Kayne Anderson Rudnick Investment Management LLC Has $22.93 Million Holdings in Eastman Chemical (NYSE:EMN)

Kayne Anderson Rudnick Investment Management LLC lessened its stake in Eastman Chemical (NYSE:EMN) by 1.8% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 234,039 shares of the basic materials company’s stock after selling 4,187 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC owned approximately 0.20% of Eastman Chemical worth $22,929,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of EMN. Gilbert & Cook Inc. lifted its holdings in shares of Eastman Chemical by 5.0% in the fourth quarter. Gilbert & Cook Inc. now owns 4,457 shares of the basic materials company’s stock valued at $400,000 after purchasing an additional 212 shares in the last quarter. Beacon Pointe Advisors LLC bought a new position in shares of Eastman Chemical in the fourth quarter valued at approximately $265,000. UBS Group AG lifted its holdings in shares of Eastman Chemical by 9.8% in the fourth quarter. UBS Group AG now owns 646,232 shares of the basic materials company’s stock valued at $58,045,000 after purchasing an additional 57,442 shares in the last quarter. Coldstream Capital Management Inc. lifted its holdings in shares of Eastman Chemical by 44.9% in the fourth quarter. Coldstream Capital Management Inc. now owns 4,325 shares of the basic materials company’s stock valued at $388,000 after purchasing an additional 1,341 shares in the last quarter. Finally, D.A. Davidson & CO. lifted its holdings in shares of Eastman Chemical by 3.0% in the fourth quarter. D.A. Davidson & CO. now owns 29,628 shares of the basic materials company’s stock valued at $2,661,000 after purchasing an additional 860 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $106.63 on Friday. The stock has a market cap of $12.54 billion, a PE ratio of 13.74, a price-to-earnings-growth ratio of 0.75 and a beta of 1.44. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $108.81. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. The stock has a fifty day moving average of $99.46 and a 200-day moving average of $98.45.

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, beating the consensus estimate of $2.01 by $0.14. The company had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The firm’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the business earned $1.99 earnings per share. Equities research analysts anticipate that Eastman Chemical will post 7.66 earnings per share for the current year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be given a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 3.04%. The ex-dividend date of this dividend is Monday, September 16th. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Piper Sandler reiterated a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Barclays lifted their price target on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Mizuho lifted their price target on Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Royal Bank of Canada reiterated a “sector perform” rating and set a $100.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $108.07.

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.