Eastman Chemical (NYSE:EMN) Shares Purchased by Illinois Municipal Retirement Fund

Illinois Municipal Retirement Fund boosted its position in Eastman Chemical (NYSE:EMN) by 30.8% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 93,929 shares of the basic materials company’s stock after buying an additional 22,097 shares during the quarter. Illinois Municipal Retirement Fund owned 0.08% of Eastman Chemical worth $8,578,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Crews Bank & Trust acquired a new position in Eastman Chemical in the 4th quarter worth $27,000. Dunhill Financial LLC lifted its holdings in Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after buying an additional 162 shares in the last quarter. Stonebridge Financial Group LLC acquired a new position in Eastman Chemical in the 4th quarter worth $37,000. Ashton Thomas Securities LLC acquired a new position in Eastman Chemical in the 3rd quarter worth $89,000. Finally, Versant Capital Management Inc increased its position in shares of Eastman Chemical by 32.4% in the 4th quarter. Versant Capital Management Inc now owns 916 shares of the basic materials company’s stock worth $84,000 after purchasing an additional 224 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on EMN. JPMorgan Chase & Co. boosted their target price on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. Mizuho boosted their target price on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Piper Sandler boosted their target price on shares of Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Finally, Citigroup downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $118.00 to $104.00 in a research report on Wednesday, December 18th. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $114.08.

Eastman Chemical Trading Up 0.7 %

Eastman Chemical stock opened at $98.88 on Wednesday. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The firm has a 50-day moving average price of $94.52 and a two-hundred day moving average price of $100.33. The firm has a market capitalization of $11.39 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 1.22 and a beta of 1.44. Eastman Chemical has a 52-week low of $85.28 and a 52-week high of $114.50.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (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%. Sell-side analysts expect that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s dividend payout ratio is currently 43.23%.

Eastman Chemical Company Profile

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.