Teacher Retirement System of Texas raised its stake in shares of Eastman Chemical (NYSE:EMN) by 6.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 374,306 shares of the basic materials company’s stock after acquiring an additional 21,974 shares during the quarter. Teacher Retirement System of Texas owned approximately 0.27% of Eastman Chemical worth $27,366,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. CSat Investment Advisory L.P. boosted its position in shares of Eastman Chemical by 125.2% in the 4th quarter. CSat Investment Advisory L.P. now owns 349 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 194 shares in the last quarter. JNBA Financial Advisors acquired a new stake in shares of Eastman Chemical in the 4th quarter worth $28,000. Nalls Sherbakoff Group LLC acquired a new stake in shares of Eastman Chemical in the 4th quarter worth $28,000. Moody National Bank Trust Division acquired a new stake in shares of Eastman Chemical in the 4th quarter worth $29,000. Finally, Capital Financial Planning LLC acquired a new stake in shares of Eastman Chemical in the 4th quarter worth $29,000. 82.91% of the stock is currently owned by institutional investors and hedge funds.
EMN has been the subject of a number of recent analyst reports. Nomura raised Eastman Chemical from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $89.00 to $93.00 in a research report on Monday, April 15th. Morgan Stanley upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and set a $90.00 target price for the company in a research note on Thursday, January 17th. Standpoint Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Thursday, January 31st. Cowen lowered Eastman Chemical from an “outperform” rating to a “market perform” rating and reduced their target price for the stock from $94.00 to $88.00 in a research note on Wednesday, February 6th. Finally, Zacks Investment Research upgraded Eastman Chemical from a “sell” rating to a “hold” rating in a research note on Wednesday, January 2nd. Two analysts have rated the stock with a sell rating, five have issued a hold rating and six have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $91.30.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, January 31st. The basic materials company reported $1.39 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.60 by ($0.21). The company had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.42 billion. Eastman Chemical had a net margin of 10.64% and a return on equity of 20.15%. As a group, analysts forecast that Eastman Chemical will post 8.74 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were paid a dividend of $0.62 per share. The ex-dividend date was Thursday, March 14th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 2.95%. Eastman Chemical’s payout ratio is currently 30.24%.
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About Eastman Chemical
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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