Eastman Chemical Company $EMN Shares Sold by Vanguard Group Inc.

Vanguard Group Inc. lessened its position in shares of Eastman Chemical Company (NYSE:EMN) by 2.2% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,337,211 shares of the basic materials company’s stock after selling 322,380 shares during the period. Vanguard Group Inc. owned about 12.49% of Eastman Chemical worth $903,961,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. State of New Jersey Common Pension Fund D lifted its stake in Eastman Chemical by 6.9% during the third quarter. State of New Jersey Common Pension Fund D now owns 35,968 shares of the basic materials company’s stock worth $2,268,000 after purchasing an additional 2,307 shares during the last quarter. HighTower Advisors LLC raised its holdings in shares of Eastman Chemical by 42.7% during the third quarter. HighTower Advisors LLC now owns 47,788 shares of the basic materials company’s stock worth $3,013,000 after purchasing an additional 14,294 shares during the period. Cherokee Insurance Co lifted its position in shares of Eastman Chemical by 10.7% in the 3rd quarter. Cherokee Insurance Co now owns 72,300 shares of the basic materials company’s stock worth $4,559,000 after buying an additional 7,000 shares during the last quarter. Public Sector Pension Investment Board lifted its position in shares of Eastman Chemical by 4.6% in the 3rd quarter. Public Sector Pension Investment Board now owns 24,810 shares of the basic materials company’s stock worth $1,564,000 after buying an additional 1,099 shares during the last quarter. Finally, LSV Asset Management boosted its holdings in shares of Eastman Chemical by 5.3% in the 3rd quarter. LSV Asset Management now owns 1,265,629 shares of the basic materials company’s stock valued at $79,798,000 after buying an additional 64,147 shares during the period. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $79.13 on Monday. Eastman Chemical Company has a 12-month low of $56.11 and a 12-month high of $101.00. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.37 and a quick ratio of 0.63. The firm has a market capitalization of $9.03 billion, a price-to-earnings ratio of 19.35, a price-to-earnings-growth ratio of 1.74 and a beta of 1.23. The business has a 50 day simple moving average of $69.98 and a 200 day simple moving average of $65.62.

Eastman Chemical (NYSE:EMN) last announced 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 net margin of 5.42% and a return on equity of 10.57%. The business had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same period in the previous year, the firm earned $1.87 EPS. The firm’s revenue was down 12.1% on a year-over-year basis. On average, equities research analysts anticipate that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The business 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 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 presently 82.15%.

Analysts Set New Price Targets

EMN has been the topic of several research reports. UBS Group dropped their price objective on shares of Eastman Chemical from $75.00 to $73.00 and set a “buy” rating on the stock in a research note on Wednesday, November 5th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $79.00 target price on shares of Eastman Chemical in a report on Wednesday, February 4th. JPMorgan Chase & Co. raised their price target on Eastman Chemical from $60.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday, February 2nd. Bank of America boosted their price objective on Eastman Chemical from $74.00 to $79.00 and gave the company a “buy” rating in a research report on Monday, February 2nd. Finally, KeyCorp reaffirmed an “overweight” rating on shares of Eastman Chemical in a research report on Monday, February 2nd. Seven equities research analysts have rated the stock with a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat.com, Eastman Chemical presently has a consensus rating of “Hold” and a consensus target price 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.