Letko Brosseau & Associates Inc. Lowers Holdings in Eastman Chemical (NYSE:EMN)

Letko Brosseau & Associates Inc. cut its stake in Eastman Chemical (NYSE:EMN - Free Report) by 0.9% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 843,066 shares of the basic materials company's stock after selling 8,035 shares during the period. Eastman Chemical comprises approximately 1.5% of Letko Brosseau & Associates Inc.'s portfolio, making the stock its 23rd largest position. Letko Brosseau & Associates Inc. owned approximately 0.73% of Eastman Chemical worth $76,989,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Barclays PLC boosted its stake in shares of Eastman Chemical by 3.5% in the third quarter. Barclays PLC now owns 315,044 shares of the basic materials company's stock valued at $35,268,000 after buying an additional 10,695 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in Eastman Chemical by 6.8% in the third quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company's stock valued at $16,588,000 after acquiring an additional 9,447 shares during the period. Wealth Enhancement Advisory Services LLC boosted its position in shares of Eastman Chemical by 5.4% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 15,140 shares of the basic materials company's stock worth $1,383,000 after purchasing an additional 777 shares in the last quarter. Czech National Bank grew its stake in shares of Eastman Chemical by 5.5% during the 4th quarter. Czech National Bank now owns 25,133 shares of the basic materials company's stock worth $2,295,000 after purchasing an additional 1,320 shares during the period. Finally, Cooper Financial Group increased its holdings in shares of Eastman Chemical by 7.4% in the 4th quarter. Cooper Financial Group now owns 3,725 shares of the basic materials company's stock valued at $340,000 after purchasing an additional 256 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Up 0.0%

Shares of Eastman Chemical stock opened at $77.48 on Monday. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 12-month low of $70.90 and a 12-month high of $114.50. The firm has a market capitalization of $8.95 billion, a PE ratio of 10.09, a price-to-earnings-growth ratio of 1.22 and a beta of 1.29. The stock's fifty day moving average is $83.14 and its 200-day moving average is $92.64.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping the consensus estimate of $1.89 by $0.02. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The company had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same period last year, the company posted $1.61 earnings per share. The business's revenue for the quarter was down .9% on a year-over-year basis. Equities analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th will be given a $0.83 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 annualized dividend and a dividend yield of 4.28%. Eastman Chemical's dividend payout ratio (DPR) is presently 42.24%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on EMN. Royal Bank of Canada raised shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price objective on the stock in a report on Wednesday, April 9th. KeyCorp lowered their price target on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. Wells Fargo & Company reduced their price objective on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Piper Sandler cut their price objective on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. Finally, StockNews.com cut Eastman Chemical from a "buy" rating to a "hold" rating in a research note on Monday, April 28th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $99.15.

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.

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