abrdn plc Buys 2,158 Shares of Eastman Chemical (NYSE:EMN)

abrdn plc raised its stake in Eastman Chemical (NYSE:EMN – Get Rating) by 7.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 31,985 shares of the basic materials company’s stock after purchasing an additional 2,158 shares during the period. abrdn plc’s holdings in Eastman Chemical were worth $2,605,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Parkside Financial Bank & Trust increased its stake in Eastman Chemical by 66.5% in the first quarter. Parkside Financial Bank & Trust now owns 521 shares of the basic materials company’s stock valued at $58,000 after purchasing an additional 208 shares in the last quarter. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Eastman Chemical by 593.1% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 603 shares of the basic materials company’s stock valued at $49,000 after buying an additional 516 shares during the last quarter. Ellevest Inc. grew its holdings in shares of Eastman Chemical by 68.0% during the fourth quarter. Ellevest Inc. now owns 610 shares of the basic materials company’s stock valued at $50,000 after buying an additional 247 shares during the last quarter. Covestor Ltd grew its holdings in shares of Eastman Chemical by 431.9% during the first quarter. Covestor Ltd now owns 766 shares of the basic materials company’s stock valued at $86,000 after buying an additional 622 shares during the last quarter. Finally, Tevis Investment Management grew its holdings in shares of Eastman Chemical by 33.3% during the third quarter. Tevis Investment Management now owns 808 shares of the basic materials company’s stock valued at $57,000 after buying an additional 202 shares during the last quarter. 83.42% of the stock is owned by institutional investors.

Eastman Chemical Stock Performance

NYSE EMN opened at $82.47 on Wednesday. The company’s 50 day moving average is $81.35 and its 200-day moving average is $84.31. Eastman Chemical has a 12-month low of $69.91 and a 12-month high of $112.78. The company has a quick ratio of 0.68, a current ratio of 1.34 and a debt-to-equity ratio of 0.88. The firm has a market cap of $9.83 billion, a P/E ratio of 14.67, a price-to-earnings-growth ratio of 1.08 and a beta of 1.50.

Eastman Chemical (NYSE:EMN – Get Rating) last posted its quarterly earnings results on Friday, April 28th. The basic materials company reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.22 by $0.41. Eastman Chemical had a net margin of 6.73% and a return on equity of 17.03%. The company had revenue of $2.41 billion for the quarter, compared to analyst estimates of $2.43 billion. During the same quarter in the previous year, the firm posted $2.06 earnings per share. The company’s quarterly revenue was down 11.1% compared to the same quarter last year. Sell-side analysts predict that Eastman Chemical will post 7.94 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, July 7th. Investors of record on Thursday, June 15th will be issued a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 3.83%. The ex-dividend date of this dividend is Wednesday, June 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 56.23%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on EMN. Barclays lifted their price objective on shares of Eastman Chemical from $87.00 to $90.00 in a report on Monday, May 1st. Wells Fargo & Company cut their price target on shares of Eastman Chemical from $95.00 to $89.00 and set an “equal weight” rating on the stock in a report on Monday, April 17th. KeyCorp boosted their price target on shares of Eastman Chemical from $96.00 to $106.00 in a report on Monday, May 1st. Mizuho boosted their price target on shares of Eastman Chemical from $82.00 to $84.00 in a report on Tuesday, May 2nd. Finally, Scotiabank cut shares of Eastman Chemical from a “sector outperform” rating to a “sector perform” rating and cut their price target for the stock from $100.00 to $90.00 in a report on Monday, January 30th. Eleven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $95.31.

Eastman Chemical Profile

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Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Advanced Material (AM), Additives and Functional Products (AFP), Chemical Intermediates (CI), and Fibers. The AM segment produces and markets its polymers, films, and plastics with differentiated performance properties for value-added end uses in transportation, consumables, building and construction, durable goods, and health and wellness markets.