The Manufacturers Life Insurance Company Sells 4,797 Shares of Eastman Chemical (NYSE:EMN)

The Manufacturers Life Insurance Company decreased its holdings in shares of Eastman Chemical (NYSE:EMN - Free Report) by 4.6% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 100,357 shares of the basic materials company's stock after selling 4,797 shares during the period. The Manufacturers Life Insurance Company owned approximately 0.09% of Eastman Chemical worth $9,165,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. James J. Burns & Company LLC purchased a new position in Eastman Chemical in the 4th quarter worth about $741,000. Goelzer Investment Management Inc. acquired a new position in shares of Eastman Chemical in the fourth quarter worth about $3,319,000. Dakota Wealth Management increased its position in shares of Eastman Chemical by 14.6% in the fourth quarter. Dakota Wealth Management now owns 44,675 shares of the basic materials company's stock worth $4,081,000 after acquiring an additional 5,700 shares in the last quarter. Olstein Capital Management L.P. boosted its stake in Eastman Chemical by 16.1% in the 4th quarter. Olstein Capital Management L.P. now owns 66,779 shares of the basic materials company's stock worth $6,098,000 after purchasing an additional 9,279 shares during the period. Finally, Barclays PLC grew its position in Eastman Chemical by 3.5% during the 3rd quarter. Barclays PLC now owns 315,044 shares of the basic materials company's stock worth $35,268,000 after purchasing an additional 10,695 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on EMN shares. StockNews.com lowered Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. Barclays decreased their price objective on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 29th. Citigroup upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their target price for the company from $105.00 to $101.00 in a report on Friday, April 4th. Piper Sandler decreased their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Finally, Royal Bank of Canada upgraded 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 research note on Wednesday, April 9th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $99.15.

Eastman Chemical Stock Up 0.0 %

Shares of NYSE:EMN traded up $0.03 on Friday, reaching $77.48. The company had a trading volume of 1,198,109 shares, compared to its average volume of 1,054,437. The stock has a market capitalization of $8.95 billion, a P/E ratio of 10.09, a P/E/G ratio of 1.22 and a beta of 1.29. The stock has a 50-day moving average price of $83.14 and a 200 day moving average price of $92.84. Eastman Chemical has a twelve month low of $70.90 and a twelve month high of $114.50. 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 (NYSE:EMN - Get Free Report) last posted its earnings results 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. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the previous year, the company earned $1.61 EPS. The company's revenue for the quarter was down .9% on a year-over-year basis. On average, equities analysts expect that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

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

Eastman Chemical 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.