Advisor Group Inc. raised its position in shares of Eastman Chemical (NYSE:EMN) by 24.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,470 shares of the basic materials company’s stock after purchasing an additional 2,470 shares during the period. Advisor Group Inc.’s holdings in Eastman Chemical were worth $947,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently made changes to their positions in EMN. CSat Investment Advisory L.P. increased its holdings in shares of Eastman Chemical by 125.2% during the fourth quarter. CSat Investment Advisory L.P. now owns 349 shares of the basic materials company’s stock worth $26,000 after buying an additional 194 shares in the last quarter. JNBA Financial Advisors acquired a new position in shares of Eastman Chemical during the fourth quarter worth $28,000. Nalls Sherbakoff Group LLC acquired a new position in shares of Eastman Chemical during the fourth quarter worth $28,000. Capital Financial Planning LLC acquired a new position in shares of Eastman Chemical during the fourth quarter worth $29,000. Finally, Berman Capital Advisors LLC acquired a new position in shares of Eastman Chemical during the fourth quarter worth $34,000. Institutional investors and hedge funds own 82.50% of the company’s stock.
Shares of Eastman Chemical stock opened at $72.09 on Friday. The company has a current ratio of 1.51, a quick ratio of 0.79 and a debt-to-equity ratio of 0.95. Eastman Chemical has a twelve month low of $64.84 and a twelve month high of $109.00. The firm has a market capitalization of $9.99 billion, a P/E ratio of 8.79, a price-to-earnings-growth ratio of 0.97 and a beta of 1.24.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data 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). Eastman Chemical had a return on equity of 18.60% and a net margin of 10.07%. The business 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 firm earned $2.23 EPS. The business’s revenue for the quarter was down 8.7% compared to the same quarter last year. As a group, sell-side analysts predict that Eastman Chemical will post 8.54 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Investors 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 annualized dividend and a dividend yield of 3.44%. Eastman Chemical’s dividend payout ratio is 30.24%.
EMN has been the subject of several research analyst reports. UBS Group set a $98.00 price target on shares of Eastman Chemical and gave the stock a “buy” rating in a report on Friday, April 26th. Nomura upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and upped their price target for the stock from $89.00 to $93.00 in a report on Monday, April 15th. Zacks Investment Research upgraded shares of Eastman Chemical from a “sell” rating to a “hold” rating in a report on Tuesday, March 26th. Citigroup set a $83.00 price target on shares of Eastman Chemical and gave the stock a “hold” rating in a report on Friday, May 10th. Finally, Cowen reiterated a “market perform” rating and set a $84.00 price target (down from $88.00) on shares of Eastman Chemical in a report on Tuesday, April 30th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $91.27.
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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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