Tredje AP fonden Reduces Position in Eastman Chemical (NYSE:EMN)

Tredje AP fonden reduced its position in Eastman Chemical (NYSE:EMN) by 0.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,342 shares of the basic materials company’s stock after selling 291 shares during the quarter. Tredje AP fonden’s holdings in Eastman Chemical were worth $3,952,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the company. Capital Research Global Investors boosted 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 period. Norges Bank purchased a new stake in Eastman Chemical in the 4th quarter valued at about $121,847,000. DekaBank Deutsche Girozentrale increased its position in shares of Eastman Chemical by 318.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock worth $69,516,000 after acquiring an additional 534,081 shares during the period. Envestnet Asset Management Inc. boosted its holdings in shares of Eastman Chemical by 34.5% in the second quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after purchasing an additional 218,531 shares during the period. Finally, Earnest Partners LLC grew its stake in Eastman Chemical by 11.0% in the first quarter. Earnest Partners LLC now owns 2,199,943 shares of the basic materials company’s stock worth $220,478,000 after purchasing an additional 217,720 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently weighed in on EMN shares. Mizuho lifted their price objective on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $100.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Piper Sandler reissued a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. Barclays upped their target price on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a report on Monday, July 29th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $108.07.

Eastman Chemical Price Performance

Shares of EMN opened at $106.38 on Thursday. 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 company’s fifty day moving average price is $99.10 and its 200-day moving average price is $98.17. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $108.04. The firm has a market capitalization of $12.52 billion, a PE ratio of 13.71, a price-to-earnings-growth ratio of 0.75 and a beta of 1.44.

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

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 16th will be given a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 3.05%. The ex-dividend date of this dividend is Monday, September 16th. Eastman Chemical’s dividend 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.