Eastman Chemical (NYSE:EMN) Holdings Decreased by Retirement Systems of Alabama

Retirement Systems of Alabama reduced its holdings in Eastman Chemical (NYSE:EMNFree Report) by 0.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 25,890 shares of the basic materials company’s stock after selling 242 shares during the period. Retirement Systems of Alabama’s holdings in Eastman Chemical were worth $2,595,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently bought and sold shares of EMN. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Eastman Chemical in the fourth quarter worth approximately $26,000. Northwest Investment Counselors LLC purchased a new stake in Eastman Chemical in the 1st quarter worth approximately $34,000. Sound Income Strategies LLC boosted its stake in shares of 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 during the period. Bruce G. Allen Investments LLC purchased a new position in shares of Eastman Chemical during the 4th quarter valued at $38,000. Finally, Advantage Trust Co acquired a new position in shares of Eastman Chemical in the fourth quarter worth $40,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts recently issued reports on EMN shares. Barclays boosted their target price on Eastman Chemical from $85.00 to $103.00 and gave the company an “equal weight” rating in a research note on Monday, May 6th. Mizuho increased their price objective on Eastman Chemical from $91.00 to $102.00 and gave the stock a “neutral” rating in a report on Friday, April 26th. Citigroup cut their price objective on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. Piper Sandler boosted their target price on shares of Eastman Chemical from $90.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 30th. Finally, KeyCorp raised their price target on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Seven equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $107.31.

Check Out Our Latest Analysis on EMN

Eastman Chemical Price Performance

NYSE EMN opened at $94.50 on Friday. The stock has a 50-day simple moving average of $99.20 and a 200 day simple moving average of $93.51. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $105.98. The stock has a market capitalization of $11.12 billion, a PE ratio of 12.18, a P/E/G ratio of 1.03 and a beta of 1.46. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39.

Eastman Chemical (NYSE:EMNGet Free Report) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. The company had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.29 billion. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same period in the previous year, the company earned $1.63 earnings per share. Research analysts anticipate that Eastman Chemical will post 7.69 EPS for the current year.

Eastman Chemical Dividend Announcement

The business also recently declared 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 of this dividend is Monday, June 17th. This represents a $3.24 annualized dividend and a yield of 3.43%. Eastman Chemical’s dividend payout ratio is 41.75%.

Insider Transactions at Eastman Chemical

In related news, SVP Adrian James Holt sold 3,662 shares of the stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $101.26, for a total value of $370,814.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Adrian James Holt sold 3,662 shares of the company’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $101.26, for a total value of $370,814.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Mark J. Costa sold 102,390 shares of Eastman Chemical stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the sale, the chief executive officer now owns 395,699 shares in the company, valued at approximately $39,878,545.22. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 108,027 shares of company stock worth $10,885,638. 2.28% of the stock is currently owned by company insiders.

Eastman Chemical Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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