Eastman Chemical Company (NYSE:EMN) Shares Sold by Adams Natural Resources Fund Inc.

Adams Natural Resources Fund Inc. decreased its holdings in Eastman Chemical Company (NYSE:EMN - Free Report) by 22.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 40,900 shares of the basic materials company's stock after selling 11,900 shares during the period. Adams Natural Resources Fund Inc.'s holdings in Eastman Chemical were worth $3,604,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of EMN. Capital Research Global Investors increased its holdings in shares of Eastman Chemical by 13.4% in the fourth quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock valued at $537,561,000 after purchasing an additional 697,388 shares during the last quarter. Franklin Resources Inc. increased its stake in shares of Eastman Chemical by 10.8% in the 4th quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company's stock worth $528,310,000 after acquiring an additional 565,821 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Eastman Chemical by 11.1% during the 4th quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company's stock worth $259,729,000 after acquiring an additional 284,271 shares during the period. Massachusetts Financial Services Co. MA boosted its position in shares of Eastman Chemical by 4.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,843,506 shares of the basic materials company's stock valued at $259,669,000 after acquiring an additional 109,316 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Eastman Chemical by 1.7% in the fourth quarter. Geode Capital Management LLC now owns 2,832,593 shares of the basic materials company's stock valued at $257,986,000 after purchasing an additional 48,491 shares during the period. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have commented on EMN shares. Morgan Stanley reduced their target price on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. Citigroup upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and decreased their price objective for the company from $105.00 to $101.00 in a report on Friday, April 4th. Barclays cut their target price on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 29th. UBS Group reduced their target price on Eastman Chemical from $111.00 to $107.00 and set a "buy" rating on the stock in a research report on Wednesday, May 28th. Finally, Piper Sandler lowered their price target on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.54.

Eastman Chemical Trading Up 0.1%

Eastman Chemical stock traded up $0.08 during midday trading on Friday, reaching $76.23. 4,120,690 shares of the stock traded hands, compared to its average volume of 1,207,412. The company has a current ratio of 1.72, a quick ratio of 0.79 and a debt-to-equity ratio of 0.80. The firm has a market cap of $8.80 billion, a PE ratio of 9.70, a price-to-earnings-growth ratio of 1.78 and a beta of 1.25. The company has a 50-day simple moving average of $78.56 and a two-hundred day simple moving average of $87.06. Eastman Chemical Company has a 12-month low of $70.90 and a 12-month high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, beating the consensus estimate of $1.89 by $0.02. The company had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. The firm's revenue was down .9% compared to the same quarter last year. During the same quarter last year, the company posted $1.61 EPS. Research analysts expect that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a yield of 4.36%. Eastman Chemical's dividend payout ratio is currently 42.24%.

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.