Commonwealth of Pennsylvania Public School Empls Retrmt SYS Lowers Holdings in Eastman Chemical (NYSE:EMN)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its holdings in shares of Eastman Chemical (NYSE:EMN) by 3.1% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 24,647 shares of the basic materials company’s stock after selling 801 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Eastman Chemical were worth $2,251,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Crews Bank & Trust acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at $27,000. Picton Mahoney Asset Management boosted its stake in shares of Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock valued at $29,000 after buying an additional 124 shares during the period. Assetmark Inc. grew its position in shares of Eastman Chemical by 384.4% during the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock worth $34,000 after buying an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC purchased a new stake in shares of Eastman Chemical during the fourth quarter worth approximately $35,000. Finally, Dunhill Financial LLC raised its holdings in Eastman Chemical by 94.7% in the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 162 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $90.05 on Tuesday. The stock has a market cap of $10.37 billion, a P/E ratio of 11.72, a P/E/G ratio of 1.22 and a beta of 1.43. Eastman Chemical has a twelve month low of $86.70 and a twelve month high of $114.50. The stock has a 50 day moving average of $95.94 and a two-hundred day moving average of $99.64. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. On average, research analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical’s dividend payout ratio is currently 43.23%.

Analysts Set New Price Targets

Several research firms have commented on EMN. Royal Bank of Canada boosted their price target on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 4th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. JPMorgan Chase & Co. raised their price target on Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Mizuho upped their price objective on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Finally, Piper Sandler raised their target price on Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical presently has an average rating of “Moderate Buy” and a consensus price target of $114.08.

Eastman Chemical Company 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.