California State Teachers Retirement System Lowers Stake in Eastman Chemical (EMN)

California State Teachers Retirement System cut its stake in shares of Eastman Chemical (NYSE:EMN) by 0.3% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 253,408 shares of the basic materials company’s stock after selling 815 shares during the quarter. California State Teachers Retirement System’s holdings in Eastman Chemical were worth $18,527,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Victory Capital Management Inc. grew its stake in shares of Eastman Chemical by 47.1% during the 4th quarter. Victory Capital Management Inc. now owns 3,260,797 shares of the basic materials company’s stock valued at $238,397,000 after buying an additional 1,043,805 shares during the period. Garrison Financial Corp grew its stake in shares of Eastman Chemical by 3.5% during the 4th quarter. Garrison Financial Corp now owns 40,531 shares of the basic materials company’s stock valued at $2,743,000 after buying an additional 1,367 shares during the period. Lowe Brockenbrough & Co. Inc. grew its stake in shares of Eastman Chemical by 1.2% during the 3rd quarter. Lowe Brockenbrough & Co. Inc. now owns 67,826 shares of the basic materials company’s stock valued at $6,492,000 after buying an additional 815 shares during the period. Butensky & Cohen Financial Security Inc. grew its stake in shares of Eastman Chemical by 6.5% during the 4th quarter. Butensky & Cohen Financial Security Inc. now owns 21,690 shares of the basic materials company’s stock valued at $1,586,000 after buying an additional 1,315 shares during the period. Finally, Commonwealth Bank of Australia grew its stake in shares of Eastman Chemical by 10.8% during the 3rd quarter. Commonwealth Bank of Australia now owns 19,437 shares of the basic materials company’s stock valued at $1,856,000 after buying an additional 1,900 shares during the period. 81.12% of the stock is owned by institutional investors.

Shares of Eastman Chemical stock opened at $78.64 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.82 and a quick ratio of 0.96. Eastman Chemical has a twelve month low of $67.40 and a twelve month high of $110.17. The firm has a market cap of $10.99 billion, a P/E ratio of 9.59, a price-to-earnings-growth ratio of 1.06 and a beta of 1.15.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 31st. The basic materials company reported $1.39 earnings per share for the quarter, missing analysts’ consensus estimates of $1.60 by ($0.21). Eastman Chemical had a return on equity of 20.15% and a net margin of 10.64%. The business had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.42 billion. As a group, sell-side analysts expect that Eastman Chemical will post 8.76 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 5th. Shareholders of record on Friday, March 15th will be issued a $0.62 dividend. The ex-dividend date is Thursday, March 14th. This represents a $2.48 dividend on an annualized basis and a yield of 3.15%. Eastman Chemical’s dividend payout ratio is currently 30.24%.

A number of brokerages recently weighed in on EMN. Zacks Investment Research raised shares of Eastman Chemical from a “sell” rating to a “hold” rating in a research report on Wednesday, January 2nd. ValuEngine raised shares of Eastman Chemical from a “strong sell” rating to a “sell” rating in a research report on Thursday, December 13th. Morgan Stanley raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and set a $90.00 price target for the company in a research report on Thursday, January 17th. Cowen cut shares of Eastman Chemical from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $94.00 to $88.00 in a research report on Wednesday, February 6th. Finally, Standpoint Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Thursday, January 31st. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $92.90.

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Eastman Chemical Profile

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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