California State Teachers Retirement System Sells 7,935 Shares of Eastman Chemical (NYSE:EMN)

California State Teachers Retirement System lessened its position in Eastman Chemical (NYSE:EMN - Free Report) by 5.4% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 139,077 shares of the basic materials company's stock after selling 7,935 shares during the quarter. California State Teachers Retirement System owned about 0.12% of Eastman Chemical worth $12,701,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Crews Bank & Trust bought a new position in shares of Eastman Chemical in the fourth quarter worth about $27,000. Picton Mahoney Asset Management grew its holdings in Eastman Chemical by 62.3% in 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 last quarter. Assetmark Inc. increased its position in Eastman Chemical by 384.4% in the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock worth $34,000 after buying an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC bought a new position in Eastman Chemical in the 4th quarter worth approximately $35,000. Finally, Stonebridge Financial Group LLC acquired a new position in shares of Eastman Chemical during the fourth quarter worth approximately $37,000. Institutional investors and hedge funds own 83.65% of the company's stock.

Eastman Chemical Price Performance

NYSE:EMN traded up $0.29 during mid-day trading on Monday, hitting $78.66. The company's stock had a trading volume of 3,095,908 shares, compared to its average volume of 1,145,396. The company has a market capitalization of $9.08 billion, a price-to-earnings ratio of 10.24, 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 has a fifty-two week low of $70.90 and a fifty-two week high of $114.50. The stock has a fifty day moving average of $79.76 and a 200-day moving average of $90.40.

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

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 annualized dividend and a yield of 4.22%. Eastman Chemical's dividend payout ratio is currently 42.24%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on EMN. KeyCorp lowered their price objective on shares of Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. Wall Street Zen downgraded shares of Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. Morgan Stanley dropped their price objective on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. Wells Fargo & Company cut 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. Finally, Piper Sandler decreased their target price on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $98.54.

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.