Massachusetts Financial Services Co. MA Decreases Stock Holdings in Eastman Chemical Company (NYSE:EMN)

Massachusetts Financial Services Co. MA trimmed its stake in Eastman Chemical Company (NYSE:EMN - Free Report) by 2.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,779,378 shares of the basic materials company's stock after selling 64,128 shares during the quarter. Massachusetts Financial Services Co. MA owned 2.41% of Eastman Chemical worth $244,891,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in the stock. Capital Research Global Investors boosted its holdings in Eastman Chemical by 13.4% in the fourth quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock worth $537,561,000 after acquiring an additional 697,388 shares in the last quarter. Franklin Resources Inc. lifted its holdings in shares of Eastman Chemical by 10.8% during the fourth quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company's stock valued at $528,310,000 after purchasing an additional 565,821 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Eastman Chemical by 11.1% during the fourth quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company's stock valued at $259,729,000 after purchasing an additional 284,271 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Eastman Chemical by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 2,832,593 shares of the basic materials company's stock valued at $257,986,000 after purchasing an additional 48,491 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Eastman Chemical by 2.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 2,385,591 shares of the basic materials company's stock valued at $217,850,000 after purchasing an additional 47,810 shares in the last quarter. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Stock Performance

Shares of NYSE EMN traded up $0.78 during trading on Thursday, hitting $78.33. The company had a trading volume of 434,105 shares, compared to its average volume of 1,245,986. The stock has a 50 day simple moving average of $79.06 and a 200 day simple moving average of $85.73. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.79 and a current ratio of 1.72. Eastman Chemical Company has a 12 month low of $70.90 and a 12 month high of $114.50. The firm has a market capitalization of $9.04 billion, a P/E ratio of 9.96, a price-to-earnings-growth ratio of 1.85 and a beta of 1.22.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping the consensus estimate of $1.89 by $0.02. Eastman Chemical had a return on equity of 16.59% and a net margin of 9.85%. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the company earned $1.61 earnings per share. The business's revenue for the quarter was down .9% compared to the same quarter last year. As a group, analysts anticipate that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Friday, June 13th were given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 4.24%. The ex-dividend date of this dividend was Friday, June 13th. Eastman Chemical's dividend payout ratio is currently 42.24%.

Analysts Set New Price Targets

EMN has been the topic of a number of research analyst reports. Morgan Stanley lowered their price target on Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. Mizuho raised Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price target on the stock in a report on Thursday, April 3rd. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $76.00 price target (down from $112.00) on shares of Eastman Chemical in a report on Monday, April 28th. Piper Sandler lowered their price target on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. Finally, Royal Bank Of Canada raised Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 target price on the stock in a report on Wednesday, April 9th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Eastman Chemical has a consensus rating of "Moderate Buy" and an average price target of $97.08.

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.