Eastman Chemical Company $EMN Stock Holdings Lowered by Citigroup Inc.

Citigroup Inc. cut its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 22.8% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 171,080 shares of the basic materials company’s stock after selling 50,629 shares during the period. Citigroup Inc. owned approximately 0.15% of Eastman Chemical worth $10,787,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. MUFG Securities EMEA plc acquired a new stake in shares of Eastman Chemical during the 2nd quarter valued at $25,000. Loomis Sayles & Co. L P acquired a new position in shares of Eastman Chemical in the 2nd quarter worth $33,000. Rothschild Investment LLC raised its position in shares of Eastman Chemical by 65.6% during the third quarter. Rothschild Investment LLC now owns 578 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 229 shares during the period. Financial Consulate Inc. purchased a new stake in shares of Eastman Chemical during the third quarter valued at $42,000. Finally, Heartwood Wealth Advisors LLC acquired a new position in shares of Eastman Chemical in the 3rd quarter valued at $44,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Performance

Shares of EMN opened at $75.42 on Friday. The company has a market capitalization of $8.61 billion, a PE ratio of 18.44, a PEG ratio of 1.66 and a beta of 1.23. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.63 and a current ratio of 1.37. The company’s 50 day moving average price is $71.19 and its 200 day moving average price is $66.08. Eastman Chemical Company has a 52 week low of $56.11 and a 52 week high of $99.89.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The company had revenue of $1.97 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same quarter in the prior year, the firm earned $1.87 earnings per share. The company’s revenue was down 12.1% on a year-over-year basis. Research analysts expect that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 8th. Shareholders of record on Friday, March 13th will be given a $0.84 dividend. This represents a $3.36 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Friday, March 13th. Eastman Chemical’s dividend payout ratio is presently 82.15%.

Wall Street Analyst Weigh In

Several research firms have issued reports on EMN. Bank of America boosted their price objective on Eastman Chemical from $74.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Eastman Chemical from $64.00 to $72.00 and gave the company a “hold” rating in a report on Monday, February 2nd. JPMorgan Chase & Co. raised their price objective on shares of Eastman Chemical from $60.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, February 2nd. KeyCorp reiterated an “overweight” rating on shares of Eastman Chemical in a research report on Monday, February 2nd. Finally, Evercore set a $75.00 target price on shares of Eastman Chemical in a research note on Wednesday, February 18th. Seven research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $79.21.

Eastman Chemical Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.