Pacer Advisors Inc. cut its holdings in shares of Eastman Chemical (NYSE:EMN) by 1.3% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 41,693 shares of the basic materials company’s stock after selling 556 shares during the period. Pacer Advisors Inc.’s holdings in Eastman Chemical were worth $2,904,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in EMN. Rockefeller Capital Management L.P. boosted its position in Eastman Chemical by 329.3% in the 1st quarter. Rockefeller Capital Management L.P. now owns 571 shares of the basic materials company’s stock valued at $27,000 after buying an additional 438 shares during the last quarter. Verus Capital Partners LLC bought a new position in Eastman Chemical in the 4th quarter valued at $28,000. Global Retirement Partners LLC boosted its position in Eastman Chemical by 277.5% in the 2nd quarter. Global Retirement Partners LLC now owns 419 shares of the basic materials company’s stock valued at $29,000 after buying an additional 308 shares during the last quarter. HHM Wealth Advisors LLC bought a new position in Eastman Chemical in the 1st quarter valued at $30,000. Finally, Parallel Advisors LLC boosted its position in Eastman Chemical by 38.5% in the 1st quarter. Parallel Advisors LLC now owns 834 shares of the basic materials company’s stock valued at $38,000 after buying an additional 232 shares during the last quarter. Institutional investors and hedge funds own 79.70% of the company’s stock.
A number of research analysts have commented on EMN shares. Royal Bank of Canada increased their price objective on Eastman Chemical from $48.00 to $60.00 in a research report on Monday, May 4th. Deutsche Bank increased their price target on Eastman Chemical from $68.00 to $70.00 and gave the company a “buy” rating in a research note on Monday, May 4th. Jefferies Financial Group increased their price target on Eastman Chemical from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, June 26th. Citigroup increased their price target on Eastman Chemical from $54.00 to $61.00 and gave the company a “buy” rating in a research note on Thursday, April 9th. Finally, TheStreet raised Eastman Chemical from a “c” rating to a “b-” rating in a research note on Wednesday, June 10th. One analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the company’s stock. Eastman Chemical has an average rating of “Buy” and an average target price of $72.28.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, April 30th. The basic materials company reported $2.03 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.72 by $0.31. The business had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.26 billion. Eastman Chemical had a return on equity of 16.76% and a net margin of 8.85%. The firm’s revenue was down 5.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.77 EPS. Analysts predict that Eastman Chemical will post 5.89 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 15th will be paid a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 3.54%. Eastman Chemical’s dividend payout ratio is 37.03%.
Eastman Chemical Profile
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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