Adams Natural Resources Fund Inc. Sells 1,000 Shares of Eastman Chemical (NYSE:EMN)

Adams Natural Resources Fund Inc. trimmed its position in shares of Eastman Chemical (NYSE:EMN) by 1.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 52,800 shares of the basic materials company’s stock after selling 1,000 shares during the period. Eastman Chemical accounts for approximately 0.8% of Adams Natural Resources Fund Inc.’s portfolio, making the stock its 27th largest holding. Adams Natural Resources Fund Inc.’s holdings in Eastman Chemical were worth $4,822,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of EMN. State Street Corp lifted its position in shares of Eastman Chemical by 1.4% during the third quarter. State Street Corp now owns 5,285,230 shares of the basic materials company’s stock worth $595,820,000 after acquiring an additional 70,692 shares in the last quarter. Franklin Resources Inc. lifted its stake in Eastman Chemical by 5.7% in the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after purchasing an additional 282,458 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Eastman Chemical by 0.5% in the 3rd quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company’s stock valued at $310,628,000 after purchasing an additional 13,381 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Eastman Chemical by 3.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock valued at $306,093,000 after purchasing an additional 83,504 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new position in shares of Eastman Chemical in the fourth quarter worth $150,537,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Piper Sandler lifted their target price on shares of Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. UBS Group lowered their price target on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a research note on Friday, January 31st. Mizuho raised their price objective on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Finally, Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their target price for the company from $115.00 to $109.00 in a research note on Tuesday, January 14th. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $114.08.

Eastman Chemical Trading Down 1.5 %

EMN stock opened at $88.55 on Friday. The firm’s fifty day simple moving average is $95.92 and its two-hundred day simple moving average is $99.69. The stock has a market capitalization of $10.20 billion, a price-to-earnings ratio of 11.53, 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 twelve month low of $86.70 and a twelve month 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 earnings per share for the quarter, topping 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%. As a group, analysts anticipate that Eastman Chemical will post 8.55 earnings per share 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 dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical’s payout ratio is currently 43.23%.

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.