MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Cuts Stock Holdings in Eastman Chemical (NYSE:EMN)

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lowered its stake in Eastman Chemical (NYSE:EMN - Free Report) by 30.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,212 shares of the basic materials company's stock after selling 16,687 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in Eastman Chemical were worth $3,486,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of EMN. Laird Norton Wetherby Wealth Management LLC grew its position in Eastman Chemical by 5.7% during the 4th quarter. Laird Norton Wetherby Wealth Management LLC now owns 3,292 shares of the basic materials company's stock worth $301,000 after acquiring an additional 178 shares during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Eastman Chemical by 98.0% during the fourth quarter. Janus Henderson Group PLC now owns 25,480 shares of the basic materials company's stock valued at $2,326,000 after purchasing an additional 12,612 shares during the period. Gotham Asset Management LLC boosted its stake in shares of Eastman Chemical by 218.1% during the fourth quarter. Gotham Asset Management LLC now owns 87,763 shares of the basic materials company's stock valued at $8,015,000 after purchasing an additional 60,177 shares during the period. Focus Partners Wealth boosted its stake in shares of Eastman Chemical by 65.6% during the fourth quarter. Focus Partners Wealth now owns 4,988 shares of the basic materials company's stock valued at $492,000 after purchasing an additional 1,976 shares during the period. Finally, Ethic Inc. boosted its stake in shares of Eastman Chemical by 67.8% during the fourth quarter. Ethic Inc. now owns 4,107 shares of the basic materials company's stock valued at $375,000 after purchasing an additional 1,659 shares during the period. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Down 0.6%

Shares of Eastman Chemical stock opened at $82.09 on Tuesday. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The company has a 50-day moving average of $81.42 and a 200 day moving average of $91.69. The firm has a market cap of $9.48 billion, a price-to-earnings ratio of 10.69, a PEG ratio of 1.22 and a beta of 1.29. Eastman Chemical has a 1 year low of $70.90 and a 1 year high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.02. The company had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. Eastman Chemical's quarterly revenue was down .9% compared to the same quarter last year. During the same period last year, the business earned $1.61 EPS. As a group, sell-side analysts anticipate that Eastman Chemical will post 8.55 earnings per share 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 paid a $0.83 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 annualized dividend and a dividend yield of 4.04%. Eastman Chemical's payout ratio is 42.24%.

Wall Street Analyst Weigh In

EMN has been the subject of a number of analyst reports. Wells Fargo & Company dropped their price objective on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Piper Sandler reduced their price objective on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. KeyCorp dropped their target price on shares of Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. UBS Group dropped their target price on shares of Eastman Chemical from $123.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Finally, Barclays dropped their target price on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 29th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Eastman Chemical presently has an average rating of "Moderate Buy" and a consensus target price of $99.15.

About Eastman Chemical

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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