Sumitomo Mitsui DS Asset Management Company Ltd Boosts Stake in Eastman Chemical (NYSE:EMN)

Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Eastman Chemical (NYSE:EMN) by 4.3% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 11,967 shares of the basic materials company’s stock after purchasing an additional 498 shares during the quarter. Sumitomo Mitsui DS Asset Management Company Ltd’s holdings in Eastman Chemical were worth $1,340,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Wolff Wiese Magana LLC grew its holdings in shares of Eastman Chemical by 238.1% in the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 200 shares during the period. Cultivar Capital Inc. bought a new stake in shares of Eastman Chemical in the second quarter worth $29,000. EntryPoint Capital LLC bought a new stake in shares of Eastman Chemical in the first quarter worth $38,000. Rothschild Investment LLC bought a new stake in shares of Eastman Chemical in the second quarter worth $38,000. Finally, Friedenthal Financial bought a new stake in shares of Eastman Chemical in the second quarter worth $49,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Trading Down 0.7 %

Shares of NYSE EMN opened at $107.06 on Wednesday. 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 business’s 50 day moving average price is $104.66 and its 200-day moving average price is $100.68. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $114.50. The company has a market cap of $12.60 billion, a price-to-earnings ratio of 13.80, a PEG ratio of 0.83 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 (EPS) for the quarter, topping 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 company had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the prior year, the firm earned $1.99 earnings per share. Eastman Chemical’s revenue was up 1.7% compared to the same quarter last year. On average, sell-side analysts expect that Eastman Chemical will post 7.67 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 16th were given a dividend of $0.81 per share. The ex-dividend date was Monday, September 16th. This represents a $3.24 annualized dividend and a yield of 3.03%. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Analyst Ratings Changes

Several research firms have issued reports on EMN. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their price target for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Wells Fargo & Company upped their price objective on Eastman Chemical from $105.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. Barclays upped their price objective on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. 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 research report on Monday, July 29th. Finally, Citigroup decreased their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $110.20.

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.