Bank of America Corp DE Grows Stake in Eastman Chemical (NYSE:EMN)

Bank of America Corp DE grew its holdings in Eastman Chemical (NYSE:EMNGet Rating) by 12.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 1,648,178 shares of the basic materials company’s stock after buying an additional 179,730 shares during the quarter. Bank of America Corp DE owned approximately 1.28% of Eastman Chemical worth $184,695,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the business. BlackRock Inc. lifted its holdings in Eastman Chemical by 1.6% in the 1st quarter. BlackRock Inc. now owns 8,994,075 shares of the basic materials company’s stock worth $1,007,875,000 after buying an additional 138,868 shares during the period. American Century Companies Inc. lifted its holdings in Eastman Chemical by 12,812.9% in the 1st quarter. American Century Companies Inc. now owns 1,825,502 shares of the basic materials company’s stock worth $204,566,000 after buying an additional 1,811,365 shares during the period. APG Asset Management N.V. lifted its stake in shares of Eastman Chemical by 12.6% in the 1st quarter. APG Asset Management N.V. now owns 718,582 shares of the basic materials company’s stock valued at $72,372,000 after purchasing an additional 80,497 shares during the period. Ceredex Value Advisors LLC purchased a new position in shares of Eastman Chemical in the 1st quarter valued at approximately $76,900,000. Finally, Thrivent Financial for Lutherans lifted its stake in shares of Eastman Chemical by 15.0% in the 4th quarter. Thrivent Financial for Lutherans now owns 638,037 shares of the basic materials company’s stock valued at $77,111,000 after purchasing an additional 83,343 shares during the period. Hedge funds and other institutional investors own 85.41% of the company’s stock.

Eastman Chemical Stock Down 2.2 %

Eastman Chemical stock opened at $75.61 on Thursday. The firm has a market cap of $9.29 billion, a price-to-earnings ratio of 8.21, a PEG ratio of 1.66 and a beta of 1.43. The stock has a fifty day simple moving average of $92.42 and a two-hundred day simple moving average of $99.47. Eastman Chemical has a 12 month low of $75.56 and a 12 month high of $129.48. The company has a current ratio of 1.27, a quick ratio of 0.69 and a debt-to-equity ratio of 0.74.

Eastman Chemical (NYSE:EMNGet Rating) last posted its earnings results on Thursday, July 28th. The basic materials company reported $2.83 EPS for the quarter, topping analysts’ consensus estimates of $2.69 by $0.14. The business had revenue of $2.78 billion during the quarter, compared to analyst estimates of $2.79 billion. Eastman Chemical had a return on equity of 20.67% and a net margin of 11.18%. The company’s quarterly revenue was up 4.9% compared to the same quarter last year. During the same quarter last year, the company earned $2.46 EPS. Equities analysts predict that Eastman Chemical will post 9.04 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 7th. Investors of record on Thursday, September 15th will be issued a $0.76 dividend. This represents a $3.04 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend is Wednesday, September 14th. Eastman Chemical’s payout ratio is currently 33.01%.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Citigroup lowered their target price on Eastman Chemical from $102.00 to $93.00 and set a “neutral” rating for the company in a research note on Wednesday, September 14th. Credit Suisse Group assumed coverage on Eastman Chemical in a research note on Tuesday, May 31st. They issued an “outperform” rating and a $130.00 target price for the company. Wells Fargo & Company cut Eastman Chemical from an “overweight” rating to an “equal weight” rating and lowered their target price for the company from $110.00 to $95.00 in a research note on Tuesday, September 13th. Deutsche Bank Aktiengesellschaft lowered their target price on Eastman Chemical from $115.00 to $95.00 and set a “buy” rating for the company in a research note on Thursday, September 15th. Finally, Royal Bank of Canada lowered their price objective on Eastman Chemical from $97.00 to $82.00 and set a “sector perform” rating for the company in a research note on Thursday, September 15th. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat.com, Eastman Chemical presently has an average rating of “Hold” and an average price target of $112.53.

Eastman Chemical Profile

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Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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