Eastman Chemical (NYSE:EMN) Position Increased by California Public Employees Retirement System

California Public Employees Retirement System raised its position in shares of Eastman Chemical (NYSE:EMNFree Report) by 0.4% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 234,071 shares of the basic materials company’s stock after buying an additional 997 shares during the quarter. California Public Employees Retirement System owned 0.20% of Eastman Chemical worth $17,958,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Norges Bank acquired a new position in Eastman Chemical in the fourth quarter worth approximately $102,575,000. Clearbridge Investments LLC acquired a new position in Eastman Chemical during the second quarter valued at approximately $69,305,000. Balyasny Asset Management L.P. grew its holdings in Eastman Chemical by 20,789.3% during the first quarter. Balyasny Asset Management L.P. now owns 781,469 shares of the basic materials company’s stock valued at $65,909,000 after purchasing an additional 777,728 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Eastman Chemical by 451.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 872,088 shares of the basic materials company’s stock valued at $73,553,000 after purchasing an additional 713,832 shares during the last quarter. Finally, AQR Capital Management LLC grew its holdings in Eastman Chemical by 138.1% during the fourth quarter. AQR Capital Management LLC now owns 749,206 shares of the basic materials company’s stock valued at $60,880,000 after purchasing an additional 434,508 shares during the last quarter. 82.29% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Stock Up 0.3 %

Shares of NYSE:EMN traded up $0.26 during trading on Friday, hitting $84.88. 304,876 shares of the company’s stock traded hands, compared to its average volume of 899,143. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $92.21. The company has a current ratio of 1.36, a quick ratio of 0.71 and a debt-to-equity ratio of 0.84. The company has a market cap of $10.06 billion, a price-to-earnings ratio of 17.30, a price-to-earnings-growth ratio of 1.36 and a beta of 1.53. The company has a 50-day moving average price of $86.27 and a 200-day moving average price of $82.12.

Eastman Chemical (NYSE:EMNGet Free Report) last released its earnings results on Friday, October 27th. The basic materials company reported $1.47 EPS for the quarter, beating the consensus estimate of $1.45 by $0.02. The firm had revenue of $2.27 billion for the quarter, compared to analysts’ expectations of $2.34 billion. Eastman Chemical had a return on equity of 13.44% and a net margin of 6.24%. The business’s quarterly revenue was down 16.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.05 EPS. As a group, research analysts forecast that Eastman Chemical will post 6.37 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 5th. Shareholders of record on Monday, December 18th were given a dividend of $0.81 per share. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.79. The ex-dividend date was Friday, December 15th. This represents a $3.24 annualized dividend and a dividend yield of 3.82%. Eastman Chemical’s payout ratio is 66.26%.

Analyst Ratings Changes

EMN has been the subject of several research reports. Citigroup reduced their price objective on Eastman Chemical from $99.00 to $86.00 and set a “buy” rating for the company in a research report on Wednesday, October 4th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Wednesday, December 13th. JPMorgan Chase & Co. raised Eastman Chemical from a “neutral” rating to an “overweight” rating and set a $90.00 target price for the company in a research report on Monday, October 30th. KeyCorp lifted their price objective on Eastman Chemical from $95.00 to $101.00 and gave the company an “overweight” rating in a report on Tuesday, January 9th. Finally, Wells Fargo & Company cut their price objective on Eastman Chemical from $89.00 to $85.00 and set an “equal weight” rating for the company in a report on Friday, September 29th. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $91.19.

Check Out Our Latest Stock Report on EMN

Eastman Chemical Profile

(Free Report)

Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon 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.

See Also

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

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