Czech National Bank Sells 227 Shares of Eastman Chemical (NYSE:EMN)

Posted by Defense World Staff on Mar 27th, 2023

Czech National Bank lessened its position in Eastman Chemical (NYSE:EMN – Get Rating) by 1.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 14,045 shares of the basic materials company’s stock after selling 227 shares during the quarter. Czech National Bank’s holdings in Eastman Chemical were worth $1,144,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the company. Putnam Investments LLC boosted its holdings in shares of Eastman Chemical by 4.6% in the 3rd quarter. Putnam Investments LLC now owns 3,620,316 shares of the basic materials company’s stock worth $257,224,000 after purchasing an additional 158,270 shares in the last quarter. FMR LLC boosted its stake in Eastman Chemical by 2.9% in the second quarter. FMR LLC now owns 2,236,412 shares of the basic materials company’s stock worth $200,762,000 after buying an additional 63,695 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Eastman Chemical by 4.7% during the third quarter. Dimensional Fund Advisors LP now owns 1,906,350 shares of the basic materials company’s stock valued at $135,447,000 after acquiring an additional 86,318 shares during the last quarter. Massachusetts Financial Services Co. MA raised its stake in shares of Eastman Chemical by 0.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,863,765 shares of the basic materials company’s stock worth $132,421,000 after acquiring an additional 12,515 shares in the last quarter. Finally, Ceredex Value Advisors LLC lifted its holdings in shares of Eastman Chemical by 108.4% in the 3rd quarter. Ceredex Value Advisors LLC now owns 1,411,080 shares of the basic materials company’s stock worth $100,781,000 after acquiring an additional 733,997 shares during the last quarter. Hedge funds and other institutional investors own 83.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Citigroup lifted their target price on shares of Eastman Chemical from $75.00 to $90.00 and gave the stock a “neutral” rating in a research report on Thursday, December 15th. The Goldman Sachs Group lifted their price objective on Eastman Chemical from $78.00 to $89.00 and gave the stock a “neutral” rating in a report on Thursday, December 15th. Vertical Research cut Eastman Chemical from a “buy” rating to a “hold” rating and dropped their target price for the company from $94.00 to $92.00 in a report on Monday, January 30th. Barclays lifted their price target on Eastman Chemical from $82.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Monday, January 30th. Finally, Mizuho decreased their price target on Eastman Chemical from $85.00 to $82.00 and set a “neutral” rating on the stock in a research note on Monday, January 30th. Thirteen analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, Eastman Chemical presently has a consensus rating of “Hold” and an average target price of $98.78.

Eastman Chemical Price Performance

EMN opened at $79.58 on Monday. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.58 and a current ratio of 1.16. Eastman Chemical has a 52-week low of $69.91 and a 52-week high of $114.97. The stock has a market capitalization of $9.48 billion, a PE ratio of 12.63, a price-to-earnings-growth ratio of 2.10 and a beta of 1.48. The stock’s 50 day moving average price is $85.93 and its 200-day moving average price is $82.83.

Eastman Chemical (NYSE:EMN – Get Rating) last issued its quarterly earnings results on Friday, January 27th. The basic materials company reported $0.89 earnings per share for the quarter, missing the consensus estimate of $1.26 by ($0.37). The firm had revenue of $2.37 billion during the quarter, compared to analysts’ expectations of $2.42 billion. Eastman Chemical had a return on equity of 17.82% and a net margin of 7.50%. Eastman Chemical’s revenue for the quarter was down 11.9% on a year-over-year basis. During the same period in the previous year, the company earned $1.81 earnings per share. On average, equities research analysts predict that Eastman Chemical will post 7.77 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, April 10th. Investors of record on Wednesday, March 15th will be paid a $0.79 dividend. The ex-dividend date is Tuesday, March 14th. This represents a $3.16 annualized dividend and a yield of 3.97%. Eastman Chemical’s payout ratio is 50.16%.

About Eastman Chemical

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Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Advanced Material (AM), Additives and Functional Products (AFP), Chemical Intermediates (CI), and Fibers. The AM segment produces and markets its polymers, films, and plastics with differentiated performance properties for value-added end uses in transportation, consumables, building and construction, durable goods, and health and wellness markets.