Eastman Chemical Company $EMN Stock Position Lowered by Barclays PLC

Barclays PLC lowered its position in shares of Eastman Chemical Company (NYSE:EMN) by 28.1% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 484,921 shares of the basic materials company’s stock after selling 189,718 shares during the quarter. Barclays PLC owned 0.43% of Eastman Chemical worth $30,574,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of EMN. Vanguard Group Inc. lifted its holdings in Eastman Chemical by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 14,659,591 shares of the basic materials company’s stock valued at $1,094,485,000 after acquiring an additional 79,988 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Eastman Chemical by 14.4% during the third quarter. Dimensional Fund Advisors LP now owns 4,052,656 shares of the basic materials company’s stock valued at $255,515,000 after purchasing an additional 509,290 shares during the last quarter. Invesco Ltd. boosted its holdings in Eastman Chemical by 6.8% during the second quarter. Invesco Ltd. now owns 2,993,687 shares of the basic materials company’s stock worth $223,509,000 after buying an additional 191,461 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Eastman Chemical by 1.4% during the second quarter. Geode Capital Management LLC now owns 2,955,625 shares of the basic materials company’s stock worth $220,252,000 after buying an additional 39,510 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in Eastman Chemical by 5.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 2,934,952 shares of the basic materials company’s stock worth $219,124,000 after buying an additional 155,574 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Zacks Research raised Eastman Chemical from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Citigroup boosted their price objective on Eastman Chemical from $75.00 to $78.00 and gave the stock a “buy” rating in a report on Tuesday, February 3rd. Deutsche Bank Aktiengesellschaft raised their target price on shares of Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a report on Monday, February 2nd. Royal Bank Of Canada restated a “sector perform” rating and set a $79.00 price target on shares of Eastman Chemical in a report on Wednesday, February 4th. Finally, Bank of America raised their price objective on shares of Eastman Chemical from $74.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. Seven equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat.com, Eastman Chemical currently has an average rating of “Hold” and a consensus target price of $79.21.

Eastman Chemical Price Performance

EMN opened at $69.23 on Wednesday. The stock has a fifty day moving average price of $72.41 and a 200 day moving average price of $66.34. The company has a current ratio of 1.37, a quick ratio of 0.63 and a debt-to-equity ratio of 0.70. Eastman Chemical Company has a 1 year low of $56.11 and a 1 year high of $97.08. The stock has a market cap of $7.90 billion, a price-to-earnings ratio of 16.93, a PEG ratio of 1.54 and a beta of 1.20.

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

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 8th. Shareholders of record on Friday, March 13th will be paid a $0.84 dividend. The ex-dividend date is Friday, March 13th. This represents a $3.36 dividend on an annualized basis and a yield of 4.9%. Eastman Chemical’s payout ratio is 82.15%.

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.