Public Employees Retirement Association of Colorado Has $1.19 Million Stake in Eastman Chemical (NYSE:EMN)

Public Employees Retirement Association of Colorado cut its stake in Eastman Chemical (NYSE:EMNFree Report) by 45.2% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 13,238 shares of the basic materials company’s stock after selling 10,927 shares during the quarter. Public Employees Retirement Association of Colorado’s holdings in Eastman Chemical were worth $1,189,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of EMN. Norges Bank purchased a new stake in Eastman Chemical in the 4th quarter valued at $121,847,000. Invesco Ltd. raised its holdings in shares of Eastman Chemical by 37.4% in the third quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock valued at $214,496,000 after purchasing an additional 760,974 shares during the last quarter. Capital Research Global Investors bought a new position in shares of Eastman Chemical during the fourth quarter valued at about $54,047,000. Mackenzie Financial Corp boosted its holdings in Eastman Chemical by 274.5% during the fourth quarter. Mackenzie Financial Corp now owns 249,104 shares of the basic materials company’s stock worth $22,375,000 after purchasing an additional 391,848 shares during the last quarter. Finally, Schonfeld Strategic Advisors LLC grew its position in Eastman Chemical by 1,031.0% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 333,655 shares of the basic materials company’s stock worth $25,598,000 after purchasing an additional 304,155 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Insider Buying and Selling at Eastman Chemical

In other news, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the transaction, the chief executive officer now owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, SVP Adrian James Holt sold 1,975 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $99.22, for a total value of $195,959.50. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Mark J. Costa sold 102,390 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the transaction, the chief executive officer now directly owns 395,699 shares of the company’s stock, valued at approximately $39,878,545.22. The disclosure for this sale can be found here. Insiders sold a total of 108,027 shares of company stock valued at $10,885,638 in the last three months. Company insiders own 2.28% of the company’s stock.

Wall Street Analyst Weigh In

EMN has been the topic of a number of research analyst reports. Wells Fargo & Company boosted their target price on Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 11th. Jefferies Financial Group raised Eastman Chemical from a “hold” rating to a “buy” rating and raised their target price for the company from $102.00 to $125.00 in a research report on Monday, April 29th. Piper Sandler boosted their price target on shares of Eastman Chemical from $90.00 to $105.00 and gave the stock a “neutral” rating in a report on Tuesday, April 30th. Bank of America decreased their price objective on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating for the company in a report on Monday, April 29th. Finally, Citigroup boosted their target price on shares of Eastman Chemical from $95.00 to $114.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Six equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $106.24.

Check Out Our Latest Analysis on EMN

Eastman Chemical Price Performance

Eastman Chemical stock opened at $103.16 on Tuesday. The firm has a market capitalization of $12.14 billion, a P/E ratio of 13.29, a PEG ratio of 1.12 and a beta of 1.51. Eastman Chemical has a one year low of $68.89 and a one year high of $103.67. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.39 and a quick ratio of 0.71. The business has a fifty day moving average price of $99.05 and a 200-day moving average price of $91.63.

Eastman Chemical (NYSE:EMNGet Free Report) last issued its earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, topping the consensus estimate of $1.41 by $0.20. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.29 billion. During the same quarter last year, the company earned $1.63 EPS. The firm’s revenue was down 4.2% compared to the same quarter last year. As a group, equities research analysts forecast that Eastman Chemical will post 7.75 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th will be paid a $0.81 dividend. This represents a $3.24 annualized dividend and a yield of 3.14%. The ex-dividend date is Monday, June 17th. Eastman Chemical’s dividend payout ratio is presently 41.75%.

Eastman Chemical Company Profile

(Free Report)

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.

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

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