Bank of America Corp DE Has $202.55 Million Stake in Eastman Chemical (NYSE:EMN)

Bank of America Corp DE lowered its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 15.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,218,047 shares of the basic materials company's stock after selling 394,387 shares during the period. Bank of America Corp DE owned about 1.91% of Eastman Chemical worth $202,552,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Crews Bank & Trust acquired a new stake in shares of Eastman Chemical during the 4th quarter valued at $27,000. Picton Mahoney Asset Management boosted its stake 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 buying an additional 124 shares during the period. Assetmark Inc. boosted its stake 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 buying an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of Eastman Chemical during the 4th quarter valued at $35,000. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of Eastman Chemical during the 4th quarter valued at $37,000. Institutional investors and hedge funds own 83.65% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on EMN shares. Royal Bank of Canada raised shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price objective for the company in a research note on Wednesday, April 9th. KeyCorp reduced their price objective on shares of Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. Wells Fargo & Company reduced their price objective on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Piper Sandler reduced their price objective 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. Finally, Mizuho raised shares of Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price objective for the company in a research note on Thursday, April 3rd. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $99.15.

Eastman Chemical Stock Performance

Shares of EMN traded down $0.38 during midday trading on Tuesday, reaching $82.39. The stock had a trading volume of 1,989,234 shares, compared to its average volume of 1,061,952. The firm has a 50 day simple moving average of $82.84 and a 200-day simple moving average of $92.48. Eastman Chemical has a one year low of $70.90 and a one year high of $114.50. The firm has a market cap of $9.51 billion, a PE ratio of 10.73, a P/E/G ratio of 1.22 and a beta of 1.29. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.02. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The company's quarterly revenue was down .9% on a year-over-year basis. During the same quarter last year, the firm posted $1.61 EPS. As a group, sell-side analysts anticipate that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 4.03%. The ex-dividend date is Friday, June 13th. Eastman Chemical's payout ratio is 42.24%.

Eastman Chemical Company Profile

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.