IQ EQ FUND MANAGEMENT IRELAND Ltd Reduces Position in Eastman Chemical (NYSE:EMN)

IQ EQ FUND MANAGEMENT IRELAND Ltd decreased its holdings in Eastman Chemical (NYSE:EMN) by 1.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 25,263 shares of the basic materials company’s stock after selling 353 shares during the period. IQ EQ FUND MANAGEMENT IRELAND Ltd’s holdings in Eastman Chemical were worth $2,307,000 at the end of the most recent quarter.

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

Eastman Chemical Stock Up 0.3 %

Shares of NYSE EMN opened at $89.62 on Thursday. The business has a 50-day moving average price of $95.84 and a 200 day moving average price of $99.51. The stock has a market cap of $10.32 billion, a PE ratio of 11.67, 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.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data 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 research 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. Shareholders of record on Friday, March 14th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.70%. Eastman Chemical’s dividend payout ratio (DPR) is currently 43.23%.

Analyst Ratings Changes

EMN has been the topic of a number of research reports. Piper Sandler increased their target price on shares of Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. UBS Group decreased their target price on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a report on Friday, January 31st. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. KeyCorp boosted their price objective on Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Finally, Barclays reduced their target price on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Eastman Chemical has an average rating of “Moderate Buy” and an average target price of $114.08.

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.