Shares of Eastman Chemical (NYSE:EMN) reached a new 52-week low on Friday . The stock traded as low as $70.69 and last traded at $71.01, with a volume of 1255738 shares changing hands. The stock had previously closed at $71.95.

EMN has been the topic of several research reports. JPMorgan Chase & Co. cut shares of Eastman Chemical from an “overweight” rating to a “neutral” rating in a research report on Friday, October 5th. Citigroup lowered their price objective on shares of Eastman Chemical from $108.00 to $94.00 and set a “neutral” rating on the stock in a research report on Thursday, October 11th. Zacks Investment Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday, October 8th. KeyCorp lowered their price objective on shares of Eastman Chemical from $122.00 to $110.00 and set an “overweight” rating on the stock in a research report on Monday, October 29th. Finally, ValuEngine cut shares of Eastman Chemical from a “hold” rating to a “sell” rating in a research report on Saturday, October 6th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company’s stock. Eastman Chemical has an average rating of “Hold” and an average target price of $99.09.

The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.94 and a current ratio of 1.69. The stock has a market cap of $10.01 billion, a price-to-earnings ratio of 8.50, a price-to-earnings-growth ratio of 0.97 and a beta of 1.28.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 25th. The basic materials company reported $2.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.29 by $0.05. The firm had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.53 billion. Eastman Chemical had a net margin of 16.05% and a return on equity of 21.18%. As a group, analysts forecast that Eastman Chemical will post 8.43 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, January 4th. Investors of record on Monday, December 17th will be issued a dividend of $0.62 per share. The ex-dividend date is Friday, December 14th. This represents a $2.48 annualized dividend and a dividend yield of 3.47%. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.56. Eastman Chemical’s dividend payout ratio (DPR) is currently 29.43%.

In other Eastman Chemical news, Director David W. Raisbeck bought 13,500 shares of Eastman Chemical stock in a transaction that occurred on Friday, December 7th. The shares were bought at an average price of $73.21 per share, with a total value of $988,335.00. Following the acquisition, the director now owns 35,418 shares in the company, valued at $2,592,951.78. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.18% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in the stock. LSV Asset Management grew its holdings in shares of Eastman Chemical by 9.4% during the 3rd quarter. LSV Asset Management now owns 5,504,697 shares of the basic materials company’s stock valued at $526,909,000 after purchasing an additional 471,527 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Eastman Chemical by 2.8% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,308,499 shares of the basic materials company’s stock valued at $220,983,000 after purchasing an additional 63,010 shares during the last quarter. Victory Capital Management Inc. grew its holdings in shares of Eastman Chemical by 6.3% during the 3rd quarter. Victory Capital Management Inc. now owns 2,216,992 shares of the basic materials company’s stock valued at $212,211,000 after purchasing an additional 131,152 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Eastman Chemical by 108.1% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,783,518 shares of the basic materials company’s stock valued at $170,718,000 after purchasing an additional 926,293 shares during the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Eastman Chemical by 2.2% during the 2nd quarter. Northern Trust Corp now owns 1,780,880 shares of the basic materials company’s stock valued at $178,015,000 after purchasing an additional 38,246 shares during the last quarter. 82.51% of the stock is currently owned by institutional investors.

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About Eastman Chemical (NYSE:EMN)

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

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