Rhumbline Advisers Raises Stock Position in Eastman Chemical Company $EMN

Rhumbline Advisers boosted its position in shares of Eastman Chemical Company (NYSE:EMN) by 12.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 241,603 shares of the basic materials company’s stock after acquiring an additional 26,718 shares during the period. Rhumbline Advisers owned 0.21% of Eastman Chemical worth $15,233,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the company. MUFG Securities EMEA plc acquired a new stake in shares of Eastman Chemical in the 2nd quarter worth $25,000. Loomis Sayles & Co. L P acquired a new position in Eastman Chemical during the 2nd quarter valued at about $33,000. Financial Consulate Inc. acquired a new position in Eastman Chemical during the 3rd quarter valued at about $42,000. Heartwood Wealth Advisors LLC purchased a new stake in Eastman Chemical in the third quarter valued at about $44,000. Finally, Mitsubishi UFJ Trust & Banking Corp acquired a new stake in Eastman Chemical in the third quarter worth about $49,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Trading Up 1.7%

Shares of Eastman Chemical stock opened at $80.43 on Thursday. The stock has a market cap of $9.18 billion, a PE ratio of 19.66, a price-to-earnings-growth ratio of 1.74 and a beta of 1.23. The firm has a fifty day moving average price of $69.46 and a 200 day moving average price of $65.34. Eastman Chemical Company has a 1 year low of $56.11 and a 1 year high of $102.91. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.37 and a quick ratio of 0.86.

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

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 8th. Investors of record on Friday, March 13th will be given a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 4.2%. The ex-dividend date is Friday, March 13th. Eastman Chemical’s dividend payout ratio (DPR) is currently 82.15%.

Analysts Set New Price Targets

EMN has been the topic of several recent analyst reports. UBS Group cut their price objective on shares of Eastman Chemical from $75.00 to $73.00 and set a “buy” rating on the stock in a report on Wednesday, November 5th. Citigroup boosted their target price on shares of Eastman Chemical from $75.00 to $78.00 and gave the stock a “buy” rating in a research report on Tuesday, February 3rd. Deutsche Bank Aktiengesellschaft raised their price target on shares of Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a report on Monday, February 2nd. Evercore set a $75.00 price objective on shares of Eastman Chemical in a report on Wednesday. Finally, Weiss Ratings downgraded Eastman Chemical from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, February 4th. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $79.21.

Eastman Chemical 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.