Eastman Chemical (NYSE:EMN) Shares Bought by Metis Global Partners LLC

Metis Global Partners LLC lifted its holdings in shares of Eastman Chemical (NYSE:EMN) by 3.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 3,878 shares of the basic materials company’s stock after acquiring an additional 143 shares during the quarter. Metis Global Partners LLC’s holdings in Eastman Chemical were worth $354,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. State Street Corp raised its position 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 in the last quarter. Franklin Resources Inc. increased its stake in shares of 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 worth $593,233,000 after buying an additional 282,458 shares during the last quarter. Geode Capital Management LLC raised its holdings in Eastman Chemical by 0.5% in the third quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company’s stock valued at $310,628,000 after acquiring an additional 13,381 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Eastman Chemical by 3.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock worth $306,093,000 after acquiring an additional 83,504 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its position in shares of Eastman Chemical by 4.2% in the 4th quarter. Bank of New York Mellon Corp now owns 1,265,393 shares of the basic materials company’s stock worth $115,556,000 after purchasing an additional 51,367 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. Barclays lowered their price target on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Piper Sandler raised their price objective on Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. UBS Group dropped their target price on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a report on Friday, January 31st. Finally, StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Saturday, January 18th. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Eastman Chemical has a consensus rating of “Moderate Buy” and a consensus target price of $114.08.

Eastman Chemical Price Performance

Shares of NYSE:EMN opened at $97.82 on Thursday. The firm’s 50 day moving average is $95.02 and its two-hundred day moving average is $100.32. The firm has a market capitalization of $11.27 billion, a P/E ratio of 12.74, a PEG ratio of 1.22 and a beta of 1.44. 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 has a 52 week low of $86.70 and a 52 week high of $114.50.

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

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be given a $0.83 dividend. The ex-dividend date is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.39%. Eastman Chemical’s dividend payout ratio is presently 43.23%.

Eastman Chemical Company 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.