Eastman Chemical (NYSE:EMN) Shares Sold by Clearbridge Investments LLC

Clearbridge Investments LLC decreased its position in shares of Eastman Chemical (NYSE:EMN) by 0.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,114,533 shares of the basic materials company’s stock after selling 6,071 shares during the period. Clearbridge Investments LLC’s holdings in Eastman Chemical were worth $109,191,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the company. Capital Research Global Investors grew its position in shares of Eastman Chemical by 649.8% during the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock worth $452,139,000 after acquiring an additional 3,909,740 shares during the last quarter. Truist Financial Corp grew its position in Eastman Chemical by 201.5% during the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after purchasing an additional 617,889 shares during the last quarter. DekaBank Deutsche Girozentrale increased its stake in Eastman Chemical by 318.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock valued at $69,516,000 after purchasing an additional 534,081 shares during the period. Envestnet Asset Management Inc. raised its holdings in shares of Eastman Chemical by 34.5% in the second quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after buying an additional 218,531 shares during the last quarter. Finally, Earnest Partners LLC boosted its stake in shares of Eastman Chemical by 11.0% during the first quarter. Earnest Partners LLC now owns 2,199,943 shares of the basic materials company’s stock worth $220,478,000 after buying an additional 217,720 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Trading Down 1.2 %

Shares of Eastman Chemical stock opened at $110.63 on Wednesday. The company has a 50-day moving average of $100.95 and a two-hundred day moving average of $99.37. Eastman Chemical has a 12-month low of $68.89 and a 12-month high of $114.50. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. The stock has a market cap of $13.02 billion, a PE ratio of 14.26, a price-to-earnings-growth ratio of 0.82 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.14. The firm had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. Eastman Chemical’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period last year, the business posted $1.99 EPS. On average, research analysts anticipate that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be paid a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 2.93%. The ex-dividend date is Monday, September 16th. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Analyst Ratings Changes

Several brokerages recently issued reports on EMN. Barclays boosted their price target on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Mizuho upped their price target on Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $100.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $108.07.

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.