Teacher Retirement System of Texas Has $2.21 Million Stake in Eastman Chemical Company $EMN

Teacher Retirement System of Texas raised its position in shares of Eastman Chemical Company (NYSE:EMN) by 74.9% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,656 shares of the basic materials company’s stock after acquiring an additional 12,701 shares during the period. Teacher Retirement System of Texas’ holdings in Eastman Chemical were worth $2,214,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. MassMutual Private Wealth & Trust FSB lifted its position in shares of Eastman Chemical by 65.5% during the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 369 shares of the basic materials company’s stock worth $28,000 after purchasing an additional 146 shares during the last quarter. Ameritas Advisory Services LLC acquired a new stake in Eastman Chemical in the 2nd quarter valued at approximately $32,000. National Pension Service increased its position in Eastman Chemical by 75.3% in the 1st quarter. National Pension Service now owns 433 shares of the basic materials company’s stock worth $38,000 after buying an additional 186 shares during the period. TD Private Client Wealth LLC lifted its holdings in shares of Eastman Chemical by 46.4% during the first quarter. TD Private Client Wealth LLC now owns 536 shares of the basic materials company’s stock worth $47,000 after buying an additional 170 shares during the last quarter. Finally, Wayfinding Financial LLC acquired a new position in shares of Eastman Chemical during the first quarter worth approximately $50,000. 83.65% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Bank of America lowered their price objective on shares of Eastman Chemical from $78.00 to $74.00 and set a “buy” rating on the stock in a research note on Tuesday, October 14th. UBS Group reduced their price target on shares of Eastman Chemical from $86.00 to $75.00 and set a “buy” rating for the company in a report on Monday, October 6th. Citigroup raised their price target on shares of Eastman Chemical from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, October 2nd. KeyCorp set a $79.00 price objective on shares of Eastman Chemical and gave the company an “overweight” rating in a research report on Monday, August 4th. Finally, The Goldman Sachs Group reduced their target price on shares of Eastman Chemical from $87.00 to $65.00 and set a “neutral” rating for the company in a research note on Thursday, August 7th. Eight equities research analysts have rated the stock with a Buy rating and six have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $82.62.

Eastman Chemical Trading Down 0.5%

Shares of Eastman Chemical stock opened at $59.45 on Monday. Eastman Chemical Company has a 52-week low of $56.78 and a 52-week high of $107.50. The firm has a market capitalization of $6.83 billion, a PE ratio of 8.35, a price-to-earnings-growth ratio of 6.16 and a beta of 1.29. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.68 and a quick ratio of 0.78. The company’s fifty day moving average price is $64.30 and its two-hundred day moving average price is $71.78.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 31st. The basic materials company reported $1.60 earnings per share for the quarter, missing the consensus estimate of $1.72 by ($0.12). The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.32 billion. Eastman Chemical had a net margin of 8.96% and a return on equity of 15.24%. Eastman Chemical’s revenue was down 3.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.15 earnings per share. On average, analysts expect that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 7th. Shareholders of record on Monday, September 15th were paid a dividend of $0.83 per share. The ex-dividend date was Monday, September 15th. This represents a $3.32 dividend on an annualized basis and a yield of 5.6%. Eastman Chemical’s dividend payout ratio (DPR) is currently 46.63%.

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.