Eastman Chemical (NYSE:EMN) Shares Acquired by Victory Capital Management Inc.

Victory Capital Management Inc. raised its stake in Eastman Chemical (NYSE:EMN - Free Report) by 8.8% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 212,149 shares of the basic materials company's stock after acquiring an additional 17,089 shares during the period. Victory Capital Management Inc. owned about 0.18% of Eastman Chemical worth $19,055,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Morgan Stanley raised its holdings in Eastman Chemical by 1.0% during the 3rd quarter. Morgan Stanley now owns 3,978,856 shares of the basic materials company's stock worth $305,258,000 after purchasing an additional 39,860 shares during the last quarter. Invesco Ltd. grew its position in shares of Eastman Chemical by 37.4% in the 3rd quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company's stock valued at $214,496,000 after purchasing an additional 760,974 shares during the period. Massachusetts Financial Services Co. MA increased its position in shares of Eastman Chemical by 2.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,407,774 shares of the basic materials company's stock worth $184,724,000 after acquiring an additional 51,788 shares in the last quarter. Earnest Partners LLC increased its holdings in Eastman Chemical by 19.9% during the 3rd quarter. Earnest Partners LLC now owns 1,807,691 shares of the basic materials company's stock worth $138,686,000 after purchasing an additional 299,951 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Eastman Chemical by 1.8% during the 3rd quarter. Northern Trust Corp now owns 1,328,396 shares of the basic materials company's stock worth $101,915,000 after acquiring an additional 23,009 shares in the last quarter. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Price Performance

Shares of EMN traded down $0.06 during trading hours on Friday, hitting $101.03. 809,069 shares of the company were exchanged, compared to its average volume of 1,071,045. The firm's fifty day moving average is $96.10 and its 200 day moving average is $87.94. The company has a market cap of $11.89 billion, a price-to-earnings ratio of 13.03, a P/E/G ratio of 1.06 and a beta of 1.54. The company has a quick ratio of 0.71, a current ratio of 1.39 and a debt-to-equity ratio of 0.77. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $102.71.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating 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 net margin of 10.16% and a return on equity of 13.84%. The firm's quarterly revenue was down 4.2% compared to the same quarter last year. During the same period last year, the firm posted $1.63 earnings per share. On average, equities analysts anticipate that Eastman Chemical will post 7.75 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th will be given a $0.81 dividend. The ex-dividend date is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a yield of 3.21%. Eastman Chemical's dividend payout ratio is currently 41.75%.

Analyst Upgrades and Downgrades

EMN has been the subject of a number of analyst reports. Redburn Atlantic initiated coverage on Eastman Chemical in a research note on Thursday, February 15th. They issued a "buy" rating and a $110.00 price target for the company. Royal Bank of Canada boosted their price objective on shares of Eastman Chemical from $100.00 to $104.00 and gave the stock a "sector perform" rating in a research note on Tuesday, April 30th. Stifel Nicolaus reduced their target price on Eastman Chemical from $102.00 to $101.00 and set a "buy" rating for the company in a research note on Monday, February 5th. Barclays increased their price target on Eastman Chemical from $85.00 to $103.00 and gave the company an "equal weight" rating in a research note on Monday. Finally, KeyCorp increased their price objective on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, April 9th. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $104.18.

Insider Transactions at Eastman Chemical

In related news, SVP Adrian James Holt sold 4,735 shares of the firm's stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark J. Costa sold 102,390 shares of the business's stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the transaction, the chief executive officer now directly owns 395,699 shares in the company, valued at $39,878,545.22. The disclosure for this sale can be found here. Company insiders own 2.27% of the company's stock.

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.