Sumitomo Mitsui Trust Holdings Inc. boosted its stake in Eastman Chemical (NYSE:EMN) by 2.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 621,879 shares of the basic materials company’s stock after buying an additional 12,853 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Eastman Chemical were worth $43,308,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sunbelt Securities Inc. purchased a new stake in shares of Eastman Chemical during the 4th quarter valued at $4,954,000. Verus Capital Partners LLC purchased a new stake in shares of Eastman Chemical during the 4th quarter valued at $28,000. Global Retirement Partners LLC increased its position in shares of Eastman Chemical by 277.5% during the 2nd quarter. Global Retirement Partners LLC now owns 419 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 308 shares during the last quarter. Creative Financial Designs Inc. ADV purchased a new stake in shares of Eastman Chemical during the 2nd quarter valued at $38,000. Finally, Rockefeller Capital Management L.P. increased its position in shares of Eastman Chemical by 329.3% during the 1st quarter. Rockefeller Capital Management L.P. now owns 571 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 438 shares during the last quarter. 79.70% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have recently issued reports on EMN shares. UBS Group raised their target price on Eastman Chemical from $54.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Deutsche Bank increased their price target on Eastman Chemical from $68.00 to $70.00 and gave the stock a “buy” rating in a research note on Monday, May 4th. Standpoint Research downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Tuesday, June 9th. Stifel Nicolaus increased their price target on Eastman Chemical from $74.00 to $87.00 in a research note on Tuesday, July 21st. Finally, Wells Fargo & Co increased their price target on Eastman Chemical from $50.00 to $64.00 and gave the stock an “overweight” rating in a research note on Monday, May 4th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have given a buy rating to the company. Eastman Chemical currently has a consensus rating of “Buy” and a consensus price target of $72.28.
Shares of EMN opened at $74.63 on Friday. The company has a market cap of $10.14 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 3.19 and a beta of 1.66. The company has a current ratio of 1.66, a quick ratio of 0.95 and a debt-to-equity ratio of 0.87. The stock has a 50-day moving average price of $71.55 and a 200-day moving average price of $64.82. Eastman Chemical has a 12-month low of $34.44 and a 12-month high of $83.99.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, April 30th. The basic materials company reported $2.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.72 by $0.31. The firm had revenue of $2.24 billion during the quarter, compared to the consensus estimate of $2.26 billion. Eastman Chemical had a return on equity of 16.76% and a net margin of 8.85%. The company’s revenue for the quarter was down 5.8% on a year-over-year basis. During the same quarter last year, the company posted $1.77 EPS. As a group, analysts predict that Eastman Chemical will post 5.89 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.54%. Eastman Chemical’s dividend payout ratio (DPR) is presently 37.03%.
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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