MUFG Americas Holdings Corp boosted its stake in Eastman Chemical (NYSE:EMN) by 239.2% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,836 shares of the basic materials company’s stock after purchasing an additional 2,000 shares during the quarter. MUFG Americas Holdings Corp’s holdings in Eastman Chemical were worth $271,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds also recently made changes to their positions in EMN. Pacer Advisors Inc. increased its stake in shares of Eastman Chemical by 17.3% in the third quarter. Pacer Advisors Inc. now owns 7,815 shares of the basic materials company’s stock worth $748,000 after buying an additional 1,154 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of Eastman Chemical by 0.5% in the third quarter. The Manufacturers Life Insurance Company now owns 144,393 shares of the basic materials company’s stock worth $13,822,000 after buying an additional 768 shares during the period. BlueMountain Capital Management LLC increased its stake in shares of Eastman Chemical by 154.8% in the third quarter. BlueMountain Capital Management LLC now owns 49,167 shares of the basic materials company’s stock worth $4,706,000 after buying an additional 29,868 shares during the period. Deutsche Bank AG increased its stake in shares of Eastman Chemical by 41.0% in the third quarter. Deutsche Bank AG now owns 1,194,697 shares of the basic materials company’s stock worth $114,352,000 after buying an additional 347,574 shares during the period. Finally, Jefferies Group LLC increased its stake in shares of Eastman Chemical by 257.6% in the third quarter. Jefferies Group LLC now owns 29,477 shares of the basic materials company’s stock worth $2,822,000 after buying an additional 21,233 shares during the period. 82.51% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts recently commented on the stock. ValuEngine raised shares of Eastman Chemical from a “strong sell” rating to a “sell” rating in a research note on Thursday. Stifel Nicolaus assumed coverage on shares of Eastman Chemical in a research note on Monday, December 10th. They issued a “buy” rating and a $95.00 target price on the stock. SunTrust Banks lifted their target price on shares of Eastman Chemical to $88.00 and gave the stock a “hold” rating in a research note on Monday, November 19th. Cowen decreased their target price on shares of Eastman Chemical from $115.00 to $100.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 31st. Finally, Royal Bank of Canada decreased their target price on shares of Eastman Chemical to $79.00 and set a “sector perform” rating on the stock in a research note on Monday, October 29th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $99.09.
NYSE:EMN opened at $71.50 on Friday. The firm has a market capitalization of $10.01 billion, a P/E ratio of 8.50, a P/E/G ratio of 0.97 and a beta of 1.28. Eastman Chemical has a twelve month low of $70.33 and a twelve month high of $112.45. The company has a current ratio of 1.69, a quick ratio of 0.94 and a debt-to-equity ratio of 0.98.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 25th. The basic materials company reported $2.34 earnings per share for the quarter, beating the consensus estimate of $2.29 by $0.05. The business had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.53 billion. Eastman Chemical had a net margin of 16.05% and a return on equity of 21.18%. As a group, analysts predict that Eastman Chemical will post 8.43 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, January 4th. Investors of record on Monday, December 17th will be issued a $0.62 dividend. The ex-dividend date is Friday, December 14th. This represents a $2.48 annualized dividend and a yield of 3.47%. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.56. Eastman Chemical’s payout ratio is 29.43%.
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Eastman Chemical Profile
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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