Schroder Investment Management Group Lowers Position in Eastman Chemical (NYSE:EMN)

Schroder Investment Management Group trimmed its stake in shares of Eastman Chemical (NYSE:EMN) by 13.1% in the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 23,722 shares of the basic materials company’s stock after selling 3,588 shares during the period. Schroder Investment Management Group’s holdings in Eastman Chemical were worth $2,154,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of EMN. Crews Bank & Trust bought a new position in shares of Eastman Chemical during the 4th quarter valued at about $27,000. Picton Mahoney Asset Management boosted its stake in Eastman Chemical by 62.3% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock valued at $29,000 after buying an additional 124 shares during the last quarter. Assetmark Inc. boosted its stake in Eastman Chemical by 384.4% during the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock valued at $34,000 after buying an additional 296 shares during the last quarter. Bradley & Co. Private Wealth Management LLC purchased a new position in Eastman Chemical during the 4th quarter valued at approximately $35,000. Finally, Dunhill Financial LLC increased its stake in Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 162 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Price Performance

Shares of EMN stock opened at $75.48 on Monday. The stock has a 50 day moving average price of $94.76 and a 200 day moving average price of $98.67. Eastman Chemical has a 52-week low of $73.78 and a 52-week high of $114.50. 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 firm has a market capitalization of $8.69 billion, a P/E ratio of 9.83, a P/E/G ratio of 1.22 and a beta of 1.43.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping 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%. As a group, sell-side analysts predict 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. Stockholders of record on Friday, March 14th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 43.23%.

Analyst Ratings Changes

A number of research analysts recently weighed in on EMN shares. Royal Bank of Canada raised their target price on shares of Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a report on Tuesday, February 4th. JPMorgan Chase & Co. lifted their price objective on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. KeyCorp upped their target price on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Citigroup upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $105.00 to $101.00 in a research report on Friday. Finally, Piper Sandler boosted 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. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Eastman Chemical has a consensus rating of “Moderate Buy” and an average price target of $112.83.

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.