Eastman Chemical (NYSE:EMN) Stock Holdings Increased by Mercer Global Advisors Inc. ADV

Mercer Global Advisors Inc. ADV increased its stake in shares of Eastman Chemical (NYSE:EMN) by 190.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 61,918 shares of the basic materials company’s stock after purchasing an additional 40,620 shares during the quarter. Mercer Global Advisors Inc. ADV owned approximately 0.05% of Eastman Chemical worth $6,066,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in EMN. Cultivar Capital Inc. purchased a new position in shares of Eastman Chemical during the 2nd quarter valued at $29,000. Northwest Investment Counselors LLC purchased a new position in Eastman Chemical in the first quarter valued at about $34,000. EntryPoint Capital LLC acquired a new position in Eastman Chemical in the 1st quarter worth about $38,000. Rothschild Investment LLC acquired a new stake in shares of Eastman Chemical during the 2nd quarter valued at about $38,000. Finally, Friedenthal Financial bought a new stake in shares of Eastman Chemical in the 2nd quarter valued at approximately $49,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Barclays increased their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Piper Sandler reaffirmed a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Mizuho increased 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. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $108.07.

Eastman Chemical Stock Performance

NYSE EMN opened at $106.63 on Friday. The company’s fifty day moving average is $99.46 and its two-hundred day moving average is $98.37. The firm has a market capitalization of $12.54 billion, a price-to-earnings ratio of 13.74, a P/E/G ratio of 0.75 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $108.81.

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

Eastman Chemical Announces Dividend

The company also recently announced 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 3.04%. Eastman Chemical’s dividend payout ratio (DPR) is currently 41.75%.

Eastman Chemical Company Profile

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.