Deseret Mutual Benefit Administrators decreased its holdings in Eastman Chemical (NYSE:EMN) by 27.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 972 shares of the basic materials company’s stock after selling 377 shares during the quarter. Deseret Mutual Benefit Administrators’ holdings in Eastman Chemical were worth $98,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also modified their holdings of the company. Royal Bank of Canada raised its position in Eastman Chemical by 31.3% in the 2nd quarter. Royal Bank of Canada now owns 212,158 shares of the basic materials company’s stock valued at $24,770,000 after purchasing an additional 50,575 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Eastman Chemical by 2.7% during the second quarter. Principal Financial Group Inc. now owns 177,232 shares of the basic materials company’s stock worth $20,692,000 after acquiring an additional 4,715 shares during the last quarter. Centre Asset Management LLC raised its position in shares of Eastman Chemical by 0.5% during the third quarter. Centre Asset Management LLC now owns 27,880 shares of the basic materials company’s stock worth $3,122,000 after acquiring an additional 130 shares during the last quarter. State Street Corp raised its position in shares of Eastman Chemical by 5.1% during the second quarter. State Street Corp now owns 6,628,151 shares of the basic materials company’s stock worth $778,386,000 after acquiring an additional 322,315 shares during the last quarter. Finally, FORA Capital LLC bought a new stake in shares of Eastman Chemical during the second quarter worth $699,000. Hedge funds and other institutional investors own 83.20% of the company’s stock.
NYSE:EMN opened at $120.91 on Friday. Eastman Chemical has a 1 year low of $96.27 and a 1 year high of $130.47. The company has a current ratio of 1.57, a quick ratio of 1.04 and a debt-to-equity ratio of 0.72. The stock has a market cap of $16.26 billion, a price-to-earnings ratio of 32.50, a PEG ratio of 0.66 and a beta of 1.51. The stock has a 50-day moving average price of $113.18 and a two-hundred day moving average price of $111.45.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 28th. The basic materials company reported $2.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.46. Eastman Chemical had a return on equity of 19.50% and a net margin of 5.13%. The firm had revenue of $2.72 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same period in the previous year, the firm earned $1.57 earnings per share. The company’s revenue was up 28.2% on a year-over-year basis. Sell-side analysts forecast that Eastman Chemical will post 8.96 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 7th. Stockholders of record on Wednesday, December 15th will be given a dividend of $0.76 per share. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.69. This represents a $3.04 annualized dividend and a dividend yield of 2.51%. The ex-dividend date of this dividend is Tuesday, December 14th. Eastman Chemical’s dividend payout ratio is currently 81.72%.
A number of research firms have recently weighed in on EMN. JPMorgan Chase & Co. downgraded Eastman Chemical from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $130.00 to $110.00 in a research report on Monday, November 1st. KeyCorp lifted their price objective on Eastman Chemical from $119.00 to $150.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 8th. Royal Bank of Canada decreased their price objective on Eastman Chemical from $115.00 to $113.00 and set a “sector perform” rating for the company in a research note on Thursday, November 4th. Piper Sandler began coverage on Eastman Chemical in a research note on Friday, November 12th. They set a “neutral” rating and a $126.00 price objective for the company. Finally, Wells Fargo & Company lifted their price objective on Eastman Chemical from $130.00 to $138.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 8th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $131.17.
Eastman Chemical Company Profile
Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Additives and Functional Products, Advanced Materials, Chemical Intermediates and Fibers. The Additives and Functional Products segment includes chemicals for products in the transportation, consumables, building and construction, animal nutrition, crop protection, energy, personal and home care, and other markets.
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