New York State Teachers Retirement System Has $11.84 Million Position in Eastman Chemical (NYSE:EMN)

New York State Teachers Retirement System trimmed its holdings in Eastman Chemical (NYSE:EMN) by 4.9% during the fourth quarter, Holdings Channel reports. The firm owned 129,703 shares of the basic materials company’s stock after selling 6,670 shares during the quarter. New York State Teachers Retirement System’s holdings in Eastman Chemical were worth $11,844,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Crews Bank & Trust acquired a new position in shares of Eastman Chemical in the 4th quarter valued at about $27,000. Dunhill Financial LLC lifted its stake in shares of Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 162 shares during the period. Stonebridge Financial Group LLC acquired a new position in shares of Eastman Chemical in the 4th quarter valued at about $37,000. Northwest Investment Counselors LLC acquired a new position in shares of Eastman Chemical in the 3rd quarter valued at about $38,000. Finally, Exchange Traded Concepts LLC lifted its stake in shares of Eastman Chemical by 784.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 681 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 604 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently commented on the company. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Saturday, January 18th. Deutsche Bank Aktiengesellschaft decreased their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $110.00 to $125.00 in a research report on Tuesday, November 26th. JPMorgan Chase & Co. boosted their target price on Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Finally, Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and decreased their target price for the company from $115.00 to $109.00 in a research report on Tuesday, January 14th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $114.08.

Insider Transactions at Eastman Chemical

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total value of $1,102,920.00. Following the transaction, the executive vice president now owns 47,287 shares in the company, valued at approximately $4,965,135. This represents a 18.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the transaction, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 1.93% of the company’s stock.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $100.99 on Tuesday. Eastman Chemical has a twelve month low of $83.38 and a twelve month high of $114.50. The stock’s 50 day moving average price is $94.27 and its 200-day moving average price is $100.12. The company has a market capitalization of $11.71 billion, a PE ratio of 13.15, a PEG ratio of 1.24 and a beta of 1.44. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.40% and a net margin of 9.65%. On average, equities analysts anticipate that Eastman Chemical will post 8.47 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently announced 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. The ex-dividend date is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.29%. Eastman Chemical’s payout ratio is presently 43.23%.

Eastman Chemical 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.