New York State Common Retirement Fund grew its holdings in shares of Eastman Chemical Company (NYSE:EMN) by 2.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 362,897 shares of the basic materials company’s stock after purchasing an additional 7,000 shares during the quarter. New York State Common Retirement Fund owned approximately 0.25% of Eastman Chemical worth $32,839,000 at the end of the most recent reporting period.
Several other institutional investors have also made changes to their positions in EMN. Strs Ohio increased its position in shares of Eastman Chemical by 12.5% during the 2nd quarter. Strs Ohio now owns 13,417 shares of the basic materials company’s stock valued at $1,126,000 after purchasing an additional 1,490 shares during the last quarter. Daiwa Securities Group Inc. increased its holdings in Eastman Chemical by 1.2% in the 2nd quarter. Daiwa Securities Group Inc. now owns 4,150 shares of the basic materials company’s stock worth $349,000 after acquiring an additional 50 shares during the last quarter. Sei Investments Co. increased its holdings in Eastman Chemical by 43.6% in the 2nd quarter. Sei Investments Co. now owns 40,739 shares of the basic materials company’s stock worth $3,422,000 after acquiring an additional 12,363 shares during the last quarter. HL Financial Services LLC increased its holdings in Eastman Chemical by 0.4% in the 2nd quarter. HL Financial Services LLC now owns 11,253 shares of the basic materials company’s stock worth $945,000 after acquiring an additional 49 shares during the last quarter. Finally, Global X Management Co. LLC increased its holdings in Eastman Chemical by 15.6% in the 2nd quarter. Global X Management Co. LLC now owns 3,300 shares of the basic materials company’s stock worth $277,000 after acquiring an additional 446 shares during the last quarter. 82.66% of the stock is owned by hedge funds and other institutional investors.
Several brokerages recently weighed in on EMN. Cowen reissued an “outperform” rating and issued a $106.00 price objective (up previously from $92.00) on shares of Eastman Chemical in a report on Friday. Instinet lowered Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price objective for the company. in a report on Tuesday, October 10th. Zacks Investment Research raised Eastman Chemical from a “sell” rating to a “hold” rating in a report on Thursday, October 26th. UBS lifted their price objective on Eastman Chemical from $97.00 to $103.00 and gave the stock a “buy” rating in a report on Friday, October 27th. Finally, Nomura lowered Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price objective for the company. in a report on Tuesday, October 10th. Ten equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $96.93.
Eastman Chemical Company (NYSE EMN) opened at $92.18 on Friday. The company has a current ratio of 1.83, a quick ratio of 0.94 and a debt-to-equity ratio of 1.24. The firm has a market capitalization of $13,249.40, a PE ratio of 12.27, a price-to-earnings-growth ratio of 1.57 and a beta of 1.31. Eastman Chemical Company has a twelve month low of $74.78 and a twelve month high of $94.96.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.03 by $0.16. The business had revenue of $2.47 billion during 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%. The company’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.86 EPS. equities research analysts expect that Eastman Chemical Company will post 7.13 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, January 5th. Shareholders of record on Monday, December 18th will be issued a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 2.43%. The ex-dividend date of this dividend is Friday, December 15th. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.51. Eastman Chemical’s payout ratio is presently 29.23%.
In other Eastman Chemical 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 Securities & Exchange Commission, which is available at this hyperlink. 1.14% of the stock is owned by insiders.
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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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