Oppenheimer Asset Management Inc. grew its position in shares of Eastman Chemical (NYSE:EMN) by 9.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 25,019 shares of the basic materials company’s stock after acquiring an additional 2,089 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Eastman Chemical were worth $1,899,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the business. Oregon Public Employees Retirement Fund grew its stake in shares of Eastman Chemical by 7,724.0% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,316,050 shares of the basic materials company’s stock worth $45,000 after buying an additional 3,273,667 shares during the last quarter. Ronna Sue Cohen bought a new position in Eastman Chemical in the 1st quarter valued at approximately $2,968,000. Norges Bank bought a new position in Eastman Chemical in the 4th quarter valued at approximately $135,037,000. Victory Capital Management Inc. lifted its position in Eastman Chemical by 47.1% in the 4th quarter. Victory Capital Management Inc. now owns 3,260,797 shares of the basic materials company’s stock valued at $238,397,000 after acquiring an additional 1,043,805 shares in the last quarter. Finally, Two Sigma Investments LP lifted its position in Eastman Chemical by 9,974.5% in the 4th quarter. Two Sigma Investments LP now owns 443,280 shares of the basic materials company’s stock valued at $32,408,000 after acquiring an additional 438,880 shares in the last quarter. Hedge funds and other institutional investors own 84.25% of the company’s stock.
Eastman Chemical stock traded down $1.16 during trading on Wednesday, reaching $70.56. The company had a trading volume of 677,867 shares, compared to its average volume of 1,192,677. Eastman Chemical has a 52 week low of $67.40 and a 52 week high of $110.17. The stock has a market cap of $9.93 billion, a P/E ratio of 8.60, a P/E/G ratio of 0.95 and a beta of 1.14. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.79 and a current ratio of 1.51.
Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, April 25th. The basic materials company reported $1.77 EPS for the quarter, missing the Zacks’ consensus estimate of $1.91 by ($0.14). Eastman Chemical had a return on equity of 18.60% and a net margin of 10.07%. The company had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.61 billion. During the same period in the prior year, the business posted $2.23 earnings per share. Eastman Chemical’s revenue for the quarter was down 8.7% compared to the same quarter last year. Analysts predict that Eastman Chemical will post 8.57 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Shareholders of record on Monday, June 17th will be paid a $0.62 dividend. The ex-dividend date is Friday, June 14th. This represents a $2.48 dividend on an annualized basis and a yield of 3.51%. Eastman Chemical’s payout ratio is presently 30.24%.
EMN has been the topic of several analyst reports. Citigroup set a $83.00 price objective on Eastman Chemical and gave the company a “hold” rating in a research report on Friday, May 10th. Zacks Investment Research cut Eastman Chemical from a “hold” rating to a “sell” rating in a research report on Monday, April 1st. Nomura raised Eastman Chemical from a “neutral” rating to a “buy” rating and upped their price objective for the company from $89.00 to $93.00 in a research report on Monday, April 15th. KeyCorp lowered their price objective on Eastman Chemical from $95.00 to $94.00 and set an “overweight” rating on the stock in a research report on Friday, April 12th. Finally, UBS Group set a $98.00 price target on Eastman Chemical and gave the company a “buy” rating in a report on Friday, April 26th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. Eastman Chemical has an average rating of “Hold” and a consensus target price of $91.27.
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Eastman Chemical Company Profile
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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