Clearbridge Investments LLC Has $112.30 Million Holdings in Eastman Chemical (NYSE:EMN)

Clearbridge Investments LLC grew its holdings in Eastman Chemical (NYSE:EMN) by 20.5% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,229,707 shares of the basic materials company’s stock after acquiring an additional 209,075 shares during the quarter. Clearbridge Investments LLC’s holdings in Eastman Chemical were worth $112,297,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of EMN. Private Trust Co. NA boosted its holdings in Eastman Chemical by 14.0% in the 4th quarter. Private Trust Co. NA now owns 837 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 103 shares during the period. Blue Trust Inc. raised its position in shares of Eastman Chemical by 2.2% during the fourth quarter. Blue Trust Inc. now owns 5,505 shares of the basic materials company’s stock valued at $503,000 after buying an additional 116 shares during the last quarter. Picton Mahoney Asset Management lifted its stake in shares of Eastman Chemical by 62.3% in the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock valued at $29,000 after buying an additional 124 shares during the period. Caprock Group LLC grew its position in Eastman Chemical by 4.2% during the fourth quarter. Caprock Group LLC now owns 3,196 shares of the basic materials company’s stock worth $295,000 after buying an additional 128 shares in the last quarter. Finally, Global Retirement Partners LLC increased its stake in Eastman Chemical by 1.4% during the fourth quarter. Global Retirement Partners LLC now owns 9,268 shares of the basic materials company’s stock valued at $846,000 after acquiring an additional 132 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Up 1.3 %

Shares of NYSE:EMN opened at $88.14 on Tuesday. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The stock has a market cap of $10.15 billion, a price-to-earnings ratio of 11.48, a P/E/G ratio of 1.22 and a beta of 1.43. The company has a 50 day moving average of $95.56 and a 200-day moving average of $99.29. Eastman Chemical has a one year low of $85.84 and a one year high of $114.50.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating the consensus estimate 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, sell-side analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is currently 43.23%.

Analyst Ratings Changes

A number of analysts have commented on EMN shares. Piper Sandler raised their price objective on Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Saturday, January 18th. JPMorgan Chase & Co. boosted their price target on shares of Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Bank of America upgraded shares of 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. Finally, Citigroup lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $118.00 to $104.00 in a research report on Wednesday, December 18th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Eastman Chemical presently has an average rating of “Moderate Buy” and an average price target of $114.08.

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.