Vestcor Inc Has $120,000 Holdings in Eastman Chemical (NYSE:EMN)

Vestcor Inc lessened its stake in Eastman Chemical (NYSE:EMN) by 51.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,315 shares of the basic materials company’s stock after selling 1,391 shares during the quarter. Vestcor Inc’s holdings in Eastman Chemical were worth $120,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. James J. Burns & Company LLC acquired a new stake in shares of Eastman Chemical during the 4th quarter worth approximately $741,000. Goelzer Investment Management Inc. acquired a new stake in shares of Eastman Chemical during the 4th quarter worth approximately $3,319,000. National Bank of Canada FI grew its position in shares of Eastman Chemical by 492.9% during the 3rd quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock worth $23,863,000 after buying an additional 177,207 shares during the period. Dakota Wealth Management grew its position in shares of Eastman Chemical by 14.6% during the 4th quarter. Dakota Wealth Management now owns 44,675 shares of the basic materials company’s stock worth $4,081,000 after buying an additional 5,700 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Eastman Chemical by 3.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock worth $306,093,000 after buying an additional 83,504 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Performance

Shares of EMN opened at $91.22 on Wednesday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. Eastman Chemical has a twelve month low of $86.70 and a twelve month high of $114.50. The firm’s 50 day moving average price is $95.80 and its two-hundred day moving average price is $99.92. The firm has a market cap of $10.51 billion, a P/E ratio of 11.88, a PEG ratio of 1.22 and a beta of 1.43.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data 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%. On average, analysts forecast that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be issued a $0.83 dividend. The ex-dividend date is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.64%. Eastman Chemical’s dividend payout ratio (DPR) is presently 43.23%.

Wall Street Analyst Weigh In

EMN has been the subject of several analyst reports. Barclays lowered their price target on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company 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 reduced their price objective for the stock from $115.00 to $109.00 in a research note on Tuesday, January 14th. Royal Bank of Canada lifted their price objective on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 4th. KeyCorp lifted their price objective on shares of Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, Piper Sandler lifted their price objective on shares of Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and an average target price of $114.08.

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.