Eastman Chemical (NYSE:EMN) Shares Purchased by Teachers Retirement System of The State of Kentucky

Teachers Retirement System of The State of Kentucky increased its position in shares of Eastman Chemical (NYSE:EMN) by 99.0% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 240,558 shares of the basic materials company’s stock after purchasing an additional 119,697 shares during the quarter. Teachers Retirement System of The State of Kentucky owned 0.20% of Eastman Chemical worth $23,568,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Cultivar Capital Inc. acquired a new position in shares of Eastman Chemical in the second quarter worth $29,000. Northwest Investment Counselors LLC acquired a new position in shares of Eastman Chemical in the first quarter worth $34,000. EntryPoint Capital LLC acquired a new position in shares of Eastman Chemical in the first quarter worth $38,000. Rothschild Investment LLC acquired a new position in shares of Eastman Chemical in the second quarter worth $38,000. Finally, Friedenthal Financial acquired a new position in shares of Eastman Chemical in the second quarter worth $49,000. 83.65% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

EMN has been the subject of a number of analyst reports. Mizuho boosted their price target on Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $100.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Piper Sandler reaffirmed a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Barclays lifted their price objective on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Finally, StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus target price of $108.07.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $111.95 on Tuesday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $114.50. The business has a 50-day moving average of $100.95 and a 200-day moving average of $99.37. The company has a market capitalization of $13.17 billion, a price-to-earnings ratio of 14.43, a PEG ratio of 0.82 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, topping the consensus estimate of $2.01 by $0.14. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The business had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the previous year, the firm posted $1.99 earnings per share. The company’s revenue was up 1.7% compared to the same quarter last year. On average, equities analysts anticipate that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 16th will be paid a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 2.89%. The ex-dividend date of this dividend is Monday, September 16th. Eastman Chemical’s dividend payout ratio (DPR) is 41.75%.

Eastman Chemical 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.