Teacher Retirement System of Texas Takes $1.49 Million Position in Eastman Chemical Company (NYSE:EMN)

Teacher Retirement System of Texas acquired a new position in shares of Eastman Chemical Company (NYSE:EMN - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 16,955 shares of the basic materials company's stock, valued at approximately $1,494,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in EMN. Brighton Jones LLC purchased a new stake in shares of Eastman Chemical during the 4th quarter valued at about $202,000. Proficio Capital Partners LLC purchased a new stake in shares of Eastman Chemical during the 4th quarter valued at about $75,000. Assetmark Inc. raised its holdings in shares of Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock valued at $34,000 after buying an additional 296 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Eastman Chemical by 6.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 66,424 shares of the basic materials company's stock valued at $6,066,000 after buying an additional 3,837 shares during the period. Finally, Daiwa Securities Group Inc. raised its holdings in shares of Eastman Chemical by 7.2% during the 4th quarter. Daiwa Securities Group Inc. now owns 15,417 shares of the basic materials company's stock valued at $1,408,000 after buying an additional 1,033 shares during the period. Hedge funds and other institutional investors own 83.65% of the company's stock.

Analysts Set New Price Targets

Several research firms have issued reports on EMN. Piper Sandler dropped their price objective on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. Royal Bank Of Canada upgraded Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price objective for the company in a research report on Wednesday, April 9th. Wells Fargo & Company reduced their price target on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Barclays dropped their price objective on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 29th. Finally, Citigroup raised Eastman Chemical from a "neutral" rating to a "buy" rating and cut their target price for the stock from $105.00 to $101.00 in a research report on Friday, April 4th. Six research 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, the company presently has an average rating of "Moderate Buy" and a consensus price target of $98.08.

Eastman Chemical Price Performance

Shares of EMN opened at $80.29 on Friday. The company has a current ratio of 1.72, a quick ratio of 0.79 and a debt-to-equity ratio of 0.80. Eastman Chemical Company has a 1 year low of $70.90 and a 1 year high of $114.50. The stock has a market cap of $9.27 billion, a P/E ratio of 10.22, a price-to-earnings-growth ratio of 1.95 and a beta of 1.22. The stock's 50-day moving average price is $78.94 and its two-hundred day moving average price is $86.01.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, beating 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 business had revenue of $2.29 billion for the quarter, compared to analysts' expectations of $2.35 billion. During the same quarter in the previous year, the business posted $1.61 EPS. Eastman Chemical's revenue for the quarter was down .9% on a year-over-year basis. On average, equities analysts predict that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Friday, June 13th were given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 4.14%. The ex-dividend date was 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.

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