Janney Montgomery Scott LLC raised its stake in Eastman Chemical Company (NYSE:EMN) by 3.6% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 52,313 shares of the basic materials company’s stock after buying an additional 1,797 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Eastman Chemical were worth $4,734,000 as of its most recent SEC filing.
Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. raised its stake in shares of Eastman Chemical by 6.3% during the second quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock valued at $1,023,514,000 after purchasing an additional 717,506 shares in the last quarter. LSV Asset Management raised its stake in shares of Eastman Chemical by 4.2% during the second quarter. LSV Asset Management now owns 3,973,068 shares of the basic materials company’s stock valued at $333,697,000 after purchasing an additional 160,101 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Eastman Chemical by 8.3% during the third quarter. Ameriprise Financial Inc. now owns 2,930,981 shares of the basic materials company’s stock valued at $265,234,000 after purchasing an additional 223,382 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Eastman Chemical by 4.1% during the third quarter. Dimensional Fund Advisors LP now owns 2,238,187 shares of the basic materials company’s stock valued at $202,526,000 after purchasing an additional 87,674 shares in the last quarter. Finally, Allianz Asset Management GmbH raised its stake in shares of Eastman Chemical by 4.8% during the third quarter. Allianz Asset Management GmbH now owns 1,422,975 shares of the basic materials company’s stock valued at $128,766,000 after purchasing an additional 64,652 shares in the last quarter. Institutional investors own 82.66% of the company’s stock.
A number of equities research analysts recently weighed in on the stock. KeyCorp restated a “buy” rating and set a $108.00 price objective (up from $100.00) on shares of Eastman Chemical in a research note on Monday, October 30th. UBS lifted their price objective on shares of Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a research note on Friday, October 27th. Wells Fargo & Company restated an “outperform” rating and set a $102.00 price objective (up from $94.00) on shares of Eastman Chemical in a research note on Monday, October 30th. They noted that the move was a valuation call. Royal Bank of Canada restated a “sector perform” rating and set a $93.00 price objective (up from $91.00) on shares of Eastman Chemical in a research note on Monday, October 30th. Finally, J P Morgan Chase & Co lifted their price objective on shares of Eastman Chemical from $95.00 to $105.00 and gave the company an “overweight” rating in a research note on Monday, October 30th. Ten investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Eastman Chemical currently has a consensus rating of “Hold” and a consensus target price of $96.93.
In related news, SVP Perry Stuckey sold 5,200 shares of Eastman Chemical stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total transaction of $479,024.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.14% of the stock is owned by insiders.
Eastman Chemical Company (NYSE:EMN) opened at $93.08 on Thursday. The stock has a market capitalization of $13,380.00, a PE ratio of 12.39, a P/E/G ratio of 1.59 and a beta of 1.30. Eastman Chemical Company has a fifty-two week low of $74.78 and a fifty-two week high of $94.96. The company has a current ratio of 1.83, a quick ratio of 0.94 and a debt-to-equity ratio of 1.24.
Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.03 by $0.16. The firm had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a return on equity of 22.77% and a net margin of 10.89%. Eastman Chemical’s revenue was up 7.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.86 earnings per share. analysts anticipate that Eastman Chemical Company will post 7.12 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Monday, December 18th will be issued a dividend of $0.56 per share. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.51. This represents a $2.24 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Friday, December 15th. Eastman Chemical’s payout ratio is presently 29.61%.
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About Eastman Chemical
Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.
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