Meeder Advisory Services Inc. Acquires 300 Shares of Eastman Chemical (NYSE:EMN)

Meeder Advisory Services Inc. lifted its holdings in Eastman Chemical (NYSE:EMN) by 9.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,404 shares of the basic materials company’s stock after purchasing an additional 300 shares during the quarter. Meeder Advisory Services Inc.’s holdings in Eastman Chemical were worth $333,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Bessemer Group Inc. increased its holdings in Eastman Chemical by 321.2% in the 1st quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock worth $1,628,000 after buying an additional 12,392 shares in the last quarter. CHURCHILL MANAGEMENT Corp bought a new stake in shares of Eastman Chemical in the first quarter worth approximately $1,681,000. Empowered Funds LLC purchased a new position in shares of Eastman Chemical during the first quarter valued at approximately $594,000. Dakota Wealth Management lifted its position in Eastman Chemical by 13.5% during the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after purchasing an additional 2,655 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its position in Eastman Chemical by 11.1% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock valued at $7,714,000 after purchasing an additional 7,717 shares during the period. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Stock Up 3.5 %

Shares of EMN opened at $103.10 on Monday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. The stock has a market capitalization of $12.05 billion, a price-to-earnings ratio of 13.29, a price-to-earnings-growth ratio of 0.75 and a beta of 1.44. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $105.98. The business’s 50 day simple moving average is $98.48 and its 200-day simple moving average is $97.86.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the previous year, the business posted $1.99 earnings per share. Eastman Chemical’s quarterly revenue was up 1.7% on a year-over-year basis. As a group, equities analysts expect that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 16th will be given a $0.81 dividend. The ex-dividend date is Monday, September 16th. This represents a $3.24 annualized dividend and a yield of 3.14%. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Analyst Ratings Changes

EMN has been the subject of a number of research reports. Mizuho boosted their target price on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. UBS Group upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and upped their price objective for the company from $106.00 to $128.00 in a research report on Thursday, May 23rd. Citigroup dropped their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $100.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Finally, Barclays raised their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $108.07.

About Eastman Chemical

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.