Cambridge Investment Research Advisors Inc. Sells 13,242 Shares of Eastman Chemical Company (NYSE:EMN)

Cambridge Investment Research Advisors Inc. cut its holdings in Eastman Chemical Company (NYSE:EMN - Free Report) by 42.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 17,845 shares of the basic materials company's stock after selling 13,242 shares during the quarter. Cambridge Investment Research Advisors Inc.'s holdings in Eastman Chemical were worth $1,572,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently bought and sold shares of EMN. Picton Mahoney Asset Management raised its holdings in shares of Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after purchasing an additional 124 shares in the last quarter. Assetmark Inc. increased its holdings in shares of Eastman Chemical by 384.4% in 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 in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Eastman Chemical during the 4th quarter valued at $43,000. Orion Capital Management LLC bought a new stake in shares of Eastman Chemical during the 4th quarter worth $47,000. Finally, Brown Brothers Harriman & Co. grew its holdings in shares of Eastman Chemical by 135.7% in the 4th quarter. Brown Brothers Harriman & Co. now owns 528 shares of the basic materials company's stock worth $48,000 after acquiring an additional 304 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the company. Piper Sandler reduced their target price on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a report on Monday, April 7th. The Goldman Sachs Group reduced their price objective on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company 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 research report on Monday, April 28th. Morgan Stanley reduced their price target on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Finally, Royal Bank Of Canada upgraded shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price objective on the stock in a research report on Wednesday, April 9th. Six investment 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 currently has a consensus rating of "Moderate Buy" and a consensus target price of $98.54.

Eastman Chemical Stock Up 0.2%

NYSE EMN traded up $0.14 on Friday, reaching $80.06. The stock had a trading volume of 798,044 shares, compared to its average volume of 1,237,446. The company has a current ratio of 1.72, a quick ratio of 0.79 and a debt-to-equity ratio of 0.80. Eastman Chemical Company has a 1 year low of $70.90 and a 1 year high of $114.50. The business has a 50 day moving average price of $78.50 and a 200 day moving average price of $86.50. The company 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 (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 the consensus estimate of $1.89 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. Eastman Chemical had a return on equity of 16.59% and a net margin of 9.85%. The firm's quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.61 EPS. On average, analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed 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. This represents a $3.32 annualized dividend and a dividend yield of 4.15%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical's payout ratio is presently 42.24%.

Eastman Chemical 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.