Eastman Chemical (NYSE:EMN) Stake Increased by California Public Employees Retirement System

California Public Employees Retirement System grew its stake in shares of Eastman Chemical (NYSE:EMN) by 1.0% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 371,488 shares of the basic materials company’s stock after buying an additional 3,775 shares during the period. California Public Employees Retirement System owned approximately 0.26% of Eastman Chemical worth $34,415,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in EMN. Janus Henderson Group PLC grew its stake in shares of Eastman Chemical by 38.6% during the second quarter. Janus Henderson Group PLC now owns 25,832 shares of the basic materials company’s stock valued at $2,170,000 after purchasing an additional 7,199 shares during the last quarter. Private Advisor Group LLC lifted its holdings in Eastman Chemical by 106.7% in the third quarter. Private Advisor Group LLC now owns 8,697 shares of the basic materials company’s stock valued at $783,000 after buying an additional 4,490 shares during the period. Personal Capital Advisors Corp lifted its holdings in Eastman Chemical by 3.1% in the third quarter. Personal Capital Advisors Corp now owns 221,806 shares of the basic materials company’s stock valued at $20,071,000 after buying an additional 6,675 shares during the period. Aperio Group LLC lifted its holdings in Eastman Chemical by 6.7% in the third quarter. Aperio Group LLC now owns 93,816 shares of the basic materials company’s stock valued at $8,489,000 after buying an additional 5,907 shares during the period. Finally, Toronto Dominion Bank lifted its holdings in Eastman Chemical by 3.3% in the third quarter. Toronto Dominion Bank now owns 175,495 shares of the basic materials company’s stock valued at $15,878,000 after buying an additional 5,612 shares during the period. 84.90% of the stock is owned by institutional investors and hedge funds.

Shares of Eastman Chemical (NYSE EMN) traded up $1.93 during trading on Friday, reaching $103.44. 917,777 shares of the company’s stock traded hands, compared to its average volume of 1,430,000. Eastman Chemical has a twelve month low of $76.02 and a twelve month high of $104.08. The company has a quick ratio of 0.94, a current ratio of 1.83 and a debt-to-equity ratio of 1.24. The firm has a market cap of $14,870.00, a PE ratio of 7.94, a price-to-earnings-growth ratio of 1.35 and a beta of 1.33.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, February 1st. The basic materials company reported $1.62 EPS for the quarter, beating the consensus estimate of $1.06 by $0.56. The company had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.24 billion. Eastman Chemical had a net margin of 15.44% and a return on equity of 22.67%. The business’s revenue for the quarter was up 8.0% compared to the same quarter last year. During the same period in the previous year, the company earned $1.51 EPS. equities analysts forecast that Eastman Chemical will post 8.47 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, April 6th. Investors of record on Thursday, March 15th will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 2.17%. The ex-dividend date is Wednesday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 17.20%.

In other Eastman Chemical news, Director David W. Raisbeck sold 4,000 shares of the business’s stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $101.59, for a total transaction of $406,360.00. Following the sale, the director now directly owns 25,091 shares of the company’s stock, valued at approximately $2,548,994.69. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Damon Cary Warmack sold 4,417 shares of the business’s stock in a transaction that occurred on Wednesday, February 7th. The stock was sold at an average price of $98.60, for a total transaction of $435,516.20. The disclosure for this sale can be found here. Insiders have sold a total of 70,742 shares of company stock worth $6,961,411 over the last ninety days. 1.14% of the stock is currently owned by insiders.

Several equities analysts recently weighed in on EMN shares. UBS Group increased their price objective on shares of Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a report on Friday, October 27th. KeyCorp reiterated a “buy” rating and issued a $108.00 target price (up from $100.00) on shares of Eastman Chemical in a report on Monday, October 30th. Wells Fargo & Co reiterated an “outperform” rating and issued a $102.00 target price (up from $94.00) on shares of Eastman Chemical in a report on Monday, October 30th. They noted that the move was a valuation call. Royal Bank of Canada reiterated a “sector perform” rating and issued a $93.00 target price (up from $91.00) on shares of Eastman Chemical in a report on Monday, October 30th. Finally, JPMorgan Chase & Co. raised their price objective on shares of Eastman Chemical from $95.00 to $105.00 and gave the stock an “overweight” rating in a report on Monday, October 30th. Nine investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Eastman Chemical currently has a consensus rating of “Hold” and an average price target of $102.60.

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Eastman Chemical Company Profile

Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.

Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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