Mackay Shields LLC Has $2.46 Million Stock Position in Eastman Chemical (NYSE:EMN)

Mackay Shields LLC reduced its stake in shares of Eastman Chemical (NYSE:EMNGet Rating) by 3.7% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,312 shares of the basic materials company’s stock after selling 789 shares during the quarter. Mackay Shields LLC’s holdings in Eastman Chemical were worth $2,456,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its holdings in Eastman Chemical by 216.6% in the 4th quarter. Russell Investments Group Ltd. now owns 773,001 shares of the basic materials company’s stock valued at $93,458,000 after buying an additional 528,864 shares during the period. Morgan Stanley increased its holdings in Eastman Chemical by 18.6% in the 3rd quarter. Morgan Stanley now owns 1,782,154 shares of the basic materials company’s stock valued at $179,534,000 after buying an additional 279,113 shares during the period. Renaissance Technologies LLC bought a new stake in Eastman Chemical in the 3rd quarter valued at $20,132,000. Allspring Global Investments Holdings LLC bought a new stake in Eastman Chemical in the 4th quarter valued at $23,356,000. Finally, Bank of New York Mellon Corp increased its holdings in Eastman Chemical by 15.5% in the 3rd quarter. Bank of New York Mellon Corp now owns 1,320,812 shares of the basic materials company’s stock valued at $133,058,000 after buying an additional 176,856 shares during the period. Hedge funds and other institutional investors own 82.59% of the company’s stock.

In related news, SVP Mark K. Cox sold 4,858 shares of the stock in a transaction that occurred on Friday, February 25th. The stock was sold at an average price of $120.79, for a total transaction of $586,797.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Christopher Moore Killian sold 14,738 shares of the stock in a transaction that occurred on Thursday, February 10th. The stock was sold at an average price of $122.75, for a total value of $1,809,089.50. The disclosure for this sale can be found here. Company insiders own 1.87% of the company’s stock.

Eastman Chemical stock opened at $108.82 on Tuesday. The company has a current ratio of 1.56, a quick ratio of 1.06 and a debt-to-equity ratio of 0.76. Eastman Chemical has a 1 year low of $98.24 and a 1 year high of $130.47. The company has a market cap of $14.03 billion, a PE ratio of 17.27, a PEG ratio of 0.67 and a beta of 1.47. The company’s 50-day moving average is $112.82 and its two-hundred day moving average is $113.87.

Eastman Chemical (NYSE:EMNGet Rating) last released its earnings results on Thursday, January 27th. The basic materials company reported $1.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.89 by ($0.08). Eastman Chemical had a net margin of 8.18% and a return on equity of 19.93%. The business had revenue of $2.69 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the company posted $1.69 earnings per share. The business’s revenue for the quarter was up 23.2% on a year-over-year basis. Research analysts forecast that Eastman Chemical will post 9.67 EPS for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, April 1st. Investors of record on Tuesday, March 15th were given a $0.76 dividend. The ex-dividend date was Monday, March 14th. This represents a $3.04 dividend on an annualized basis and a dividend yield of 2.79%. Eastman Chemical’s dividend payout ratio is 48.25%.

Several equities research analysts have issued reports on EMN shares. KeyCorp lowered their price target on shares of Eastman Chemical from $150.00 to $142.00 and set an “overweight” rating on the stock in a report on Tuesday, April 5th. StockNews.com started coverage on shares of Eastman Chemical in a report on Thursday, March 31st. They issued a “buy” rating on the stock. Barclays upped their target price on shares of Eastman Chemical from $128.00 to $130.00 and gave the stock an “equal weight” rating in a report on Monday, January 31st. Wells Fargo & Company lowered their target price on shares of Eastman Chemical from $138.00 to $128.00 and set an “overweight” rating on the stock in a report on Wednesday, April 6th. Finally, Piper Sandler lowered their target price on shares of Eastman Chemical from $126.00 to $118.00 and set a “neutral” rating on the stock in a report on Wednesday, March 9th. Five research 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, the company currently has a consensus rating of “Buy” and an average target price of $133.00.

About Eastman Chemical (Get Rating)

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

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

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