Bessemer Group Inc. cut its position in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 70.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,153 shares of the basic materials company's stock after selling 12,444 shares during the quarter. Bessemer Group Inc.'s holdings in Eastman Chemical were worth $453,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC acquired a new position in Eastman Chemical during the fourth quarter worth about $202,000. Proficio Capital Partners LLC acquired a new position in shares of Eastman Chemical during the 4th quarter worth approximately $75,000. Private Trust Co. NA raised its holdings in shares of Eastman Chemical by 14.0% in the fourth quarter. Private Trust Co. NA now owns 837 shares of the basic materials company's stock worth $76,000 after acquiring an additional 103 shares during the last quarter. SVB Wealth LLC acquired a new position in shares of Eastman Chemical in the fourth quarter worth $431,000. Finally, US Bancorp DE raised its holdings in shares of Eastman Chemical by 12.7% in the fourth quarter. US Bancorp DE now owns 57,746 shares of the basic materials company's stock worth $5,273,000 after acquiring an additional 6,498 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of analysts have recently commented on EMN shares. Citigroup upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their price objective for the stock from $105.00 to $101.00 in a report on Friday, April 4th. Royal Bank Of Canada upgraded Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 target price for the company in a research note on Wednesday, April 9th. Wells Fargo & Company lowered 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 report on Wednesday, April 9th. Barclays lowered 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. Finally, Piper Sandler decreased their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $98.54.
Check Out Our Latest Stock Report on EMN
Eastman Chemical Stock Performance
Shares of Eastman Chemical stock traded up $0.14 during trading on Friday, reaching $80.06. The company's stock had a trading volume of 798,044 shares, compared to its average volume of 1,236,188. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.79 and a current ratio of 1.72. The business's fifty day moving average price is $78.58 and its 200-day moving average price is $86.36. The firm has a market cap of $9.24 billion, a price-to-earnings ratio of 10.19, a price-to-earnings-growth ratio of 1.91 and a beta of 1.22. Eastman Chemical Company has a one year low of $70.90 and a one year high of $114.50.
Eastman Chemical (NYSE:EMN - Get Free Report) last announced its earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.89 by $0.02. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. Eastman Chemical's revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.61 earnings per share. As a group, equities research analysts predict that Eastman Chemical Company will post 8.55 earnings per share for the current year.
Eastman Chemical Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders 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 annualized dividend and a dividend yield of 4.15%. Eastman Chemical's dividend payout ratio is currently 42.24%.
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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