California Public Employees Retirement System Has $20.10 Million Stock Holdings in Eastman Chemical (NYSE:EMN)

California Public Employees Retirement System reduced its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 4.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 223,814 shares of the basic materials company's stock after selling 10,257 shares during the quarter. California Public Employees Retirement System owned approximately 0.19% of Eastman Chemical worth $20,103,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Eastman Chemical during the 4th quarter worth $26,000. First Command Advisory Services Inc. acquired a new position in Eastman Chemical during the 3rd quarter valued at about $26,000. Sound Income Strategies LLC increased its position in Eastman Chemical by 213.8% during the 4th quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company's stock valued at $37,000 after buying an additional 278 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new position in Eastman Chemical during the 4th quarter valued at about $38,000. Finally, WASHINGTON TRUST Co increased its position in Eastman Chemical by 426.6% during the 4th quarter. WASHINGTON TRUST Co now owns 495 shares of the basic materials company's stock valued at $44,000 after buying an additional 401 shares in the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Stock Performance

EMN traded up $1.78 on Monday, hitting $97.34. 1,308,256 shares of the company traded hands, compared to its average volume of 1,094,609. The company has a 50 day moving average of $93.98 and a 200-day moving average of $86.56. The company has a quick ratio of 0.70, a current ratio of 1.35 and a debt-to-equity ratio of 0.78. The stock has a market capitalization of $11.45 billion, a PE ratio of 12.63, a PEG ratio of 1.06 and a beta of 1.54. Eastman Chemical has a 12-month low of $68.89 and a 12-month high of $102.71.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.20. The business had revenue of $2.31 billion for the quarter, compared to analysts' expectations of $2.29 billion. Eastman Chemical had a return on equity of 13.95% and a net margin of 10.16%. The company's revenue was down 4.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.63 EPS. Sell-side analysts anticipate that Eastman Chemical will post 7.71 earnings per share for the current year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were issued a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date of this dividend was Thursday, March 14th. Eastman Chemical's dividend payout ratio (DPR) is presently 41.75%.

Insider Transactions at Eastman Chemical

In related news, SVP Adrian James Holt sold 4,735 shares of the stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 2.28% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the company. Bank of America reduced their target price on Eastman Chemical from $113.00 to $112.00 and set a "buy" rating on the stock in a research report on Monday. Citigroup upped their target price on Eastman Chemical from $95.00 to $114.00 and gave the stock a "buy" rating in a research note on Wednesday, April 10th. Mizuho increased their price target on Eastman Chemical from $91.00 to $102.00 and gave the stock a "neutral" rating in a research report on Friday. Royal Bank of Canada increased their price target on Eastman Chemical from $89.00 to $100.00 and gave the stock a "sector perform" rating in a research report on Friday, April 19th. Finally, Jefferies Financial Group upgraded Eastman Chemical from a "hold" rating to a "buy" rating and raised their target price for the company from $102.00 to $125.00 in a research report on Monday. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical presently has a consensus rating of "Moderate Buy" and an average price target of $101.41.

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.