Vanguard Group Inc. Lowers Position in Eastman Chemical (NYSE:EMN)

Vanguard Group Inc. reduced its position in Eastman Chemical (NYSE:EMN) by 0.1% in the 4th quarter, HoldingsChannel.com reports. The firm owned 14,802,074 shares of the basic materials company’s stock after selling 7,866 shares during the quarter. Vanguard Group Inc. owned about 0.13% of Eastman Chemical worth $1,351,725,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in EMN. Crews Bank & Trust acquired a new stake in Eastman Chemical during the fourth quarter valued at $27,000. Picton Mahoney Asset Management grew its position in shares of Eastman Chemical by 62.3% during 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 period. Assetmark Inc. grew its position in shares of 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 during the period. Bradley & Co. Private Wealth Management LLC acquired a new position in Eastman Chemical in the 4th quarter worth about $35,000. Finally, Dunhill Financial LLC boosted its position in Eastman Chemical by 94.7% during the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 162 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

EMN has been the subject of a number of recent analyst reports. Bank of America upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and cut their price objective for the company from $115.00 to $109.00 in a research report on Tuesday, January 14th. Barclays reduced their price objective on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a research 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 company a “neutral” rating in a research report on Thursday, February 13th. Royal Bank of Canada upped their price target on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 4th. Finally, UBS Group cut their price objective on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a research note on Friday, January 31st. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $114.08.

Eastman Chemical Stock Performance

NYSE EMN opened at $88.95 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. The stock’s fifty day moving average is $95.78 and its two-hundred day moving average is $99.44. The firm has a market capitalization of $10.24 billion, a P/E ratio of 11.58, a price-to-earnings-growth 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.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results 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 net margin of 9.65% and a return on equity of 16.27%. On average, research analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently declared 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 annualized dividend and a dividend yield of 3.73%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s payout ratio is presently 43.23%.

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.