Eastman Chemical (NYSE:EMN) Shares Purchased by Northern Trust Corp

Northern Trust Corp raised its holdings in Eastman Chemical (NYSE:EMN) by 10.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,377,400 shares of the basic materials company’s stock after acquiring an additional 128,488 shares during the quarter. Northern Trust Corp’s holdings in Eastman Chemical were worth $125,784,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Crews Bank & Trust acquired a new position in shares of Eastman Chemical during the fourth quarter worth $27,000. Picton Mahoney Asset Management grew its stake in Eastman Chemical by 62.3% during the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock worth $29,000 after buying an additional 124 shares during the last quarter. Assetmark Inc. increased its holdings in shares of Eastman Chemical by 384.4% in the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC acquired a new position in Eastman Chemical in the fourth quarter valued at $35,000. Finally, Stonebridge Financial Group LLC purchased a new position in shares of Eastman Chemical in the 4th quarter valued at approximately $37,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Stock Up 2.3 %

EMN opened at $77.98 on Friday. Eastman Chemical has a 1 year low of $70.90 and a 1 year high of $114.50. The firm has a 50 day moving average price of $85.09 and a 200 day moving average price of $93.94. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. The company has a market cap of $9.00 billion, a PE ratio of 10.15, a price-to-earnings-growth ratio of 1.22 and a beta of 1.29.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, beating the consensus estimate of $1.89 by $0.02. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The company’s revenue was down .9% on a year-over-year basis. During the same period last year, the business posted $1.61 EPS. Sell-side analysts expect that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 4.26%. The ex-dividend date is Friday, June 13th. Eastman Chemical’s payout ratio is 42.24%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Barclays cut their price target on shares of Eastman Chemical from $108.00 to $85.00 and set an “equal weight” rating for the company in a report on Tuesday. Royal Bank of Canada raised Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 price target for the company in a research note on Wednesday, April 9th. Piper Sandler lowered their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. KeyCorp cut their price objective on Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating for the company in a research report on Monday, April 28th. Finally, JPMorgan Chase & Co. reiterated a “neutral” rating and set a $76.00 target price (down previously from $112.00) on shares of Eastman Chemical in a report on Monday, April 28th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $99.15.

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.