Eastman Chemical Company $EMN Stock Holdings Trimmed by Aberdeen Group plc

Aberdeen Group plc lessened its position in shares of Eastman Chemical Company (NYSE:EMN) by 90.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,539 shares of the basic materials company’s stock after selling 59,921 shares during the period. Aberdeen Group plc’s holdings in Eastman Chemical were worth $410,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in the company. MUFG Securities EMEA plc acquired a new stake in shares of Eastman Chemical during the 2nd quarter valued at approximately $25,000. Loomis Sayles & Co. L P bought a new stake in Eastman Chemical during the second quarter valued at $33,000. Financial Consulate Inc. acquired a new stake in shares of Eastman Chemical during the third quarter worth $42,000. Heartwood Wealth Advisors LLC bought a new position in shares of Eastman Chemical in the 3rd quarter worth about $44,000. Finally, Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of Eastman Chemical in the 3rd quarter valued at about $49,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Trading Up 1.4%

Shares of NYSE:EMN opened at $79.13 on Monday. The company has a 50 day moving average of $69.98 and a 200-day moving average of $65.62. The company has a current ratio of 1.37, a quick ratio of 0.63 and a debt-to-equity ratio of 0.70. The firm has a market cap of $9.03 billion, a P/E ratio of 19.35, a P/E/G ratio of 1.74 and a beta of 1.23. Eastman Chemical Company has a twelve month low of $56.11 and a twelve month high of $101.00.

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

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, April 8th. Investors of record on Friday, March 13th will be paid a dividend of $0.84 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.36 annualized dividend and a yield of 4.2%. Eastman Chemical’s dividend payout ratio (DPR) is currently 82.15%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. KeyCorp reiterated an “overweight” rating on shares of Eastman Chemical in a research note on Monday, February 2nd. Wells Fargo & Company reiterated an “equal weight” rating and set a $70.00 price target on shares of Eastman Chemical in a research report on Friday, December 19th. Deutsche Bank Aktiengesellschaft raised their price target on Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a report on Monday, February 2nd. Evercore set a $75.00 price objective on Eastman Chemical in a research note on Wednesday. Finally, Bank of America raised their target price on Eastman Chemical from $74.00 to $79.00 and gave the company a “buy” rating in a research note on Monday, February 2nd. Seven analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $79.21.

About Eastman Chemical

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.