Cambridge Investment Research Advisors Inc. trimmed its stake in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 42.6% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,845 shares of the basic materials company's stock after selling 13,242 shares during the period. Cambridge Investment Research Advisors Inc.'s holdings in Eastman Chemical were worth $1,572,000 as of its most recent filing with the Securities & Exchange Commission.
Other large investors also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management grew its position in Eastman Chemical by 62.3% during the fourth 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. grew its position in Eastman Chemical by 384.4% during the fourth 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. Headlands Technologies LLC bought a new stake in Eastman Chemical during the fourth quarter valued at approximately $43,000. Orion Capital Management LLC bought a new stake in Eastman Chemical during the fourth quarter valued at approximately $47,000. Finally, Brown Brothers Harriman & Co. boosted its position in shares of Eastman Chemical by 135.7% in the fourth quarter. Brown Brothers Harriman & Co. now owns 528 shares of the basic materials company's stock worth $48,000 after purchasing an additional 304 shares during the period. 83.65% of the stock is currently owned by institutional investors.
Eastman Chemical Price Performance
EMN stock traded up $0.14 during trading on Friday, hitting $80.06. 798,044 shares of the company's stock traded hands, compared to its average volume of 1,236,188. The business has a fifty day simple moving average of $78.58 and a 200 day simple moving average of $86.36. 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 stock has a market capitalization of $9.24 billion, a price-to-earnings ratio of 10.19, a P/E/G ratio of 1.91 and a beta of 1.22. Eastman Chemical Company has a 52 week low of $70.90 and a 52 week high of $114.50.
Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results 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. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the firm earned $1.61 EPS. The firm's revenue for the quarter was down .9% compared to the same quarter last year. As a group, research analysts expect that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.
Eastman Chemical Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical's payout ratio is 42.24%.
Wall Street Analysts Forecast Growth
A number of research analysts recently weighed in on the stock. KeyCorp lowered their target price 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. Citigroup upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and lowered their price objective for the company from $105.00 to $101.00 in a research report on Friday, April 4th. Mizuho upgraded Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 target price for the company in a research report on Thursday, April 3rd. The Goldman Sachs Group decreased their target price on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. Finally, Piper Sandler dropped their price target on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research note 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. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $98.54.
Check Out Our Latest Stock Report on Eastman Chemical
Eastman Chemical Company Profile
(
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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