Eastman Chemical (EMN) Shares Bought by Arizona State Retirement System

Arizona State Retirement System grew its holdings in shares of Eastman Chemical (NYSE:EMN) by 1.6% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 69,746 shares of the basic materials company’s stock after purchasing an additional 1,123 shares during the quarter. Arizona State Retirement System’s holdings in Eastman Chemical were worth $5,292,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in EMN. CSat Investment Advisory L.P. increased its position in shares of Eastman Chemical by 125.2% during the 4th quarter. CSat Investment Advisory L.P. now owns 349 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 194 shares during the last quarter. JNBA Financial Advisors purchased a new stake in shares of Eastman Chemical during the 4th quarter valued at $28,000. Nalls Sherbakoff Group LLC purchased a new stake in shares of Eastman Chemical during the 4th quarter valued at $28,000. Moody National Bank Trust Division purchased a new stake in shares of Eastman Chemical during the 4th quarter valued at $29,000. Finally, Capital Financial Planning LLC purchased a new stake in shares of Eastman Chemical during the 4th quarter valued at $29,000. 83.11% of the stock is owned by hedge funds and other institutional investors.

Shares of EMN opened at $79.55 on Friday. Eastman Chemical has a fifty-two week low of $67.40 and a fifty-two week high of $110.17. The stock has a market capitalization of $11.04 billion, a P/E ratio of 9.70, a PEG ratio of 1.05 and a beta of 1.14. The company has a quick ratio of 0.96, a current ratio of 1.82 and a debt-to-equity ratio of 1.01.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.77 earnings per share for the quarter, missing the consensus estimate of $1.91 by ($0.14). Eastman Chemical had a return on equity of 18.63% and a net margin of 10.07%. The firm had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same period last year, the business posted $2.23 EPS. The company’s revenue was down 8.7% compared to the same quarter last year. Sell-side analysts expect that Eastman Chemical will post 8.59 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were paid a $0.62 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $2.48 annualized dividend and a yield of 3.12%. Eastman Chemical’s dividend payout ratio is currently 30.24%.

Several equities research analysts have recently issued reports on the company. Zacks Investment Research raised Eastman Chemical from a “sell” rating to a “hold” rating in a research report on Tuesday, March 26th. KeyCorp decreased their price objective on Eastman Chemical from $95.00 to $94.00 and set an “overweight” rating for the company in a report on Friday, April 12th. UBS Group set a $98.00 price objective on Eastman Chemical and gave the stock a “buy” rating in a report on Friday, April 26th. Cowen reissued a “market perform” rating and issued a $84.00 price objective (down previously from $88.00) on shares of Eastman Chemical in a report on Tuesday, April 30th. Finally, Nomura raised Eastman Chemical from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $89.00 to $93.00 in a report on Monday, April 15th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $91.55.

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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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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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