Natixis Advisors LLC Cuts Stake in Eastman Chemical (NYSE:EMN)

Natixis Advisors LLC lessened its holdings in Eastman Chemical (NYSE:EMN) by 5.3% during the fourth quarter, Holdings Channel.com reports. The firm owned 292,648 shares of the basic materials company’s stock after selling 16,475 shares during the quarter. Natixis Advisors LLC’s holdings in Eastman Chemical were worth $26,725,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Frank Rimerman Advisors LLC increased its holdings in shares of Eastman Chemical by 24.8% in the fourth quarter. Frank Rimerman Advisors LLC now owns 2,457 shares of the basic materials company’s stock worth $224,000 after buying an additional 488 shares during the period. Picton Mahoney Asset Management increased its stake in Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 124 shares during the period. Commonwealth Equity Services LLC lifted its position in Eastman Chemical by 0.3% in the fourth quarter. Commonwealth Equity Services LLC now owns 81,616 shares of the basic materials company’s stock valued at $7,453,000 after purchasing an additional 279 shares during the last quarter. Erste Asset Management GmbH boosted its stake in shares of Eastman Chemical by 2.4% during the fourth quarter. Erste Asset Management GmbH now owns 58,800 shares of the basic materials company’s stock valued at $5,394,000 after purchasing an additional 1,400 shares during the period. Finally, Achmea Investment Management B.V. grew its holdings in shares of Eastman Chemical by 63.7% in the fourth quarter. Achmea Investment Management B.V. now owns 8,227 shares of the basic materials company’s stock worth $752,000 after purchasing an additional 3,201 shares during the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Trading Up 0.2 %

NYSE:EMN opened at $91.23 on Tuesday. Eastman Chemical has a one year low of $86.70 and a one year high of $114.50. The company’s 50-day simple moving average is $95.74 and its 200 day simple moving average is $100.00. The firm has a market capitalization of $10.51 billion, a P/E ratio of 11.88, a PEG ratio of 1.22 and a beta of 1.43. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78.

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

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.64%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is 43.23%.

Analyst Ratings Changes

EMN has been the subject of several analyst reports. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Saturday, January 18th. Citigroup cut Eastman Chemical from a “buy” rating to a “neutral” rating and cut their target price for the stock from $118.00 to $104.00 in a research note on Wednesday, December 18th. Piper Sandler upped their price target on Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. UBS Group cut their price objective on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Finally, Royal Bank of Canada upped their target price on Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a report on Tuesday, February 4th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $114.08.

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.