California Public Employees Retirement System Sells 10,847 Shares of Eastman Chemical (NYSE:EMN)

California Public Employees Retirement System lowered its stake in shares of Eastman Chemical (NYSE:EMN) by 5.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 201,808 shares of the basic materials company’s stock after selling 10,847 shares during the period. California Public Employees Retirement System owned approximately 0.17% of Eastman Chemical worth $18,429,000 as of its most recent filing with the Securities and Exchange Commission.

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

Eastman Chemical Price Performance

Eastman Chemical stock opened at $75.48 on Friday. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The business’s 50 day simple moving average is $94.76 and its 200 day simple moving average is $98.77. Eastman Chemical has a 12 month low of $73.78 and a 12 month high of $114.50. The company has a market cap of $8.69 billion, a price-to-earnings ratio of 9.83, a PEG ratio of 1.22 and a beta of 1.43.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. Sell-side analysts forecast that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently disclosed 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. This represents a $3.32 annualized dividend and a yield of 4.40%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 43.23%.

Analyst Ratings Changes

Several research analysts recently issued reports on EMN shares. Piper Sandler lifted their target price on Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. Barclays reduced 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 note on Monday, February 3rd. KeyCorp raised their price target on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Mizuho raised shares of Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a research report on Thursday. Finally, UBS Group dropped their target price on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $112.83.

About Eastman Chemical

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.