Olstein Capital Management L.P. Raises Holdings in Eastman Chemical (NYSE:EMN)

Olstein Capital Management L.P. boosted its holdings in shares of Eastman Chemical (NYSE:EMN - Free Report) by 6.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 71,000 shares of the basic materials company's stock after purchasing an additional 4,221 shares during the quarter. Olstein Capital Management L.P. owned about 0.06% of Eastman Chemical worth $6,256,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Private Trust Co. NA lifted its holdings in shares of Eastman Chemical by 14.0% in the fourth quarter. Private Trust Co. NA now owns 837 shares of the basic materials company's stock worth $76,000 after buying an additional 103 shares in the last quarter. Blue Trust Inc. lifted its stake in Eastman Chemical by 2.2% in the 4th quarter. Blue Trust Inc. now owns 5,505 shares of the basic materials company's stock worth $503,000 after purchasing an additional 116 shares in the last quarter. Picton Mahoney Asset Management boosted its holdings in shares of Eastman Chemical by 62.3% during the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after purchasing an additional 124 shares during the last quarter. Global Retirement Partners LLC grew its position in shares of Eastman Chemical by 1.4% during the fourth quarter. Global Retirement Partners LLC now owns 9,268 shares of the basic materials company's stock valued at $846,000 after purchasing an additional 132 shares in the last quarter. Finally, Metis Global Partners LLC increased its holdings in shares of Eastman Chemical by 3.8% in the fourth quarter. Metis Global Partners LLC now owns 3,878 shares of the basic materials company's stock worth $354,000 after purchasing an additional 143 shares during the last quarter. Institutional investors own 83.65% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. Mizuho raised Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price target for the company in a research note on Thursday, April 3rd. Citigroup raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and cut their target price for the company from $105.00 to $101.00 in a report on Friday, April 4th. Piper Sandler decreased their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Wall Street Zen lowered shares of Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Monday, April 28th. Finally, JPMorgan Chase & Co. restated a "neutral" rating and issued a $76.00 target price (down from $112.00) on shares of Eastman Chemical in a report on Monday, April 28th. 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, Eastman Chemical presently has a consensus rating of "Moderate Buy" and an average target price of $98.54.

Eastman Chemical Trading Down 1.4%

Shares of EMN stock traded down $1.16 on Thursday, reaching $78.88. 1,446,818 shares of the company's stock were exchanged, compared to its average volume of 1,163,626. The company's fifty day simple moving average is $78.81 and its 200 day simple moving average is $89.30. The stock has a market capitalization of $9.11 billion, a PE ratio of 10.27, a P/E/G ratio of 1.22 and a beta of 1.25. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 52 week low of $70.90 and a 52 week high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.89 by $0.02. The firm 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%. The business's revenue was down .9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.61 earnings per share. As a group, analysts forecast that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 4.21%. The ex-dividend date is Friday, June 13th. Eastman Chemical's dividend 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.