State of Michigan Retirement System Has $2.87 Million Stake in Eastman Chemical (NYSE:EMN)

Posted by Defense World Staff on Apr 12th, 2023

State of Michigan Retirement System trimmed its holdings in shares of Eastman Chemical (NYSE:EMN – Get Rating) by 2.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,268 shares of the basic materials company’s stock after selling 800 shares during the period. State of Michigan Retirement System’s holdings in Eastman Chemical were worth $2,872,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of the business. Blair William & Co. IL raised its stake in shares of Eastman Chemical by 2.5% during the first quarter. Blair William & Co. IL now owns 4,380 shares of the basic materials company’s stock worth $491,000 after buying an additional 105 shares during the last quarter. Clear Street Markets LLC raised its stake in shares of Eastman Chemical by 49.3% during the third quarter. Clear Street Markets LLC now owns 403 shares of the basic materials company’s stock worth $29,000 after buying an additional 133 shares during the last quarter. Aldebaran Financial Inc. raised its stake in shares of Eastman Chemical by 1.8% during the third quarter. Aldebaran Financial Inc. now owns 8,417 shares of the basic materials company’s stock worth $614,000 after buying an additional 145 shares during the last quarter. Avantax Advisory Services Inc. raised its stake in shares of Eastman Chemical by 3.4% during the third quarter. Avantax Advisory Services Inc. now owns 4,477 shares of the basic materials company’s stock worth $318,000 after buying an additional 147 shares during the last quarter. Finally, Koshinski Asset Management Inc. raised its stake in shares of Eastman Chemical by 1.1% during the third quarter. Koshinski Asset Management Inc. now owns 13,619 shares of the basic materials company’s stock worth $968,000 after buying an additional 150 shares during the last quarter. 83.42% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on EMN. Vertical Research downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating and dropped their price target for the stock from $94.00 to $92.00 in a research note on Monday, January 30th. Deutsche Bank Aktiengesellschaft downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating and upped their target price for the company from $90.00 to $96.00 in a research note on Monday, January 16th. Scotiabank downgraded shares of Eastman Chemical from a “sector outperform” rating to a “sector perform” rating and lowered their target price for the company from $100.00 to $90.00 in a research note on Monday, January 30th. The Goldman Sachs Group upped their target price on shares of Eastman Chemical from $78.00 to $89.00 and gave the company a “neutral” rating in a research note on Thursday, December 15th. Finally, KeyCorp lowered their target price on shares of Eastman Chemical from $98.00 to $96.00 and set an “overweight” rating for the company in a research note on Tuesday. Twelve equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical currently has a consensus rating of “Hold” and a consensus target price of $98.67.

Eastman Chemical Stock Up 0.6 %

Shares of EMN stock opened at $82.41 on Wednesday. Eastman Chemical has a 12-month low of $69.91 and a 12-month high of $113.34. The firm has a fifty day moving average of $84.24 and a 200-day moving average of $82.83. The company has a market capitalization of $9.82 billion, a price-to-earnings ratio of 13.08, a P/E/G ratio of 2.14 and a beta of 1.50. The company has a quick ratio of 0.58, a current ratio of 1.16 and a debt-to-equity ratio of 0.77.

Eastman Chemical (NYSE:EMN – Get Rating) last announced its earnings results on Friday, January 27th. The basic materials company reported $0.89 EPS for the quarter, missing the consensus estimate of $1.26 by ($0.37). Eastman Chemical had a return on equity of 17.82% and a net margin of 7.50%. The business had revenue of $2.37 billion for the quarter, compared to analyst estimates of $2.42 billion. During the same quarter in the previous year, the company posted $1.81 EPS. The business’s revenue for the quarter was down 11.9% compared to the same quarter last year. As a group, equities research analysts predict that Eastman Chemical will post 7.82 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 10th. Investors of record on Wednesday, March 15th were issued a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 3.83%. The ex-dividend date was Tuesday, March 14th. 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.