Gulf International Bank UK Ltd Reduces Position in Eastman Chemical (NYSE:EMN)

Gulf International Bank UK Ltd decreased its holdings in shares of Eastman Chemical (NYSE:EMN) by 1.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 28,120 shares of the basic materials company’s stock after selling 382 shares during the quarter. Gulf International Bank UK Ltd’s holdings in Eastman Chemical were worth $2,832,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in EMN. Covington Capital Management boosted its position in shares of Eastman Chemical by 2,016.7% during the 2nd quarter. Covington Capital Management now owns 254 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 242 shares during the last quarter. Nvwm LLC acquired a new position in shares of Eastman Chemical during the 3rd quarter valued at about $36,000. Tobam acquired a new position in shares of Eastman Chemical during the 2nd quarter valued at about $49,000. Jones Financial Companies Lllp boosted its position in shares of Eastman Chemical by 1,219.5% during the 2nd quarter. Jones Financial Companies Lllp now owns 541 shares of the basic materials company’s stock valued at $63,000 after acquiring an additional 500 shares during the last quarter. Finally, Allworth Financial LP boosted its position in shares of Eastman Chemical by 17.5% during the 3rd quarter. Allworth Financial LP now owns 670 shares of the basic materials company’s stock valued at $67,000 after acquiring an additional 100 shares during the last quarter. 82.90% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE EMN opened at $127.54 on Friday. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.57 and a quick ratio of 1.04. The stock has a fifty day moving average price of $116.08 and a 200 day moving average price of $111.78. Eastman Chemical has a 1-year low of $96.27 and a 1-year high of $130.47. The company has a market cap of $17.15 billion, a PE ratio of 34.29, a P/E/G ratio of 0.77 and a beta of 1.54.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, October 28th. The basic materials company reported $2.46 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 company had revenue of $2.72 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same quarter last year, the company earned $1.57 earnings per share. Eastman Chemical’s quarterly revenue was up 28.2% compared to the same quarter last year. Analysts anticipate that Eastman Chemical will post 8.96 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, January 7th. Shareholders of record on Wednesday, December 15th were issued a $0.76 dividend. The ex-dividend date of this dividend was Tuesday, December 14th. This represents a $3.04 dividend on an annualized basis and a yield of 2.38%. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.69. Eastman Chemical’s dividend payout ratio (DPR) is 81.72%.

Several brokerages have recently weighed in on EMN. Morgan Stanley boosted their price target on shares of Eastman Chemical from $142.00 to $165.00 and gave the company an “overweight” rating in a research report on Tuesday. JPMorgan Chase & Co. cut shares of Eastman Chemical from an “overweight” rating to a “neutral” rating and decreased their target price for the company from $130.00 to $110.00 in a research report on Monday, November 1st. Wells Fargo & Company upped their target price on shares of Eastman Chemical from $130.00 to $138.00 and gave the company an “overweight” rating in a research report on Wednesday, December 8th. Piper Sandler began coverage on shares of Eastman Chemical in a research report on Friday, November 12th. They issued a “neutral” rating and a $126.00 target price on the stock. Finally, TheStreet raised shares of Eastman Chemical from a “c+” rating to a “b” rating in a research report on Monday, November 29th. Five investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Eastman Chemical presently has a consensus rating of “Buy” and a consensus price target of $133.08.

About Eastman Chemical

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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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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