Eastman Chemical (NYSE:EMN) Shares Sold by Envestnet Portfolio Solutions Inc.

Envestnet Portfolio Solutions Inc. lowered its position in shares of Eastman Chemical (NYSE:EMN) by 1.6% during the fourth quarter, Holdings Channel reports. The fund owned 75,848 shares of the basic materials company’s stock after selling 1,267 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in Eastman Chemical were worth $6,926,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Crews Bank & Trust acquired a new stake in Eastman Chemical during the fourth quarter worth approximately $27,000. Picton Mahoney Asset Management boosted its holdings in shares of Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 124 shares during the last quarter. Dunhill Financial LLC boosted its holdings in shares of Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 162 shares during the last quarter. Assetmark Inc. boosted 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 purchasing an additional 296 shares during the last quarter. Finally, Bradley & Co. Private Wealth Management LLC acquired a new position in shares of Eastman Chemical in the 4th quarter valued at $35,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on EMN. JPMorgan Chase & Co. lifted their price target on shares of Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. KeyCorp lifted their price target on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Piper Sandler lifted their price target on shares of Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Saturday, January 18th. Finally, UBS Group cut their target price on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a research note on Friday, January 31st. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $114.08.

Eastman Chemical Stock Performance

Eastman Chemical stock opened at $91.23 on Tuesday. Eastman Chemical has a 12-month low of $86.70 and a 12-month high of $114.50. The company has a market capitalization of $10.51 billion, a price-to-earnings ratio of 11.88, a price-to-earnings-growth 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. The firm’s fifty day moving average price is $95.74 and its 200 day moving average price is $100.00.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. On average, research analysts forecast that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be issued 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 is currently 43.23%.

About Eastman Chemical

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.