New York State Teachers Retirement System Has $10.68 Million Holdings in Eastman Chemical Company (NYSE:EMN)

New York State Teachers Retirement System lowered its holdings in Eastman Chemical Company (NYSE:EMN - Free Report) by 6.5% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 121,226 shares of the basic materials company's stock after selling 8,477 shares during the period. New York State Teachers Retirement System owned approximately 0.11% of Eastman Chemical worth $10,681,000 at the end of the most recent quarter.

A number of other institutional investors have also recently bought and sold shares of the business. Avidian Wealth Enterprises LLC bought a new stake in Eastman Chemical in the 1st quarter valued at about $236,000. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Eastman Chemical by 6.2% in the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 343,674 shares of the basic materials company's stock valued at $30,281,000 after purchasing an additional 20,175 shares during the period. Allspring Global Investments Holdings LLC boosted its holdings in Eastman Chemical by 124.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 84,987 shares of the basic materials company's stock valued at $7,486,000 after purchasing an additional 47,137 shares during the period. Achmea Investment Management B.V. boosted its holdings in Eastman Chemical by 37.6% in the 1st quarter. Achmea Investment Management B.V. now owns 11,317 shares of the basic materials company's stock valued at $997,000 after purchasing an additional 3,090 shares during the period. Finally, Robeco Institutional Asset Management B.V. boosted its holdings in Eastman Chemical by 15.2% in the 1st quarter. Robeco Institutional Asset Management B.V. now owns 22,779 shares of the basic materials company's stock valued at $2,007,000 after purchasing an additional 3,005 shares during the period. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Price Performance

EMN stock traded up $0.14 during trading on Friday, reaching $80.06. 798,044 shares of the company were exchanged, compared to its average volume of 1,237,446. The company has a 50-day moving average of $78.58 and a two-hundred day moving average of $86.39. 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 Company has a twelve month low of $70.90 and a twelve month high of $114.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.72 and a quick ratio of 0.79.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate 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 analysts' expectations of $2.35 billion. During the same period in the prior year, the company posted $1.61 EPS. The company's revenue was down .9% on a year-over-year basis. As a group, equities analysts predict that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 4.15%. The ex-dividend date is Friday, June 13th. Eastman Chemical's dividend payout ratio (DPR) is currently 42.24%.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Piper Sandler cut their price objective on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a report on Monday, April 7th. KeyCorp cut their price target on shares of Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Wall Street Zen downgraded shares of Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. Citigroup raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and cut their price target for the stock from $105.00 to $101.00 in a report on Friday, April 4th. Finally, Mizuho raised shares of Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price target for the company in a report on Thursday, April 3rd. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.54.

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.