Sienna Gestion Purchases New Shares in Eastman Chemical (NYSE:EMN)

Sienna Gestion purchased a new position in shares of Eastman Chemical (NYSE:EMN) during the 2nd quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 89,864 shares of the basic materials company’s stock, valued at approximately $8,800,000. Sienna Gestion owned approximately 0.08% of Eastman Chemical as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. Capital Research Global Investors grew its stake in shares of Eastman Chemical by 649.8% during the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after purchasing an additional 3,909,740 shares during the last quarter. Norges Bank bought a new position in Eastman Chemical in the 4th quarter valued at $121,847,000. DekaBank Deutsche Girozentrale boosted its position in Eastman Chemical by 318.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock valued at $69,516,000 after buying an additional 534,081 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in shares of Eastman Chemical by 34.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after buying an additional 218,531 shares during the period. Finally, Earnest Partners LLC raised its position in shares of Eastman Chemical by 11.0% during the first quarter. Earnest Partners LLC now owns 2,199,943 shares of the basic materials company’s stock worth $220,478,000 after acquiring an additional 217,720 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on EMN. Piper Sandler reiterated a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Mizuho boosted their price target on shares of Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Citigroup reduced their price objective on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. UBS Group upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and upped their target price for the company from $106.00 to $128.00 in a research report on Thursday, May 23rd. Finally, Barclays raised their price target on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $108.07.

Eastman Chemical Price Performance

NYSE EMN opened at $106.38 on Thursday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $108.04. The business has a 50 day simple moving average of $99.10 and a 200 day simple moving average of $98.17. The stock has a market cap of $12.52 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 0.75 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. The business had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period last year, the business posted $1.99 earnings per share. Analysts anticipate that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 16th will be issued a dividend of $0.81 per share. The ex-dividend date of this dividend is Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.05%. Eastman Chemical’s payout ratio is presently 41.75%.

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.