Eastman Chemical Company $EMN Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC decreased its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 7.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 146,136 shares of the basic materials company’s stock after selling 12,378 shares during the period. Wedge Capital Management L L P NC’s holdings in Eastman Chemical were worth $9,328,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank purchased a new stake in Eastman Chemical during the 2nd quarter worth approximately $121,060,000. State Street Corp raised its stake in Eastman Chemical by 24.3% in the 3rd quarter. State Street Corp now owns 5,687,097 shares of the basic materials company’s stock valued at $363,314,000 after purchasing an additional 1,112,391 shares during the last quarter. Allspring Global Investments Holdings LLC raised its stake in Eastman Chemical by 1,011.5% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 943,975 shares of the basic materials company’s stock valued at $58,489,000 after purchasing an additional 859,046 shares during the last quarter. Qube Research & Technologies Ltd lifted its holdings in Eastman Chemical by 1,456.4% in the 2nd quarter. Qube Research & Technologies Ltd now owns 708,290 shares of the basic materials company’s stock valued at $52,881,000 after purchasing an additional 662,783 shares in the last quarter. Finally, DAVENPORT & Co LLC acquired a new stake in Eastman Chemical during the 4th quarter worth $39,545,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Performance

Eastman Chemical stock opened at $71.24 on Friday. The firm has a 50 day simple moving average of $73.02 and a 200-day simple moving average of $66.43. The stock has a market cap of $8.13 billion, a price-to-earnings ratio of 17.42, a price-to-earnings-growth ratio of 1.58 and a beta of 1.20. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.37 and a quick ratio of 0.63. Eastman Chemical Company has a 1-year low of $56.11 and a 1-year high of $89.28.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The firm had revenue of $1.97 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the previous year, the firm posted $1.87 EPS. The firm’s quarterly revenue was down 12.1% compared to the same quarter last year. On average, analysts expect that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 8th. Stockholders of record on Friday, March 13th will be paid a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 4.7%. The ex-dividend date of this dividend is Friday, March 13th. Eastman Chemical’s dividend payout ratio is 82.15%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on EMN. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $79.00 target price on shares of Eastman Chemical in a report on Wednesday, February 4th. Bank of America boosted their price target on shares of Eastman Chemical from $74.00 to $79.00 and gave the stock a “buy” rating in a research report on Monday, February 2nd. Zacks Research raised shares of Eastman Chemical from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Citigroup increased their price objective on shares of Eastman Chemical from $78.00 to $84.00 and gave the company a “buy” rating in a report on Thursday, March 12th. Finally, KeyCorp reissued an “overweight” rating on shares of Eastman Chemical in a research note on Monday, February 2nd. Seven equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, Eastman Chemical presently has an average rating of “Hold” and an average price target of $79.64.

Eastman Chemical Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.