Eastman Chemical (NYSE:EMN) Shares Sold by abrdn plc

abrdn plc trimmed its position in Eastman Chemical (NYSE:EMNGet Rating) by 36.0% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 33,551 shares of the basic materials company’s stock after selling 18,903 shares during the quarter. abrdn plc’s holdings in Eastman Chemical were worth $3,836,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of EMN. National Bank of Canada FI acquired a new stake in Eastman Chemical during the 4th quarter worth $62,000. NN Investment Partners Holdings N.V. acquired a new stake in Eastman Chemical during the 4th quarter worth $242,000. Bessemer Group Inc. raised its stake in Eastman Chemical by 5.2% during the 4th quarter. Bessemer Group Inc. now owns 2,894 shares of the basic materials company’s stock worth $350,000 after acquiring an additional 144 shares in the last quarter. National Asset Management Inc. raised its stake in Eastman Chemical by 5.7% during the 4th quarter. National Asset Management Inc. now owns 5,789 shares of the basic materials company’s stock worth $701,000 after acquiring an additional 310 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC acquired a new stake in Eastman Chemical during the 4th quarter worth $23,356,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts recently commented on the stock. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Thursday, April 28th. Wolfe Research reissued a “peer perform” rating and set a $114.00 price objective (down from $130.00) on shares of Eastman Chemical in a research report on Tuesday, April 19th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Eastman Chemical from $135.00 to $125.00 in a research report on Wednesday, May 4th. Barclays lowered their price objective on shares of Eastman Chemical from $130.00 to $120.00 in a research report on Monday, May 2nd. Finally, Wells Fargo & Company lowered their price objective on shares of Eastman Chemical from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday, June 23rd. Seven analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $122.40.

Eastman Chemical Stock Up 0.8 %

Shares of NYSE EMN opened at $95.93 on Monday. The company has a quick ratio of 1.04, a current ratio of 1.57 and a debt-to-equity ratio of 0.73. Eastman Chemical has a 52 week low of $84.95 and a 52 week high of $129.48. The firm has a 50-day moving average price of $96.24 and a 200 day moving average price of $106.76. The stock has a market capitalization of $12.36 billion, a price-to-earnings ratio of 15.70, a price-to-earnings-growth ratio of 1.27 and a beta of 1.46.

Eastman Chemical (NYSE:EMNGet Rating) last announced its earnings results on Thursday, July 28th. The basic materials company reported $2.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.69 by $0.14. The company had revenue of $2.78 billion during the quarter, compared to analysts’ expectations of $2.79 billion. Eastman Chemical had a net margin of 7.59% and a return on equity of 19.82%. The firm’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.46 earnings per share. Equities research analysts anticipate that Eastman Chemical will post 9.75 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 8th. Shareholders of record on Wednesday, June 15th were paid a dividend of $0.76 per share. The ex-dividend date was Tuesday, June 14th. This represents a $3.04 annualized dividend and a yield of 3.17%. Eastman Chemical’s dividend payout ratio is currently 49.75%.

About Eastman Chemical

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

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

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