Eastman Chemical (NYSE:EMN) Shares Acquired by Ensign Peak Advisors Inc

Ensign Peak Advisors Inc lifted its stake in shares of Eastman Chemical (NYSE:EMN – Get Rating) by 8.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 29,153 shares of the basic materials company’s stock after acquiring an additional 2,205 shares during the quarter. Ensign Peak Advisors Inc’s holdings in Eastman Chemical were worth $2,072,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. JPMorgan Chase & Co. increased its stake in shares of Eastman Chemical by 1.6% during the second quarter. JPMorgan Chase & Co. now owns 10,002,253 shares of the basic materials company’s stock valued at $897,902,000 after acquiring an additional 156,797 shares during the period. FMR LLC boosted its holdings in Eastman Chemical by 2.9% during the second quarter. FMR LLC now owns 2,236,412 shares of the basic materials company’s stock worth $200,762,000 after buying an additional 63,695 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Eastman Chemical by 4.7% during the third quarter. Dimensional Fund Advisors LP now owns 1,906,350 shares of the basic materials company’s stock worth $135,447,000 after buying an additional 86,318 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in Eastman Chemical by 0.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,863,765 shares of the basic materials company’s stock worth $132,421,000 after buying an additional 12,515 shares in the last quarter. Finally, Ceredex Value Advisors LLC boosted its holdings in Eastman Chemical by 108.4% during the third quarter. Ceredex Value Advisors LLC now owns 1,411,080 shares of the basic materials company’s stock worth $100,781,000 after buying an additional 733,997 shares in the last quarter. Institutional investors and hedge funds own 83.42% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on EMN. Deutsche Bank Aktiengesellschaft cut shares of Eastman Chemical from a “buy” rating to a “hold” rating and raised their target price for the stock from $90.00 to $96.00 in a report on Monday, January 16th. Citigroup raised their target price on shares of Eastman Chemical from $75.00 to $90.00 and gave the stock a “neutral” rating in a report on Thursday, December 15th. Credit Suisse Group raised their target price on shares of Eastman Chemical from $95.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, January 27th. Wells Fargo & Company raised their target price on shares of Eastman Chemical from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Monday, January 30th. Finally, Vertical Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $94.00 to $92.00 in a research note on Monday, January 30th. Thirteen equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $98.78.

Eastman Chemical Trading Down 2.2 %

Shares of NYSE:EMN opened at $82.60 on Friday. The firm has a fifty day moving average of $87.38 and a two-hundred day moving average of $83.95. The firm has a market capitalization of $9.81 billion, a P/E ratio of 13.11, a price-to-earnings-growth ratio of 2.12 and a beta of 1.48. Eastman Chemical has a 12-month low of $69.91 and a 12-month high of $114.97. The company has a quick ratio of 0.58, a current ratio of 1.16 and a debt-to-equity ratio of 0.77.

Eastman Chemical (NYSE:EMN – Get Rating) last released its quarterly earnings results on Friday, January 27th. The basic materials company reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.37). The business had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.42 billion. Eastman Chemical had a net margin of 7.50% and a return on equity of 17.82%. The firm’s revenue for the quarter was down 11.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.81 EPS. On average, equities analysts expect that Eastman Chemical will post 7.77 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 10th. Stockholders of record on Wednesday, March 15th will be issued a dividend of $0.79 per share. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.83%. Eastman Chemical’s dividend payout ratio is currently 50.16%.

Eastman Chemical Company Profile

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Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Advanced Material (AM), Additives and Functional Products (AFP), Chemical Intermediates (CI), and Fibers. The AM segment produces and markets its polymers, films, and plastics with differentiated performance properties for value-added end uses in transportation, consumables, building and construction, durable goods, and health and wellness markets.