Eastman Chemical (EMN) Holdings Increased by Retirement Systems of Alabama

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Retirement Systems of Alabama raised its holdings in shares of Eastman Chemical (NYSE:EMN) by 0.3% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 282,596 shares of the basic materials company’s stock after purchasing an additional 733 shares during the period. Retirement Systems of Alabama owned approximately 0.20% of Eastman Chemical worth $21,443,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Oregon Public Employees Retirement Fund boosted its stake in shares of Eastman Chemical by 7,724.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,316,050 shares of the basic materials company’s stock worth $45,000 after buying an additional 3,273,667 shares during the last quarter. Norges Bank purchased a new position in shares of Eastman Chemical in the 4th quarter worth $135,037,000. Victory Capital Management Inc. boosted its stake in shares of Eastman Chemical by 47.1% in the 4th quarter. Victory Capital Management Inc. now owns 3,260,797 shares of the basic materials company’s stock worth $238,397,000 after buying an additional 1,043,805 shares during the last quarter. Two Sigma Investments LP boosted its stake in shares of Eastman Chemical by 9,974.5% in the 4th quarter. Two Sigma Investments LP now owns 443,280 shares of the basic materials company’s stock worth $32,408,000 after buying an additional 438,880 shares during the last quarter. Finally, Brandywine Global Investment Management LLC boosted its stake in shares of Eastman Chemical by 58.7% in the 4th quarter. Brandywine Global Investment Management LLC now owns 1,024,134 shares of the basic materials company’s stock worth $74,875,000 after buying an additional 378,608 shares during the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.

EMN has been the topic of a number of recent research reports. Standpoint Research raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Wednesday, December 26th. Jefferies Financial Group decreased their target price on Eastman Chemical to $91.00 and set a “buy” rating on the stock in a report on Friday, December 21st. Nomura raised Eastman Chemical from a “neutral” rating to a “buy” rating and raised their target price for the stock from $89.00 to $93.00 in a report on Monday. Zacks Investment Research raised Eastman Chemical from a “sell” rating to a “hold” rating in a report on Wednesday, January 2nd. Finally, Cowen cut Eastman Chemical from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $94.00 to $88.00 in a report on Wednesday, February 6th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $91.30.

Shares of Eastman Chemical stock opened at $84.51 on Wednesday. The stock has a market cap of $11.65 billion, a PE ratio of 10.31, a PEG ratio of 1.10 and a beta of 1.14. The company has a quick ratio of 0.96, a current ratio of 1.82 and a debt-to-equity ratio of 1.01. Eastman Chemical has a twelve month low of $67.40 and a twelve month high of $110.17.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, January 31st. The basic materials company reported $1.39 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.60 by ($0.21). The firm had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.42 billion. Eastman Chemical had a net margin of 10.64% and a return on equity of 20.15%. Analysts anticipate that Eastman Chemical will post 8.75 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were given a dividend of $0.62 per share. The ex-dividend date was Thursday, March 14th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.93%. Eastman Chemical’s payout ratio is 30.24%.

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About Eastman Chemical

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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

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