Mitsubishi UFJ Kokusai Asset Management Co. Ltd. increased its holdings in Eastman Chemical (NYSE:EMN – Get Rating) by 14.5% in the 1st quarter, according to its latest communication with the SEC. The company held 70,243 shares of the basic materials company after acquiring an additional 8,911 shares during the period. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. owned approximately 0.05% of Eastman Chemical worth $7,871,000 at the end of the last quarter.
Several other hedge funds have also recently increased or reduced their holdings in EMN. CWM LLC purchased a new position in shares of Eastman Chemical during the fourth quarter at a value of $243,000. Oppenheimer Asset Management Inc. increased its position in Eastman Chemical shares by 14.3% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 14,013 shares of the basic materials company worth $1,694,000 after purchasing an additional 1,754 shares during the period. Hartford Investment Management Co. increased its position in Eastman Chemical shares by 7.9% during the fourth quarter. Hartford Investment Management Co. now owns 13,696 shares of the basic materials company worth $1,656,000 after purchasing an additional 1,003 shares during the period. Banque Pictet & Cie SA bought a new position in shares of Eastman Chemical during the fourth quarter at a value of $924,000. Finally, Fisher Asset Management LLC bought a new position in shares of Eastman Chemical during the fourth quarter at a value of $303,000. 87.40% of the shares are currently held by hedge funds and other institutional investors.
Eastman Chemicals Stock Up 2.9%
EMN opened at $97.93 on Thursday. The company’s 50-day simple moving average is $94.24 and its 200-day simple moving average is $105.32. The company has a debt ratio of 0.74, a quick ratio of 0.69 and a current ratio of 1.27. Eastman Chemical has a one-year low of $84.95 and a one-year high of $129.48. The stock has a market capitalization of $12.03 billion, a P/E ratio of 10.63, a price-to-earnings growth ratio of 1.31 and a beta of 1.43.
Eastman Chemical (NYSE:EMN – Get Rating) last released its results on Thursday, July 28. The basic materials company reported EPS of $2.83 for the quarter, beating analysts’ consensus estimate of $2.69 by $0.14. Eastman Chemical had a return on equity of 20.67% and a net margin of 11.18%. The company posted revenue of $2.78 billion for the quarter, versus $2.79 billion expected by analysts. In the same quarter a year earlier, the company earned earnings per share of $2.46. The company’s revenues increased by 4.9% compared to the same quarter last year. Analysts expect Eastman Chemical to post an EPS of 9.7 for the current year.
Eastman Chemical Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, October 7. Shareholders of record on Thursday, September 15 will receive a dividend of $0.76 per share. This represents a dividend of $3.04 on an annualized basis and a dividend yield of 3.10%. The ex-dividend date is Wednesday, September 14. Eastman Chemical’s dividend payout ratio (DPR) is currently 33.01%.
Changes to analyst ratings
Several research companies have recently commented on REM. KeyCorp raised its price target on Eastman Chemical from $124.00 to $125.00 and gave the stock an “overweight” rating in a Monday, Aug. 1 research report. Wolfe Research reiterated a “peer performance” rating and issued a price target of $114.00 (vs. $130.00) on Eastman Chemical shares in a Tuesday, April 19 report. Stifel Nicolaus lowered his price target on Eastman Chemical to $155.00 in a Monday, May 2 report. Deutsche Bank Aktiengesellschaft cut its price target on Eastman Chemical from $125.00 to $115.00 in a Monday, August 1 report. Finally, UBS Group lowered its price target on Eastman Chemical from $121.00 to $118.00 and set a “buy” rating for the company in a Friday, July 29 report. Eight research analysts gave the stock a hold rating and six gave the company a buy rating. Based on data from MarketBeat.com, Eastman Chemical currently has a consensus rating of “Hold” and an average target price of $118.07.
Eastman Chemical Company Profile
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Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The Company’s Additives and Functional Products segment offers hydrocarbon and rosin resins; organic acid solutions; building blocks based on amine derivatives; metam-based soil fumigants, thiram- and ziram-based fungicides, and plant growth regulators; specialty, specialty and base coalescing solvents, paint additives and specialty polymers; heat transfer and aviation fluids; sulfur insoluble and anti-degradant rubber additives; and performance resins.
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