Sei Investments Co. Acquires 33,811 Shares of Eastman Chemical (NYSE:EMN)

Sei Investments Co. grew its holdings in Eastman Chemical (NYSE:EMN) by 4.3% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 824,003 shares of the basic materials company’s stock after acquiring an additional 33,811 shares during the quarter. Sei Investments Co. owned 0.70% of Eastman Chemical worth $80,728,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of EMN. Cultivar Capital Inc. bought a new stake in Eastman Chemical in the 2nd quarter valued at $29,000. Northwest Investment Counselors LLC bought a new stake in shares of Eastman Chemical in the first quarter valued at about $34,000. EntryPoint Capital LLC acquired a new stake in Eastman Chemical during the first quarter worth about $38,000. Rothschild Investment LLC bought a new position in Eastman Chemical during the second quarter valued at about $38,000. Finally, Friedenthal Financial acquired a new position in Eastman Chemical in the 2nd quarter valued at approximately $49,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Trading Down 1.5 %

EMN stock opened at $106.63 on Friday. The business has a fifty day moving average price of $99.46 and a 200 day moving average price of $98.45. 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 fifty-two week low of $68.89 and a fifty-two week high of $108.81. The stock 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.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $2.36 billion. During the same period in the previous year, the business posted $1.99 earnings per share. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. Analysts expect that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

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 paid a dividend of $0.81 per share. The ex-dividend date is Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 3.04%. Eastman Chemical’s dividend payout ratio (DPR) is currently 41.75%.

Analysts Set New Price Targets

Several analysts have recently weighed in on EMN shares. Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. Citigroup lowered their price target on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Barclays lifted their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Finally, StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company currently 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.