Texas Permanent School Fund Corp Sells 4,845 Shares of Eastman Chemical (NYSE:EMN)

Texas Permanent School Fund Corp trimmed its position in Eastman Chemical (NYSE:EMN) by 20.0% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 19,397 shares of the basic materials company’s stock after selling 4,845 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Eastman Chemical were worth $1,900,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Cultivar Capital Inc. bought a new stake in Eastman Chemical in the second quarter valued at approximately $29,000. Northwest Investment Counselors LLC acquired a new stake in Eastman Chemical during the 1st quarter valued at $34,000. EntryPoint Capital LLC bought a new position in Eastman Chemical during the first quarter worth $38,000. Rothschild Investment LLC bought a new position in shares of Eastman Chemical in the second quarter valued at about $38,000. Finally, Friedenthal Financial acquired a new stake in shares of Eastman Chemical during the 2nd quarter worth about $49,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on EMN. Deutsche Bank Aktiengesellschaft increased their price target on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a report on Monday, July 29th. Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Piper Sandler reaffirmed a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. UBS Group raised Eastman Chemical from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $106.00 to $128.00 in a report on Thursday, May 23rd. Finally, Citigroup decreased their price target on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and a consensus price target of $108.07.

Eastman Chemical Trading Up 0.5 %

Shares of EMN stock opened at $105.93 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $107.11. The company has a market cap of $12.46 billion, a PE ratio of 13.65, a P/E/G ratio of 0.75 and a beta of 1.44. The stock’s fifty day moving average price is $98.67 and its two-hundred day moving average price is $97.98.

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

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 16th will be given a $0.81 dividend. The ex-dividend date is Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a yield of 3.06%. Eastman Chemical’s dividend payout ratio is currently 41.75%.

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.