Eastman Chemical (NYSE:EMN) Shares Sold by Mirova

Mirova trimmed its stake in shares of Eastman Chemical (NYSE:EMN) by 73.9% in the fourth quarter, Holdings Channel.com reports. The fund owned 480 shares of the basic materials company’s stock after selling 1,359 shares during the period. Mirova’s holdings in Eastman Chemical were worth $44,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Barclays PLC grew its holdings in Eastman Chemical by 3.5% in the third quarter. Barclays PLC now owns 315,044 shares of the basic materials company’s stock valued at $35,268,000 after purchasing an additional 10,695 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in Eastman Chemical during the 3rd quarter valued at about $656,000. Franklin Resources Inc. raised its position in Eastman Chemical by 5.7% during the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after acquiring an additional 282,458 shares during the last quarter. IMS Capital Management purchased a new stake in shares of Eastman Chemical in the third quarter valued at about $280,000. Finally, Principal Financial Group Inc. grew its position in shares of Eastman Chemical by 6.8% in the third quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock valued at $16,588,000 after purchasing an additional 9,447 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Barclays reduced their target price on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. Piper Sandler reduced their price objective on Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. KeyCorp cut their target price on shares of Eastman Chemical from $128.00 to $120.00 and set an “overweight” rating for the company in a research note on Monday, April 14th. Citigroup raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and cut their price objective for the company from $105.00 to $101.00 in a research report on Friday, April 4th. Finally, Wells Fargo & Company cut their price target on Eastman Chemical from $125.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Three analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $107.08.

Eastman Chemical Stock Performance

Shares of NYSE:EMN opened at $76.61 on Friday. The business has a 50-day moving average of $89.72 and a two-hundred day moving average of $96.05. The firm has a market capitalization of $8.82 billion, a PE ratio of 9.98, a P/E/G ratio of 1.22 and a beta of 1.38. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. Eastman Chemical has a 12 month low of $70.90 and a 12 month high of $114.50.

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

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Friday, March 14th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date was Friday, March 14th. Eastman Chemical’s dividend 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.