Carret Asset Management LLC Sells 110 Shares of Eastman Chemical (NYSE:EMN)

Carret Asset Management LLC decreased its stake in shares of Eastman Chemical (NYSE:EMN) by 0.9% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 11,493 shares of the basic materials company’s stock after selling 110 shares during the period. Carret Asset Management LLC’s holdings in Eastman Chemical were worth $1,287,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Capital Research Global Investors increased its holdings in shares of Eastman Chemical by 649.8% in the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after purchasing an additional 3,909,740 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Eastman Chemical by 9.5% during the second quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock worth $223,435,000 after acquiring an additional 198,645 shares during the last quarter. Earnest Partners LLC lifted its stake in shares of Eastman Chemical by 1.8% during the second quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company’s stock valued at $219,454,000 after acquiring an additional 40,070 shares during the period. Bank of New York Mellon Corp boosted its holdings in Eastman Chemical by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 1,220,463 shares of the basic materials company’s stock valued at $119,569,000 after acquiring an additional 7,847 shares during the last quarter. Finally, Clearbridge Investments LLC increased its position in Eastman Chemical by 18.1% in the first quarter. Clearbridge Investments LLC now owns 1,120,604 shares of the basic materials company’s stock worth $112,307,000 after purchasing an additional 171,945 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Trading Down 1.2 %

Shares of NYSE:EMN opened at $105.43 on Friday. The firm has a market cap of $12.32 billion, a price-to-earnings ratio of 14.19, a PEG ratio of 0.81 and a beta of 1.44. Eastman Chemical has a 12 month low of $69.25 and a 12 month high of $114.50. The company’s fifty day simple moving average is $105.21 and its 200 day simple moving average is $100.79. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. The company had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the company posted $1.99 earnings per share. As a group, research analysts forecast that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 16th were given a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date of this dividend was Monday, September 16th. Eastman Chemical’s dividend payout ratio (DPR) is currently 43.61%.

Analysts Set New Price Targets

Several research analysts have recently issued reports on EMN shares. Deutsche Bank Aktiengesellschaft raised their target price on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Mizuho lifted their target price on shares of Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Piper Sandler reissued a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Barclays lifted their price objective on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Finally, Royal Bank of Canada increased their target price on Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a research note on Friday, October 11th. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $110.20.

About Eastman Chemical

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.