Campbell Newman Asset Management Inc. Has $7.88 Million Stake in Eastman Chemical (EMN)
Campbell Newman Asset Management Inc. increased its holdings in Eastman Chemical (NYSE:EMN) by 9.3% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 103,790 shares of the basic materials company’s stock after acquiring an additional 8,860 shares during the quarter. Campbell Newman Asset Management Inc. owned approximately 0.07% of Eastman Chemical worth $7,876,000 as of its most recent filing with the SEC.
Several other large investors have also added to or reduced their stakes in the stock. LSV Asset Management increased its position in shares of Eastman Chemical by 1.0% in the 4th quarter. LSV Asset Management now owns 5,559,003 shares of the basic materials company’s stock worth $406,418,000 after purchasing an additional 54,306 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its position in shares of Eastman Chemical by 7,724.0% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,316,050 shares of the basic materials company’s stock worth $45,000 after purchasing an additional 3,273,667 shares during the last quarter. Victory Capital Management Inc. lifted its position in shares of Eastman Chemical by 47.1% during the fourth quarter. Victory Capital Management Inc. now owns 3,260,797 shares of the basic materials company’s stock worth $238,397,000 after purchasing an additional 1,043,805 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Eastman Chemical by 1.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,342,859 shares of the basic materials company’s stock worth $171,283,000 after purchasing an additional 34,360 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Eastman Chemical by 8.1% in the fourth quarter. Geode Capital Management LLC now owns 2,243,420 shares of the basic materials company’s stock worth $163,783,000 after purchasing an additional 168,005 shares in the last quarter. Institutional investors and hedge funds own 82.91% of the company’s stock.
EMN has been the topic of several research reports. Zacks Investment Research upgraded Eastman Chemical from a “sell” rating to a “hold” rating in a research note on Monday. Cowen downgraded Eastman Chemical from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $94.00 to $88.00 in a report on Wednesday, February 6th. Standpoint Research cut Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Thursday, January 31st. Finally, Morgan Stanley raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and set a $90.00 price objective for the company in a report on Thursday, January 17th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and five have assigned a buy rating to the company’s stock. Eastman Chemical currently has an average rating of “Hold” and a consensus target price of $92.90.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 31st. The basic materials company reported $1.39 EPS for the quarter, missing the consensus estimate of $1.60 by ($0.21). Eastman Chemical had a net margin of 10.64% and a return on equity of 20.15%. The firm had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.42 billion. As a group, equities analysts anticipate that Eastman Chemical will post 8.76 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, April 5th. Stockholders of record on Friday, March 15th were paid a $0.62 dividend. The ex-dividend date was Thursday, March 14th. This represents a $2.48 annualized dividend and a dividend yield of 3.06%. Eastman Chemical’s payout ratio is 30.24%.
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About Eastman Chemical
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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