South Dakota Investment Council Raises Stock Holdings in Eastman Chemical Company (NYSE:EMN)

South Dakota Investment Council increased its position in Eastman Chemical Company (NYSE:EMN - Free Report) by 10.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 83,138 shares of the basic materials company's stock after buying an additional 7,700 shares during the quarter. South Dakota Investment Council owned 0.07% of Eastman Chemical worth $7,325,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Beverly Hills Private Wealth LLC increased its position in Eastman Chemical by 4.5% during the 1st quarter. Beverly Hills Private Wealth LLC now owns 3,304 shares of the basic materials company's stock valued at $291,000 after purchasing an additional 143 shares during the period. Prudent Man Advisors LLC increased its position in Eastman Chemical by 2.2% during the 1st quarter. Prudent Man Advisors LLC now owns 6,651 shares of the basic materials company's stock valued at $586,000 after purchasing an additional 144 shares during the period. Roman Butler Fullerton & Co. increased its position in Eastman Chemical by 6.1% during the 1st quarter. Roman Butler Fullerton & Co. now owns 2,864 shares of the basic materials company's stock valued at $252,000 after purchasing an additional 164 shares during the period. Goelzer Investment Management Inc. increased its position in Eastman Chemical by 0.5% during the 1st quarter. Goelzer Investment Management Inc. now owns 36,505 shares of the basic materials company's stock valued at $3,216,000 after purchasing an additional 164 shares during the period. Finally, TD Private Client Wealth LLC increased its position in Eastman Chemical by 46.4% during the 1st quarter. TD Private Client Wealth LLC now owns 536 shares of the basic materials company's stock valued at $47,000 after purchasing an additional 170 shares during the period. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Price Performance

Shares of NYSE:EMN opened at $77.74 on Friday. The firm's 50 day moving average price is $79.08 and its 200-day moving average price is $85.51. Eastman Chemical Company has a twelve month low of $70.90 and a twelve month high of $114.50. The company has a quick ratio of 0.79, a current ratio of 1.72 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $8.98 billion, a PE ratio of 9.89, a price-to-earnings-growth ratio of 1.87 and a beta of 1.22.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data 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. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the firm posted $1.61 EPS. The company's revenue was down .9% on a year-over-year basis. Equities research analysts expect that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Friday, June 13th were issued a $0.83 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $3.32 annualized dividend and a dividend yield of 4.27%. Eastman Chemical's payout ratio is currently 42.24%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on EMN. Piper Sandler reduced their target price 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. Citigroup raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and reduced their target price for the stock from $105.00 to $101.00 in a research report on Friday, April 4th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and issued a $76.00 target price (down from $112.00) on shares of Eastman Chemical in a research report on Monday, April 28th. Morgan Stanley reduced their target price on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. Finally, UBS Group reduced their target price on shares of Eastman Chemical from $107.00 to $101.00 and set a "buy" rating on the stock in a research report on Wednesday, July 9th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $97.08.

Eastman Chemical Company 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.

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