Distillate Capital Partners LLC Purchases New Stake in Eastman Chemical (NYSE:EMN)

Distillate Capital Partners LLC acquired a new position in shares of Eastman Chemical (NYSE:EMN) during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 138,883 shares of the basic materials company’s stock, valued at approximately $13,606,000. Distillate Capital Partners LLC owned 0.12% of Eastman Chemical at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of EMN. Capital Research Global Investors increased its holdings in shares of Eastman Chemical by 649.8% in the 1st 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 in the last quarter. DekaBank Deutsche Girozentrale boosted its holdings in 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 buying an additional 534,081 shares in the last quarter. Envestnet Asset Management Inc. grew its position in Eastman Chemical by 34.5% during the second quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock worth $83,524,000 after buying an additional 218,531 shares during the period. Earnest Partners LLC increased its holdings 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 valued at $220,478,000 after buying an additional 217,720 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in shares of Eastman Chemical by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock valued at $223,435,000 after acquiring an additional 198,645 shares during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Royal Bank of Canada restated a “sector perform” rating and issued a $100.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. 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 research note on Monday, July 29th. Barclays raised their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Finally, Mizuho boosted their target price on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and an average price target of $108.07.

Eastman Chemical Trading Up 1.3 %

Shares of EMN opened at $108.00 on Tuesday. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $108.81. The business’s 50-day moving average price is $99.67 and its 200 day moving average price is $98.66. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. The stock has a market capitalization of $12.71 billion, a P/E ratio of 13.92, a P/E/G 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 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. The firm had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period last year, the company posted $1.99 EPS. Analysts expect that Eastman Chemical will post 7.66 earnings per share for the current 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 is Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 3.00%. Eastman Chemical’s dividend payout ratio is 41.75%.

Eastman Chemical 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.