IFM Investors Pty Ltd grew its stake in Eastman Chemical (NYSE:EMN – Get Rating) by 21.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 21,233 shares of the basic materials company’s stock after acquiring an additional 3,693 shares during the quarter. IFM Investors Pty Ltd’s holdings in Eastman Chemical were worth $2,379,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently modified their holdings of EMN. Ceredex Value Advisors LLC bought a new stake in shares of Eastman Chemical in the 1st quarter valued at about $76,900,000. JPMorgan Chase & Co. increased its stake in shares of Eastman Chemical by 4.1% in the 4th quarter. JPMorgan Chase & Co. now owns 10,053,889 shares of the basic materials company’s stock valued at $1,215,615,000 after acquiring an additional 394,406 shares during the last quarter. Southpoint Capital Advisors LP bought a new stake in shares of Eastman Chemical in the 4th quarter valued at about $36,273,000. Conning Inc. bought a new stake in Eastman Chemical during the 1st quarter worth approximately $33,390,000. Finally, Eagle Asset Management Inc. increased its stake in Eastman Chemical by 22.0% during the 4th quarter. Eagle Asset Management Inc. now owns 1,507,829 shares of the basic materials company’s stock worth $180,487,000 after purchasing an additional 272,326 shares in the last quarter. 87.40% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
EMN has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Eastman Chemical from $125.00 to $115.00 in a report on Monday, August 1st. Bank of America dropped their price objective on shares of Eastman Chemical from $123.00 to $115.00 and set a “neutral” rating on the stock in a report on Wednesday, July 13th. Citigroup lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and set a $102.00 price objective on the stock. in a report on Monday, August 1st. Jefferies Financial Group lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $150.00 to $87.00 in a report on Thursday, June 16th. They noted that the move was a valuation call. Finally, Wells Fargo & Company dropped their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set an “overweight” rating on the stock in a report on Tuesday. Nine research analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $118.07.
Eastman Chemical Stock Up 1.4 %
Eastman Chemical (NYSE:EMN – Get Rating) last announced its quarterly earnings data on Thursday, July 28th. The basic materials company reported $2.83 EPS for the quarter, beating analysts’ consensus estimates of $2.69 by $0.14. Eastman Chemical had a net margin of 11.18% and a return on equity of 20.67%. The company had revenue of $2.78 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter last year, the firm posted $2.46 EPS. The company’s quarterly revenue was up 4.9% on a year-over-year basis. On average, equities analysts predict that Eastman Chemical will post 9.7 EPS for the current fiscal year.
Eastman Chemical Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 7th. Stockholders of record on Thursday, September 15th will be given a $0.76 dividend. This represents a $3.04 dividend on an annualized basis and a dividend yield of 3.20%. Eastman Chemical’s dividend payout ratio (DPR) is presently 33.01%.
About Eastman Chemical
Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.
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