Eastman Chemical (NYSE:EMN) Shares Sold by Bridgewater Associates LP

Bridgewater Associates LP cut its holdings in shares of Eastman Chemical (NYSE:EMN) by 8.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 108,590 shares of the basic materials company’s stock after selling 9,655 shares during the period. Bridgewater Associates LP owned approximately 0.09% of Eastman Chemical worth $9,916,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in EMN. Raymond James Financial Inc. bought a new position in shares of Eastman Chemical in the fourth quarter worth $150,537,000. Norges Bank acquired a new position in Eastman Chemical during the 4th quarter valued at about $137,416,000. Wealthfront Advisers LLC raised its position in shares of Eastman Chemical by 3,136.8% during the 4th quarter. Wealthfront Advisers LLC now owns 736,011 shares of the basic materials company’s stock worth $67,213,000 after buying an additional 713,272 shares in the last quarter. Franklin Resources Inc. lifted its stake in shares of Eastman Chemical by 10.8% in the 4th quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company’s stock worth $528,310,000 after acquiring an additional 565,821 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of Eastman Chemical by 11.1% in the fourth quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company’s stock valued at $259,729,000 after acquiring an additional 284,271 shares in the last quarter. 83.65% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. KeyCorp cut their target price on Eastman Chemical from $128.00 to $120.00 and set an “overweight” rating for the company in a research report on Monday. UBS Group decreased their target price on Eastman Chemical from $123.00 to $115.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. Royal Bank of Canada upgraded shares of Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 price objective for the company in a research report on Wednesday, April 9th. Finally, Piper Sandler dropped their target price on shares of Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.08.

Eastman Chemical Stock Down 1.0 %

EMN stock opened at $76.89 on Thursday. The company’s 50 day simple moving average is $90.65 and its 200-day simple moving average is $96.63. Eastman Chemical has a 52-week low of $70.90 and a 52-week high of $114.50. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The firm has a market capitalization of $8.86 billion, a P/E ratio of 10.01, a P/E/G ratio of 1.22 and a beta of 1.38.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (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%. As a group, equities research analysts anticipate that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 14th were given a dividend of $0.83 per share. The ex-dividend date was Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a yield of 4.32%. Eastman Chemical’s payout ratio is presently 43.23%.

About Eastman Chemical

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.