Northern Trust Corp Grows Position in Eastman Chemical (NYSE:EMN)

Northern Trust Corp increased its position in Eastman Chemical (NYSE:EMN - Free Report) by 10.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,377,400 shares of the basic materials company's stock after buying an additional 128,488 shares during the quarter. Northern Trust Corp owned 1.19% of Eastman Chemical worth $125,784,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Crews Bank & Trust purchased a new position in shares of Eastman Chemical during the fourth quarter valued at about $27,000. Picton Mahoney Asset Management grew its position in shares of Eastman Chemical by 62.3% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after purchasing an additional 124 shares in the last quarter. Assetmark Inc. grew its holdings in 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 in the last quarter. Bradley & Co. Private Wealth Management LLC bought a new stake in shares of Eastman Chemical in the 4th quarter valued at approximately $35,000. Finally, Stonebridge Financial Group LLC bought a new stake in shares of Eastman Chemical during the fourth quarter worth $37,000. Institutional investors own 83.65% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports 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 target price for the company in a report on Wednesday, April 9th. Citigroup upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their price objective for the company from $105.00 to $101.00 in a report on Friday, April 4th. StockNews.com lowered Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Monday, April 28th. Barclays decreased their price target on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating for the company in a report on Tuesday, April 29th. Finally, Piper Sandler decreased 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. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Eastman Chemical has an average rating of "Moderate Buy" and an average price target of $99.15.

Eastman Chemical Stock Performance

NYSE EMN traded up $2.90 on Thursday, reaching $78.17. The stock had a trading volume of 441,024 shares, compared to its average volume of 1,048,112. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The company has a market cap of $9.03 billion, a P/E ratio of 10.16, a price-to-earnings-growth ratio of 1.22 and a beta of 1.29. The firm has a fifty day moving average of $83.79 and a two-hundred day moving average of $93.25. Eastman Chemical has a 1-year low of $70.90 and a 1-year high of $114.50.

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

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be issued a dividend of $0.83 per share. The ex-dividend date is Friday, June 13th. This represents a $3.32 annualized dividend and a yield of 4.25%. Eastman Chemical's payout ratio is 42.24%.

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.