Victory Capital Management Inc. Acquires 330,402 Shares of Eastman Chemical (NYSE:EMN)

Victory Capital Management Inc. lifted its holdings in shares of Eastman Chemical (NYSE:EMNGet Rating) by 374.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 418,737 shares of the basic materials company’s stock after purchasing an additional 330,402 shares during the quarter. Victory Capital Management Inc. owned 0.34% of Eastman Chemical worth $29,751,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in EMN. Addison Advisors LLC bought a new position in shares of Eastman Chemical during the third quarter worth approximately $25,000. First Command Bank bought a new position in shares of Eastman Chemical during the second quarter worth approximately $30,000. Castle Wealth Management LLC acquired a new stake in shares of Eastman Chemical during the 2nd quarter worth approximately $30,000. Venture Visionary Partners LLC acquired a new stake in shares of Eastman Chemical during the 2nd quarter worth approximately $31,000. Finally, Twin Lakes Capital Management LLC acquired a new stake in shares of Eastman Chemical during the 3rd quarter worth approximately $36,000. 83.42% of the stock is owned by institutional investors.

Eastman Chemical Trading Up 3.2 %

EMN opened at $89.82 on Monday. Eastman Chemical has a 1-year low of $69.91 and a 1-year high of $124.85. The company has a current ratio of 1.28, a quick ratio of 0.66 and a debt-to-equity ratio of 0.73. The company has a market cap of $10.78 billion, a P/E ratio of 9.87, a price-to-earnings-growth ratio of 2.02 and a beta of 1.46. The company has a fifty day moving average price of $85.58 and a two-hundred day moving average price of $85.51.

Eastman Chemical (NYSE:EMNGet Rating) last posted its quarterly earnings results on Thursday, October 27th. The basic materials company reported $2.05 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.05. Eastman Chemical had a net margin of 10.73% and a return on equity of 19.79%. The firm had revenue of $2.71 billion during the quarter, compared to the consensus estimate of $2.57 billion. Analysts predict that Eastman Chemical will post 8.19 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, January 6th. Shareholders of record on Thursday, December 15th were paid a $0.79 dividend. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.76. This represents a $3.16 annualized dividend and a yield of 3.52%. The ex-dividend date of this dividend was Wednesday, December 14th. Eastman Chemical’s payout ratio is 34.73%.

Analysts Set New Price Targets

EMN has been the topic of several analyst reports. TheStreet lowered shares of Eastman Chemical from a “b-” rating to a “c+” rating in a research report on Tuesday, October 11th. Wells Fargo & Company reduced their price target on shares of Eastman Chemical from $95.00 to $80.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 18th. Morgan Stanley reduced their price target on shares of Eastman Chemical from $165.00 to $115.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 12th. Tudor Pickering upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Tuesday, November 8th. Finally, Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and raised their target price for the company from $98.00 to $108.00 in a research report on Wednesday, January 11th. Eleven equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $98.38.

About Eastman Chemical

(Get Rating)

Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Additives and Functional Products, Advanced Materials, Chemical Intermediates and Fibers. The Additives and Functional Products segment includes chemicals for products in the transportation, consumables, building and construction, animal nutrition, crop protection, energy, personal and home care, and other markets.

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

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