Eastman Chemical (NYSE:EMN) Stock Position Decreased by Romano Brothers AND Company

Romano Brothers AND Company trimmed its stake in shares of Eastman Chemical (NYSE:EMN) by 0.3% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 35,852 shares of the basic materials company’s stock after selling 120 shares during the period. Romano Brothers AND Company’s holdings in Eastman Chemical were worth $4,014,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Capital Research Global Investors raised its holdings in shares of Eastman Chemical by 649.8% during the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after acquiring an additional 3,909,740 shares during the period. Truist Financial Corp lifted its stake in Eastman Chemical by 201.5% in the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after acquiring an additional 617,889 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in shares of Eastman Chemical by 318.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock worth $69,516,000 after purchasing an additional 534,081 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Eastman Chemical by 34.5% during the second quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock worth $83,524,000 after purchasing an additional 218,531 shares during the period. Finally, Earnest Partners LLC grew its position in Eastman Chemical by 11.0% during the first quarter. Earnest Partners LLC now owns 2,199,943 shares of the basic materials company’s stock valued at $220,478,000 after purchasing an additional 217,720 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

EMN has been the subject of several recent research reports. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and increased their price objective for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. Barclays boosted their price target on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Citigroup cut their price objective on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. Mizuho lifted their target price on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Finally, Wells Fargo & Company increased their price target on shares of Eastman Chemical from $105.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus price target of $110.20.

Eastman Chemical Stock Performance

Eastman Chemical stock opened at $106.98 on Thursday. The firm has a market capitalization of $12.59 billion, a P/E ratio of 13.79, a P/E/G ratio of 0.83 and a beta of 1.44. The stock has a fifty day moving average price of $104.89 and a two-hundred day moving average price of $100.73. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $114.50. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. The business had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same quarter last year, the company posted $1.99 EPS. As a group, analysts anticipate that Eastman Chemical will post 7.67 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 16th were issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 3.03%. The ex-dividend date of this dividend was Monday, September 16th. Eastman Chemical’s payout ratio is 41.75%.

About Eastman Chemical

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.