SG Americas Securities LLC Raises Holdings in Eastman Chemical Company $EMN

SG Americas Securities LLC increased its stake in shares of Eastman Chemical Company (NYSE:EMN) by 288.4% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,525 shares of the basic materials company’s stock after acquiring an additional 24,151 shares during the quarter. SG Americas Securities LLC’s holdings in Eastman Chemical were worth $2,076,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of EMN. State Street Corp increased its holdings in Eastman Chemical by 24.3% during the 3rd quarter. State Street Corp now owns 5,687,097 shares of the basic materials company’s stock valued at $363,314,000 after purchasing an additional 1,112,391 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Eastman Chemical by 14.4% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,052,656 shares of the basic materials company’s stock worth $255,515,000 after buying an additional 509,290 shares during the period. Invesco Ltd. grew its position in shares of Eastman Chemical by 6.8% in the 2nd quarter. Invesco Ltd. now owns 2,993,687 shares of the basic materials company’s stock worth $223,509,000 after buying an additional 191,461 shares during the last quarter. Bank of America Corp DE increased its stake in shares of Eastman Chemical by 6.1% during the second quarter. Bank of America Corp DE now owns 2,476,677 shares of the basic materials company’s stock valued at $184,909,000 after buying an additional 143,323 shares during the period. Finally, LSV Asset Management raised its holdings in shares of Eastman Chemical by 5.3% during the third quarter. LSV Asset Management now owns 1,265,629 shares of the basic materials company’s stock valued at $79,798,000 after acquiring an additional 64,147 shares in the last quarter. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $75.14 on Friday. The company has a market capitalization of $8.57 billion, a price-to-earnings ratio of 18.37, a PEG ratio of 1.63 and a beta of 1.16. The company has a quick ratio of 0.63, a current ratio of 1.37 and a debt-to-equity ratio of 0.70. The stock’s 50-day simple moving average is $73.70 and its 200-day simple moving average is $66.74. Eastman Chemical Company has a 52 week low of $56.11 and a 52 week high of $85.61.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The business had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $2.03 billion. During the same period last year, the business posted $1.87 EPS. The firm’s revenue for the quarter was down 12.1% compared to the same quarter last year. As a group, analysts expect that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 8th. Stockholders of record on Friday, March 13th will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Friday, March 13th. Eastman Chemical’s payout ratio is 82.15%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Citigroup raised their price target on Eastman Chemical from $78.00 to $84.00 and gave the stock a “buy” rating in a research note on Thursday, March 12th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $79.00 target price on shares of Eastman Chemical in a research note on Wednesday, February 4th. Zacks Research raised shares of Eastman Chemical from a “strong sell” rating to a “hold” rating in a research note on Wednesday, March 4th. JPMorgan Chase & Co. upped their price objective on shares of Eastman Chemical from $60.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday, February 2nd. Finally, Weiss Ratings upgraded Eastman Chemical from a “sell (d+)” rating to a “hold (c)” rating in a research note on Wednesday, February 18th. Seven investment analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, Eastman Chemical has an average rating of “Hold” and a consensus price target of $79.64.

Eastman Chemical Company Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.