Retirement Systems of Alabama Sells 676 Shares of Eastman Chemical (NYSE:EMN)

Retirement Systems of Alabama decreased its holdings in shares of Eastman Chemical (NYSE:EMN) by 2.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 26,132 shares of the basic materials company’s stock after selling 676 shares during the quarter. Retirement Systems of Alabama’s holdings in Eastman Chemical were worth $2,347,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in EMN. Tucker Asset Management LLC lifted its position in shares of Eastman Chemical by 19.5% in the 3rd quarter. Tucker Asset Management LLC now owns 870 shares of the basic materials company’s stock worth $67,000 after acquiring an additional 142 shares during the period. Atria Wealth Solutions Inc. lifted its position in shares of Eastman Chemical by 4.6% in the 4th quarter. Atria Wealth Solutions Inc. now owns 3,452 shares of the basic materials company’s stock worth $310,000 after acquiring an additional 151 shares during the period. Parkside Financial Bank & Trust lifted its position in shares of Eastman Chemical by 26.2% in the 3rd quarter. Parkside Financial Bank & Trust now owns 814 shares of the basic materials company’s stock worth $62,000 after acquiring an additional 169 shares during the period. Allworth Financial LP lifted its position in shares of Eastman Chemical by 16.7% in the 4th quarter. Allworth Financial LP now owns 1,434 shares of the basic materials company’s stock worth $129,000 after acquiring an additional 205 shares during the period. Finally, Global Retirement Partners LLC lifted its position in shares of Eastman Chemical by 3.1% in the 4th quarter. Global Retirement Partners LLC now owns 7,530 shares of the basic materials company’s stock worth $650,000 after acquiring an additional 225 shares during the period. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Up 0.1 %

NYSE EMN opened at $100.76 on Thursday. The stock has a fifty day moving average of $95.83 and a 200-day moving average of $87.85. The stock has a market capitalization of $11.85 billion, a P/E ratio of 12.98, a price-to-earnings-growth ratio of 1.06 and a beta of 1.54. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $102.71. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, beating the consensus estimate of $1.41 by $0.20. The company had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The business’s revenue for the quarter was down 4.2% on a year-over-year basis. During the same period last year, the firm earned $1.63 EPS. On average, equities research analysts forecast that Eastman Chemical will post 7.75 EPS for the current year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be given a $0.81 dividend. The ex-dividend date of this dividend is Monday, June 17th. This represents a $3.24 annualized dividend and a dividend yield of 3.22%. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Analyst Upgrades and Downgrades

EMN has been the subject of several analyst reports. Barclays raised their target price on Eastman Chemical from $85.00 to $103.00 and gave the stock an “equal weight” rating in a research report on Monday. Stifel Nicolaus cut their target price on Eastman Chemical from $102.00 to $101.00 and set a “buy” rating for the company in a research report on Monday, February 5th. Jefferies Financial Group upgraded Eastman Chemical from a “hold” rating to a “buy” rating and raised their target price for the stock from $102.00 to $125.00 in a research report on Monday, April 29th. StockNews.com downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday, April 29th. Finally, UBS Group raised their target price on Eastman Chemical from $91.00 to $93.00 and gave the stock a “neutral” rating in a research report on Friday, February 2nd. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, Eastman Chemical has a consensus rating of “Moderate Buy” and an average target price of $104.18.

Insider Transactions at Eastman Chemical

In other news, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total value of $10,318,864.20. Following the transaction, the chief executive officer now directly owns 395,699 shares in the company, valued at approximately $39,878,545.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total value of $10,318,864.20. Following the transaction, the chief executive officer now directly owns 395,699 shares in the company, valued at approximately $39,878,545.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Adrian James Holt sold 4,735 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total value of $415,496.25. The disclosure for this sale can be found here. 2.27% of the stock is owned by corporate insiders.

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.