Eastman Chemical Company $EMN Shares Sold by Massachusetts Financial Services Co. MA

Key Points

• Massachusetts Financial Services trimmed its stake in Eastman by 4.1%, selling 113,091 shares and leaving a 2.33% holding valued at about $169.7 million.
• Eastman missed Q4 estimates, reporting $0.75 EPS vs. $0.76 expected and $1.97 billion in revenue vs. $2.03 billion, with revenue down 12.1% year-over-year.
• The company pays a quarterly dividend of $0.84 (annualized $3.36) for a 4.5% yield and an 82.15% payout ratio, while analysts hold a consensus "Hold" rating with a $79.31 price target.

Massachusetts Financial Services Co. MA lowered its holdings in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 4.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 2,658,099 shares of the basic materials company's stock after selling 113,091 shares during the period. Massachusetts Financial Services Co. MA owned 2.33% of Eastman Chemical worth $169,666,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. MUFG Securities EMEA plc acquired a new stake in Eastman Chemical during the 2nd quarter worth $25,000. Lodestone Wealth Management LLC acquired a new stake in Eastman Chemical during the 4th quarter worth $33,000. Rothschild Investment LLC boosted its stake in Eastman Chemical by 65.6% during the 3rd quarter. Rothschild Investment LLC now owns 578 shares of the basic materials company's stock worth $36,000 after purchasing an additional 229 shares during the period. Capital Advisors Ltd. LLC boosted its stake in Eastman Chemical by 97.7% during the 4th quarter. Capital Advisors Ltd. LLC now owns 609 shares of the basic materials company's stock worth $39,000 after purchasing an additional 301 shares during the period. Finally, Financial Consulate Inc. acquired a new stake in Eastman Chemical during the 3rd quarter worth $42,000. Institutional investors and hedge funds own 83.65% of the company's stock.

Eastman Chemical Stock Up 0.0%

Shares of Eastman Chemical stock opened at $74.28 on Monday. The company has a market cap of $8.48 billion, a P/E ratio of 18.16, a PEG ratio of 1.62 and a beta of 1.16. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.63 and a current ratio of 1.37. Eastman Chemical Company has a one year low of $56.11 and a one year high of $84.18. The firm has a fifty day moving average of $74.19 and a two-hundred day moving average of $67.06.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 EPS for the quarter, missing analysts' consensus estimates of $0.76 by ($0.01). The firm had revenue of $1.97 billion for the quarter, compared to analysts' expectations of $2.03 billion. Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The firm's quarterly revenue was down 12.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.87 EPS. On average, analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 8th. Stockholders of record on Friday, March 13th were issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date was Friday, March 13th. Eastman Chemical's dividend payout ratio (DPR) is currently 82.15%.

Analysts Set New Price Targets

A number of brokerages recently weighed in on EMN. UBS Group increased their price target on shares of Eastman Chemical from $80.00 to $88.00 and gave the stock a "buy" rating in a research note on Thursday. Bank of America increased their price target on shares of Eastman Chemical from $74.00 to $79.00 and gave the stock a "buy" rating in a research note on Monday, February 2nd. Wells Fargo & Company restated an "equal weight" rating and set a $70.00 price objective on shares of Eastman Chemical in a research report on Friday, December 19th. Weiss Ratings upgraded shares of Eastman Chemical from a "sell (d+)" rating to a "hold (c)" rating in a research report on Wednesday, February 18th. Finally, KeyCorp restated an "overweight" rating on shares of Eastman Chemical in a research report on Monday, February 2nd. Seven research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, Eastman Chemical currently has a consensus rating of "Hold" and a consensus price target of $79.31.

Eastman Chemical Profile

Eastman Chemical Company NYSE: EMN is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company's main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.

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