Rockefeller Capital Management L.P. increased its holdings in shares of Eastman Chemical (NYSE:EMN) by 1,987.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,774 shares of the basic materials company’s stock after purchasing an additional 1,689 shares during the period. Rockefeller Capital Management L.P.’s holdings in Eastman Chemical were worth $135,000 at the end of the most recent quarter.
Other large investors have also added to or reduced their stakes in the company. Cetera Advisor Networks LLC raised its position in Eastman Chemical by 4.0% in the 1st quarter. Cetera Advisor Networks LLC now owns 3,265 shares of the basic materials company’s stock valued at $248,000 after buying an additional 127 shares during the last quarter. Avestar Capital LLC raised its position in Eastman Chemical by 7.4% in the 1st quarter. Avestar Capital LLC now owns 1,966 shares of the basic materials company’s stock valued at $132,000 after buying an additional 136 shares during the last quarter. Signaturefd LLC raised its position in Eastman Chemical by 6.6% in the 1st quarter. Signaturefd LLC now owns 2,383 shares of the basic materials company’s stock valued at $181,000 after buying an additional 147 shares during the last quarter. Vectors Research Management LLC raised its position in Eastman Chemical by 21.2% in the 4th quarter. Vectors Research Management LLC now owns 851 shares of the basic materials company’s stock valued at $62,000 after buying an additional 149 shares during the last quarter. Finally, Parallel Advisors LLC raised its position in Eastman Chemical by 34.3% in the 4th quarter. Parallel Advisors LLC now owns 615 shares of the basic materials company’s stock valued at $44,000 after buying an additional 157 shares during the last quarter. Institutional investors and hedge funds own 82.50% of the company’s stock.
Several research analysts have weighed in on EMN shares. Nomura raised Eastman Chemical from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $89.00 to $93.00 in a research report on Monday, April 15th. ValuEngine lowered Eastman Chemical from a “sell” rating to a “strong sell” rating in a research report on Tuesday, May 7th. UBS Group set a $98.00 price target on Eastman Chemical and gave the stock a “buy” rating in a research report on Friday, April 26th. Zacks Investment Research raised Eastman Chemical from a “sell” rating to a “hold” rating in a research report on Tuesday, March 19th. Finally, Cowen reaffirmed a “market perform” rating and set a $84.00 price target (down previously from $88.00) on shares of Eastman Chemical in a research report on Tuesday, April 30th. Two research 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. The company presently has an average rating of “Hold” and a consensus price target of $91.27.
Shares of NYSE EMN opened at $74.20 on Friday. The company has a market cap of $10.07 billion, a PE ratio of 9.05, a price-to-earnings-growth ratio of 0.97 and a beta of 1.24. Eastman Chemical has a 12 month low of $64.84 and a 12 month high of $109.00. The company has a quick ratio of 0.79, a current ratio of 1.51 and a debt-to-equity ratio of 0.95.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.77 earnings per share for the quarter, missing the consensus estimate of $1.91 by ($0.14). The company had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.61 billion. Eastman Chemical had a net margin of 10.07% and a return on equity of 18.60%. The company’s quarterly revenue was down 8.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.23 EPS. On average, research analysts expect that Eastman Chemical will post 8.54 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Monday, June 17th will be paid a $0.62 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.48 annualized dividend and a dividend yield of 3.34%. Eastman Chemical’s payout ratio is 30.24%.
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Eastman Chemical 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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