Massachusetts Financial Services Co. MA Cuts Position in Eastman Chemical Company $EMN

Massachusetts Financial Services Co. MA lessened its stake in Eastman Chemical Company (NYSE:EMN – Free Report) by 4.1% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,658,099 shares of the basic materials company’s stock after selling 113,091 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Eastman Chemical were worth $169,666,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in EMN. Thrivent Financial for Lutherans increased its holdings in Eastman Chemical by 4.9% during the 3rd quarter. Thrivent Financial for Lutherans now owns 523,191 shares of the basic materials company’s stock valued at $32,987,000 after acquiring an additional 24,458 shares in the last quarter. Federated Hermes Inc. increased its holdings in Eastman Chemical by 65.5% during the 3rd quarter. Federated Hermes Inc. now owns 109,042 shares of the basic materials company’s stock valued at $6,875,000 after acquiring an additional 43,159 shares in the last quarter. QSM Asset Management Ltd increased its holdings in Eastman Chemical by 27.0% during the 4th quarter. QSM Asset Management Ltd now owns 120,258 shares of the basic materials company’s stock valued at $7,676,000 after acquiring an additional 25,550 shares in the last quarter. HighTower Advisors LLC increased its holdings in Eastman Chemical by 42.7% during the 3rd quarter. HighTower Advisors LLC now owns 47,788 shares of the basic materials company’s stock valued at $3,013,000 after acquiring an additional 14,294 shares in the last quarter. Finally, Wedge Capital Management L L P NC increased its holdings in Eastman Chemical by 26.7% during the 3rd quarter. Wedge Capital Management L L P NC now owns 158,514 shares of the basic materials company’s stock valued at $9,994,000 after acquiring an additional 33,441 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on EMN shares. Bank of America raised their target price on shares of Eastman Chemical from $74.00 to $79.00 and gave the company a “buy” rating in a report on Monday, February 2nd. Evercore set a $75.00 target price on shares of Eastman Chemical in a report on Wednesday, February 18th. Zacks Research upgraded shares of Eastman Chemical from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Royal Bank Of Canada restated a “sector perform” rating and set a $79.00 target price on shares of Eastman Chemical in a report on Wednesday, February 4th. Finally, Weiss Ratings upgraded shares of Eastman Chemical from a “sell (d+)” rating to a “hold (c)” rating in a report on Wednesday, February 18th. Seven analysts have rated the stock with a Buy rating and eight have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $79.31.

View Our Latest Stock Analysis on EMN

Eastman Chemical Price Performance

Eastman Chemical stock opened at $74.28 on Monday. Eastman Chemical Company has a 12-month low of $56.11 and a 12-month high of $84.18. The stock has a market capitalization of $8.48 billion, a P/E ratio of 18.16, a P/E/G ratio of 1.62 and a beta of 1.16. The firm’s 50-day moving average is $74.19 and its two-hundred day moving average is $67.06. 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 (NYSE:EMN – Get Free Report) last released its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The firm had revenue of $1.97 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period in the prior year, the business earned $1.87 earnings per share. Eastman Chemical’s revenue for the quarter was down 12.1% on a year-over-year basis. Equities analysts predict that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 8th. Investors of record on Friday, March 13th were given a $0.84 dividend. The ex-dividend date of this dividend was Friday, March 13th. This represents a $3.36 annualized dividend and a dividend yield of 4.5%. Eastman Chemical’s dividend payout ratio (DPR) is currently 82.15%.

About Eastman Chemical

(Free Report)

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.

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