Sei Investments Co. Buys 52,522 Shares of Eastman Chemical (NYSE:EMN)

Sei Investments Co. increased its stake in shares of Eastman Chemical (NYSE:EMN) by 6.5% during the 4th quarter, Holdings Channel.com reports. The fund owned 856,508 shares of the basic materials company’s stock after purchasing an additional 52,522 shares during the quarter. Sei Investments Co.’s holdings in Eastman Chemical were worth $78,217,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of EMN. Crews Bank & Trust purchased a new stake in shares of Eastman Chemical during the fourth quarter valued at approximately $27,000. Picton Mahoney Asset Management boosted its position in Eastman Chemical by 62.3% during the 4th 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 period. Assetmark Inc. grew its holdings in Eastman Chemical by 384.4% in the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 296 shares during the last quarter. Bradley & Co. Private Wealth Management LLC purchased a new position in shares of Eastman Chemical in the fourth quarter valued at about $35,000. Finally, Dunhill Financial LLC raised its stake in shares of Eastman Chemical by 94.7% during the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $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.

Analysts Set New Price Targets

Several analysts recently issued reports on EMN shares. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Saturday, January 18th. Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and reduced their target price for the company from $115.00 to $109.00 in a research note on Tuesday, January 14th. KeyCorp raised their price target on Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Piper Sandler boosted their price objective on shares of Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Finally, Mizuho raised their target price on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, Eastman Chemical presently has an average rating of “Moderate Buy” and an average price target of $114.08.

Eastman Chemical Price Performance

Shares of EMN opened at $88.55 on Friday. Eastman Chemical has a fifty-two week low of $86.70 and a fifty-two week high of $114.50. The firm’s 50-day simple moving average is $95.92 and its two-hundred day simple moving average is $99.69. The stock has a market cap of $10.20 billion, a PE ratio of 11.53, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. 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 posted its quarterly 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%. Analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.75%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s dividend payout ratio is presently 43.23%.

Eastman Chemical 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.