Truist Financial Corp cut its position in shares of Eastman Chemical Company (NYSE:EMN – Free Report) by 81.2% during the 4th quarter, Holdings Channel reports. The firm owned 36,989 shares of the basic materials company’s stock after selling 159,975 shares during the quarter. Truist Financial Corp’s holdings in Eastman Chemical were worth $2,361,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors have also made changes to their positions in EMN. State Street Corp increased its holdings in shares of Eastman Chemical by 24.3% during the 3rd quarter. State Street Corp now owns 5,687,097 shares of the basic materials company’s stock worth $363,314,000 after acquiring an additional 1,112,391 shares during the last quarter. Allspring Global Investments Holdings LLC increased its holdings in shares of Eastman Chemical by 97.0% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,859,998 shares of the basic materials company’s stock worth $119,672,000 after acquiring an additional 916,023 shares during the last quarter. PFA Pension Forsikringsaktieselskab acquired a new position in shares of Eastman Chemical during the 4th quarter worth approximately $39,827,000. DAVENPORT & Co LLC acquired a new position in shares of Eastman Chemical during the 4th quarter worth approximately $39,545,000. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Eastman Chemical by 576.0% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 707,304 shares of the basic materials company’s stock worth $44,596,000 after acquiring an additional 602,677 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.
Eastman Chemical Stock Performance
Shares of NYSE:EMN opened at $73.81 on Thursday. The company’s 50 day moving average price is $72.36 and its two-hundred day moving average price is $68.77. Eastman Chemical Company has a 12-month low of $56.11 and a 12-month high of $83.47. The firm has a market cap of $8.44 billion, a PE ratio of 21.40, a PEG ratio of 0.95 and a beta of 1.04. The company has a quick ratio of 0.71, a current ratio of 1.47 and a debt-to-equity ratio of 0.73.
Eastman Chemical Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 8th. Stockholders of record on Monday, June 15th will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 4.6%. The ex-dividend date of this dividend is Monday, June 15th. Eastman Chemical’s dividend payout ratio is 97.39%.
Wall Street Analysts Forecast Growth
A number of research analysts recently commented on the stock. Royal Bank Of Canada upped their price target on shares of Eastman Chemical from $79.00 to $82.00 and gave the company a “sector perform” rating in a research note on Tuesday, May 5th. Zacks Research upgraded shares of Eastman Chemical from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $82.00 price target on shares of Eastman Chemical in a research note on Tuesday, May 5th. Mizuho set a $85.00 price target on shares of Eastman Chemical in a research note on Friday, May 1st. Finally, UBS Group upped their price target on shares of Eastman Chemical from $80.00 to $88.00 and gave the company a “buy” rating in a research note on Thursday, April 9th. Seven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $80.25.
About Eastman Chemical
Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.
The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.
Featured Stories
- Five stocks we like better than Eastman Chemical
- D-Wave Earnings Looked Weak, But Investors May Be Missing This
- Nebius Upside Expands as AI Feedback Loop Intensifies
- Insider Trades: Okta and Abbott See Buys, Micron Insiders Sell
- Plug Power Flips The Switch On Profitability
Want to see what other hedge funds are holding EMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastman Chemical Company (NYSE:EMN – Free Report).
Receive News & Ratings for Eastman Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical and related companies with MarketBeat.com's FREE daily email newsletter.
