Eastman Chemical (NYSE:EMN) Stock Holdings Increased by abrdn plc

abrdn plc lifted its stake in Eastman Chemical (NYSE:EMN) by 69.6% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 49,728 shares of the basic materials company’s stock after purchasing an additional 20,405 shares during the quarter. abrdn plc’s holdings in Eastman Chemical were worth $4,467,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also made changes to their positions in EMN. First Command Advisory Services Inc. purchased a new stake in shares of Eastman Chemical in the third quarter worth approximately $26,000. Turtle Creek Wealth Advisors LLC purchased a new stake in shares of Eastman Chemical in the fourth quarter worth approximately $26,000. Sound Income Strategies LLC raised its position in Eastman Chemical by 213.8% during the fourth quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 278 shares in the last quarter. Bruce G. Allen Investments LLC bought a new position in Eastman Chemical during the fourth quarter valued at approximately $38,000. Finally, Orion Capital Management LLC bought a new position in Eastman Chemical during the third quarter valued at approximately $40,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of Eastman Chemical stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total transaction of $415,496.25. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.93% of the stock is currently owned by corporate insiders.

Eastman Chemical Trading Down 0.6 %

Shares of Eastman Chemical stock opened at $95.56 on Friday. The company’s fifty day simple moving average is $93.98 and its 200-day simple moving average is $86.39. The company has a market cap of $11.24 billion, a price-to-earnings ratio of 12.31, a PEG ratio of 1.06 and a beta of 1.54. The company has a current ratio of 1.35, a quick ratio of 0.70 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $102.71.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.20. The business had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.95%. Eastman Chemical’s quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter last year, the company posted $1.63 earnings per share. As a group, sell-side analysts expect that Eastman Chemical will post 7.71 EPS for the current year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were paid a $0.81 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $3.24 annualized dividend and a dividend yield of 3.39%. Eastman Chemical’s payout ratio is 41.75%.

Analysts Set New Price Targets

EMN has been the topic of several recent research reports. Redburn Atlantic initiated coverage on shares of Eastman Chemical in a research report on Thursday, February 15th. They set a “buy” rating and a $110.00 price objective on the stock. Wells Fargo & Company raised their price objective on shares of Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a research report on Thursday, April 11th. Citigroup raised their price objective on shares of Eastman Chemical from $95.00 to $114.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. KeyCorp raised their price objective on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a research report on Tuesday, April 9th. Finally, UBS Group lifted their price target on shares of Eastman Chemical from $91.00 to $93.00 and gave the company a “neutral” rating in a research report on Friday, February 2nd. Seven equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $99.31.

Eastman Chemical Company Profile

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.