Eastman Chemical (NYSE:EMN) Shares Bought by Victory Capital Management Inc.

Victory Capital Management Inc. raised its position in Eastman Chemical (NYSE:EMN) by 61.1% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 254,916 shares of the basic materials company’s stock after acquiring an additional 96,663 shares during the period. Victory Capital Management Inc. owned approximately 0.22% of Eastman Chemical worth $23,279,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in EMN. Principal Financial Group Inc. lifted its stake in shares of Eastman Chemical by 6.8% in the 3rd quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock worth $16,588,000 after acquiring an additional 9,447 shares during the period. CWA Asset Management Group LLC acquired a new stake in shares of Eastman Chemical in the third quarter valued at about $558,000. Baker Avenue Asset Management LP lifted its stake in shares of Eastman Chemical by 11.6% in the third quarter. Baker Avenue Asset Management LP now owns 3,051 shares of the basic materials company’s stock valued at $342,000 after purchasing an additional 316 shares during the period. Ashton Thomas Securities LLC acquired a new stake in shares of Eastman Chemical in the third quarter valued at about $89,000. Finally, WCM Investment Management LLC acquired a new stake in shares of Eastman Chemical in the third quarter valued at about $374,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on EMN. Citigroup cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $118.00 to $104.00 in a research note on Wednesday, December 18th. Mizuho lifted their target price on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. JPMorgan Chase & Co. lifted their target price on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Piper Sandler lifted their target price on shares of Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Finally, Barclays cut their target price on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat, Eastman Chemical has an average rating of “Moderate Buy” and an average target price of $114.08.

Eastman Chemical Stock Performance

Shares of NYSE EMN opened at $97.05 on Tuesday. The company has a market cap of $11.18 billion, a PE ratio of 12.64, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. Eastman Chemical has a 12 month low of $86.70 and a 12 month high of $114.50. 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 company has a 50-day simple moving average of $95.39 and a 200-day simple moving average of $100.32.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, topping analysts’ consensus estimates 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, equities analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.42%. Eastman Chemical’s payout ratio is 43.23%.

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.