Adams Natural Resources Fund Inc. Has $4.82 Million Stake in Eastman Chemical (NYSE:EMN)

Adams Natural Resources Fund Inc. cut its position in shares of Eastman Chemical (NYSE:EMN) by 1.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 52,800 shares of the basic materials company’s stock after selling 1,000 shares during the quarter. Eastman Chemical accounts for 0.8% of Adams Natural Resources Fund Inc.’s portfolio, making the stock its 27th biggest holding. Adams Natural Resources Fund Inc.’s holdings in Eastman Chemical were worth $4,822,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. State Street Corp grew its stake in shares of Eastman Chemical by 1.4% in the 3rd quarter. State Street Corp now owns 5,285,230 shares of the basic materials company’s stock valued at $595,820,000 after purchasing an additional 70,692 shares during the period. Franklin Resources Inc. grew its position in Eastman Chemical by 5.7% in the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock valued at $593,233,000 after acquiring an additional 282,458 shares during the period. Geode Capital Management LLC raised its stake in Eastman Chemical by 0.5% during the third quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company’s stock worth $310,628,000 after acquiring an additional 13,381 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Eastman Chemical by 3.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock valued at $306,093,000 after acquiring an additional 83,504 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in shares of Eastman Chemical in the 4th quarter valued at $150,537,000. 83.65% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on EMN shares. Citigroup downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and cut their price target for the company from $118.00 to $104.00 in a report on Wednesday, December 18th. Mizuho increased their price target on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Piper Sandler lifted their price objective on Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Bank of America upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. upped their price target on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, Eastman Chemical currently has an average rating of “Moderate Buy” and an average price target of $114.08.

Eastman Chemical Trading Down 1.5 %

EMN opened at $88.55 on Friday. The company has a fifty day moving average price of $95.92 and a two-hundred day moving average price of $99.69. Eastman Chemical has a 1-year low of $86.70 and a 1-year high of $114.50. The company has a market cap of $10.20 billion, a P/E ratio of 11.53, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. Analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.75%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s dividend payout ratio is presently 43.23%.

Eastman Chemical 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.