Global Retirement Partners LLC Sells 431 Shares of Eastman Chemical (NYSE:EMN)

Global Retirement Partners LLC trimmed its position in Eastman Chemical (NYSE:EMN) by 4.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,136 shares of the basic materials company’s stock after selling 431 shares during the period. Global Retirement Partners LLC’s holdings in Eastman Chemical were worth $1,023,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in EMN. Wolff Wiese Magana LLC increased its holdings in Eastman Chemical by 238.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 200 shares in the last quarter. Cultivar Capital Inc. bought a new stake in Eastman Chemical during the 2nd quarter worth approximately $29,000. Northwest Investment Counselors LLC bought a new stake in Eastman Chemical during the 1st quarter worth approximately $34,000. EntryPoint Capital LLC bought a new stake in Eastman Chemical during the 1st quarter worth approximately $38,000. Finally, Rothschild Investment LLC bought a new stake in Eastman Chemical during the 2nd quarter worth approximately $38,000. 83.65% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on EMN shares. Barclays boosted their price objective on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft boosted their target price on Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Piper Sandler restated a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Finally, Citigroup cut their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $110.20.

Eastman Chemical Trading Down 0.6 %

NYSE:EMN opened at $108.84 on Friday. The company has a market cap of $12.80 billion, a P/E ratio of 14.03, a P/E/G ratio of 0.83 and a beta of 1.44. The stock’s fifty day moving average price is $104.17 and its two-hundred day moving average price is $100.58. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $114.50. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.14. The firm had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The business’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.99 earnings per share. As a group, analysts expect that Eastman Chemical will post 7.67 EPS for the current year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 16th were given a dividend of $0.81 per share. The ex-dividend date was Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 2.98%. 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.