Invesco Ltd. Purchases 284,271 Shares of Eastman Chemical (NYSE:EMN)

by · The Markets Daily

Invesco Ltd. raised its holdings in Eastman Chemical (NYSE:EMN – Free Report) by 11.1% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,844,165 shares of the basic materials company’s stock after purchasing an additional 284,271 shares during the quarter. Invesco Ltd. owned 2.45% of Eastman Chemical worth $259,729,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Crews Bank & Trust acquired a new position in Eastman Chemical in the 4th quarter worth about $27,000. Picton Mahoney Asset Management increased its stake in shares of Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 124 shares in the last quarter. Assetmark Inc. raised its holdings in shares of Eastman Chemical by 384.4% during the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC acquired a new position in Eastman Chemical during the 4th quarter worth approximately $35,000. Finally, Stonebridge Financial Group LLC acquired a new position in shares of Eastman Chemical during the fourth quarter worth approximately $37,000. Institutional investors own 83.65% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on EMN shares. Piper Sandler dropped their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating on the stock in a research report on Monday. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. Citigroup raised Eastman Chemical from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $105.00 to $101.00 in a report on Friday, April 4th. Royal Bank of Canada upgraded shares of Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 target price for the company in a research report on Wednesday. Finally, JPMorgan Chase & Co. lifted their price target on Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $107.75.

Check Out Our Latest Research Report on Eastman Chemical

Eastman Chemical Price Performance

EMN stock opened at $75.98 on Friday. The stock has a market cap of $8.75 billion, a PE ratio of 9.89, a P/E/G ratio of 1.22 and a beta of 1.38. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. Eastman Chemical has a one year low of $70.90 and a one year high of $114.50. The firm has a 50 day simple moving average of $92.48 and a two-hundred day simple moving average of $97.47.

Eastman Chemical (NYSE:EMN – Get Free Report) last issued its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. On average, analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 14th were given a $0.83 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $3.32 annualized dividend and a yield of 4.37%. Eastman Chemical’s payout ratio is currently 43.23%.

Eastman Chemical Profile

(Free Report)

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.

Further Reading

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