Texas Permanent School Fund Has $2.06 Million Stake in Eastman Chemical (EMN)

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Texas Permanent School Fund lowered its position in Eastman Chemical (NYSE:EMN) by 3.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 27,194 shares of the basic materials company’s stock after selling 974 shares during the period. Texas Permanent School Fund’s holdings in Eastman Chemical were worth $2,063,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Victory Capital Management Inc. increased its stake in shares of Eastman Chemical by 47.1% in the fourth quarter. Victory Capital Management Inc. now owns 3,260,797 shares of the basic materials company’s stock worth $238,397,000 after buying an additional 1,043,805 shares during the period. MML Investors Services LLC increased its stake in shares of Eastman Chemical by 5.7% in the fourth quarter. MML Investors Services LLC now owns 5,180 shares of the basic materials company’s stock worth $379,000 after buying an additional 280 shares during the period. Valley National Advisers Inc. purchased a new position in shares of Eastman Chemical in the fourth quarter worth $230,000. Sowell Financial Services LLC increased its stake in shares of Eastman Chemical by 9.5% in the fourth quarter. Sowell Financial Services LLC now owns 6,188 shares of the basic materials company’s stock worth $452,000 after buying an additional 539 shares during the period. Finally, Garrison Financial Corp increased its stake in shares of Eastman Chemical by 3.5% in the fourth quarter. Garrison Financial Corp now owns 40,531 shares of the basic materials company’s stock worth $2,743,000 after buying an additional 1,367 shares during the period. Institutional investors own 84.25% of the company’s stock.

Several research analysts recently commented on the stock. Zacks Investment Research raised shares of Eastman Chemical from a “sell” rating to a “hold” rating in a research note on Tuesday, March 26th. ValuEngine downgraded shares of Eastman Chemical from a “sell” rating to a “strong sell” rating in a research note on Tuesday, May 7th. Cowen downgraded shares of Eastman Chemical from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $94.00 to $88.00 in a research note on Wednesday, February 6th. Standpoint Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Thursday, January 31st. Finally, UBS Group set a $98.00 price target on shares of Eastman Chemical and gave the company a “buy” rating in a report on Friday, April 26th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company. Eastman Chemical presently has a consensus rating of “Hold” and an average target price of $91.27.

NYSE:EMN traded down $0.33 during trading hours on Monday, hitting $70.89. The company had a trading volume of 5,089 shares, compared to its average volume of 1,157,171. The stock has a market cap of $9.87 billion, a P/E ratio of 8.64, a price-to-earnings-growth ratio of 0.95 and a beta of 1.14. Eastman Chemical has a 52 week low of $67.40 and a 52 week high of $110.17. The company has a quick ratio of 0.79, a current ratio of 1.51 and a debt-to-equity ratio of 0.95.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.77 earnings per share for the quarter, missing the consensus estimate of $1.91 by ($0.14). The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.61 billion. Eastman Chemical had a net margin of 10.07% and a return on equity of 18.60%. The business’s revenue was down 8.7% on a year-over-year basis. During the same quarter last year, the firm earned $2.23 EPS. On average, analysts expect that Eastman Chemical will post 8.57 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Monday, June 17th will be issued a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend is Friday, June 14th. Eastman Chemical’s dividend payout ratio (DPR) is currently 30.24%.

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Eastman Chemical Profile

Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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