Amalgamated Bank Sells 554 Shares of Eastman Chemical (NYSE:EMN)

Amalgamated Bank lessened its stake in Eastman Chemical (NYSE:EMN) by 2.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 22,418 shares of the basic materials company’s stock after selling 554 shares during the period. Amalgamated Bank’s holdings in Eastman Chemical were worth $2,047,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in EMN. State Street Corp raised its holdings in Eastman Chemical by 1.4% during the 3rd quarter. State Street Corp now owns 5,285,230 shares of the basic materials company’s stock worth $595,820,000 after purchasing an additional 70,692 shares during the last quarter. Franklin Resources Inc. raised its stake in Eastman Chemical by 5.7% during 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 boosted its position in Eastman Chemical by 0.5% during 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 during 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 during the period. Finally, Bank of New York Mellon Corp raised 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 acquiring an additional 51,367 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on EMN. Piper Sandler raised their target price on Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research note on Monday, November 4th. KeyCorp increased their target price on shares of Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Royal Bank of Canada lifted their price target on shares of Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a research note on Tuesday, February 4th. Finally, Wells Fargo & Company raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $110.00 to $125.00 in a research report on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $114.08.

Eastman Chemical Price Performance

EMN stock opened at $97.81 on Monday. The company has a market capitalization of $11.26 billion, a P/E ratio of 12.74, a price-to-earnings-growth ratio of 1.22 and a beta of 1.44. Eastman Chemical has a 52-week low of $86.59 and a 52-week high of $114.50. The business has a 50-day simple moving average of $94.92 and a two-hundred day simple moving average of $100.38. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS 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%. Research analysts expect 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. Shareholders of record on Friday, March 14th will be given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.39%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical’s payout ratio is 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.