Mutual of America Capital Management LLC Cuts Stake in Eastman Chemical (NYSE:EMN)

Mutual of America Capital Management LLC cut its stake in Eastman Chemical (NYSE:EMN) by 3.5% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 13,867 shares of the basic materials company’s stock after selling 510 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Eastman Chemical were worth $1,266,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of EMN. Crews Bank & Trust purchased a new position in shares of Eastman Chemical in the fourth quarter valued at approximately $27,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in shares of Eastman Chemical during the fourth quarter worth approximately $35,000. Dunhill Financial LLC raised its stake in 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 last quarter. Stonebridge Financial Group LLC purchased a new position in Eastman Chemical in the 4th quarter valued at $37,000. Finally, Proficio Capital Partners LLC acquired a new stake in Eastman Chemical during the 4th quarter worth $75,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on EMN. UBS Group reduced their target price on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a research report on Friday, January 31st. Royal Bank of Canada increased their price objective on shares of Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a report on Tuesday, February 4th. Bank of America upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. Citigroup cut Eastman Chemical from a “buy” rating to a “neutral” rating and cut their price target for the company from $118.00 to $104.00 in a report on Wednesday, December 18th. Finally, Barclays reduced their price objective on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a research report on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $114.08.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock opened at $98.93 on Monday. The firm has a market cap of $11.39 billion, a PE ratio of 12.88, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 52 week low of $86.70 and a 52 week high of $114.50. The business’s fifty day simple moving average is $95.39 and its 200-day simple moving average is $100.32.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating 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%. Equities 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. 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 annualized dividend and a yield of 3.36%. Eastman Chemical’s dividend payout ratio (DPR) is presently 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.