Yousif Capital Management LLC Sells 325 Shares of Eastman Chemical Company (NYSE:EMN)

Yousif Capital Management LLC reduced its stake in Eastman Chemical Company (NYSE:EMN) by 2.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 13,058 shares of the basic materials company’s stock after selling 325 shares during the period. Yousif Capital Management LLC’s holdings in Eastman Chemical were worth $1,151,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Picton Mahoney Asset Management increased its stake in shares of Eastman Chemical by 62.3% in the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock worth $29,000 after buying an additional 124 shares during the period. Assetmark Inc. increased its position in shares of Eastman Chemical by 384.4% in the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC purchased a new position in shares of Eastman Chemical in the fourth quarter valued at about $35,000. Headlands Technologies LLC bought a new position in shares of Eastman Chemical during the fourth quarter valued at about $43,000. Finally, Orion Capital Management LLC purchased a new stake in shares of Eastman Chemical during the fourth quarter worth about $47,000. Institutional investors own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on the company. Royal Bank Of Canada raised Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 price target for the company in a research report on Wednesday, April 9th. Piper Sandler decreased their target price on Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating for the company in a report on Monday, April 7th. KeyCorp dropped their price target on Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating for the company in a research note on Monday, April 28th. Morgan Stanley reduced their price objective on shares of Eastman Chemical from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Monday, April 28th. Finally, Wells Fargo & Company dropped their target price on shares of Eastman Chemical from $125.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Eastman Chemical currently has a consensus rating of “Moderate Buy” and an average price target of $98.54.

Eastman Chemical Trading Down 2.4%

NYSE:EMN opened at $75.18 on Wednesday. The firm has a market capitalization of $8.68 billion, a P/E ratio of 9.56, a PEG ratio of 1.80 and a beta of 1.25. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.72 and a quick ratio of 0.79. Eastman Chemical Company has a one year low of $70.90 and a one year high of $114.50. The company’s 50-day simple moving average is $78.96 and its 200 day simple moving average is $88.41.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.02. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. The firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the business earned $1.61 earnings per share. The business’s revenue was down .9% on a year-over-year basis. As a group, analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a yield of 4.42%. Eastman Chemical’s dividend payout ratio is currently 42.24%.

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.