares of the basic materials company's stock after purchasing an additional 6,498 shares during the period. US Bancorp DE's holdings in Eastman Chemical were worth $5,273,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Crews Bank & Trust bought a new stake in Eastman Chemical in the 4th quarter valued at $27,000. Bradley & Co. Private Wealth Management LLC bought a new stake in Eastman Chemical in the 4th quarter valued at $35,000. Dunhill Financial LLC raised its stake in Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company's stock valued at $37,000 after acquiring an additional 162 shares during the period. Stonebridge Financial Group LLC bought a new stake in Eastman Chemical in the 4th quarter valued at $37,000. Finally, Proficio Capital Partners LLC bought a new stake in Eastman Chemical in the 4th quarter valued at $75,000. Institutional investors own 83.65% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts recently weighed in on the company. Bank of America upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their price target for the company from $115.00 to $109.00 in a research note on Tuesday, January 14th. Wells Fargo & Company upgraded Eastman Chemical from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $110.00 to $125.00 in a research report on Tuesday, November 26th. Piper Sandler increased their price objective on Eastman Chemical from $102.00 to $105.00 and gave the stock a "neutral" rating in a research report on Thursday, February 13th. StockNews.com upgraded Eastman Chemical from a "hold" rating to a "buy" rating in a research report on Saturday, January 18th. Finally, Barclays lowered their price objective on Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating on the stock in a research report on Monday, February 3rd. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $114.08.
Read Our Latest Analysis on EMN
Eastman Chemical Price Performance
Shares of EMN traded up $1.99 during trading hours on Friday, hitting $98.93. 870,458 shares of the company were exchanged, compared to its average volume of 1,072,315. The company has a market cap of $11.39 billion, a price-to-earnings ratio of 12.88, a P/E/G ratio of 1.22 and a beta of 1.43. Eastman Chemical has a fifty-two week low of $86.70 and a fifty-two week high of $114.50. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The firm's fifty day moving average is $95.39 and its 200 day moving average is $100.31.
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 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%. On average, equities analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.
Eastman Chemical Dividend Announcement
The firm also recently disclosed 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 annualized dividend and a yield of 3.36%. 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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