Teachers Retirement System of The State of Kentucky Lowers Holdings in Eastman Chemical Company $EMN

Teachers Retirement System of The State of Kentucky lowered its position in Eastman Chemical Company (NYSE:EMN - Free Report) by 88.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 28,644 shares of the basic materials company's stock after selling 223,433 shares during the quarter. Teachers Retirement System of The State of Kentucky's holdings in Eastman Chemical were worth $1,829,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. MUFG Securities EMEA plc purchased a new position in Eastman Chemical in the second quarter worth approximately $25,000. Brown Lisle Cummings Inc. lifted its stake in Eastman Chemical by 70.0% in the fourth quarter. Brown Lisle Cummings Inc. now owns 425 shares of the basic materials company's stock worth $27,000 after acquiring an additional 175 shares during the last quarter. Lodestone Wealth Management LLC purchased a new position in Eastman Chemical in the fourth quarter worth approximately $33,000. Rothschild Investment LLC lifted its stake in Eastman Chemical by 65.6% in the third quarter. Rothschild Investment LLC now owns 578 shares of the basic materials company's stock worth $36,000 after acquiring an additional 229 shares during the last quarter. Finally, Capital Advisors Ltd. LLC lifted its stake in Eastman Chemical by 97.7% in the fourth quarter. Capital Advisors Ltd. LLC now owns 609 shares of the basic materials company's stock worth $39,000 after acquiring an additional 301 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock opened at $71.61 on Wednesday. The firm's fifty day simple moving average is $72.88 and its 200-day simple moving average is $67.95. The stock has a market capitalization of $8.17 billion, a price-to-earnings ratio of 17.51, a PEG ratio of 0.97 and a beta of 1.16. Eastman Chemical Company has a 12 month low of $56.11 and a 12 month high of $84.18. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.37 and a quick ratio of 0.63.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its earnings results on Thursday, January 29th. The basic materials company reported $0.75 EPS for the quarter, missing analysts' consensus estimates of $0.76 by ($0.01). The business had revenue of $1.97 billion during the quarter, compared to analyst estimates of $2.03 billion. Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The business's revenue was down 12.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.87 earnings per share. As a group, equities analysts forecast that Eastman Chemical Company will post 5.85 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 8th. Stockholders of record on Friday, March 13th were issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 4.7%. The ex-dividend date of this dividend was Friday, March 13th. Eastman Chemical's payout ratio is presently 82.15%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on EMN shares. KeyCorp reiterated an "overweight" rating on shares of Eastman Chemical in a research note on Monday, February 2nd. Zacks Research upgraded shares of Eastman Chemical from a "strong sell" rating to a "hold" rating in a research note on Wednesday, March 4th. Royal Bank Of Canada reissued a "sector perform" rating and set a $79.00 price objective on shares of Eastman Chemical in a report on Wednesday, February 4th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of Eastman Chemical from $64.00 to $72.00 and gave the stock a "hold" rating in a report on Monday, February 2nd. Finally, JPMorgan Chase & Co. raised shares of Eastman Chemical from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $70.00 to $80.00 in a report on Tuesday, April 14th. Six investment analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company. Based on data from MarketBeat, Eastman Chemical has a consensus rating of "Hold" and a consensus price target of $76.36.

Eastman Chemical Profile

Eastman Chemical Company NYSE: EMN is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company's main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.