Envestnet Asset Management Inc. Grows Position in Eastman Chemical (NYSE:EMN)

Envestnet Asset Management Inc. increased its position in Eastman Chemical (NYSE:EMN) by 34.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 852,551 shares of the basic materials company’s stock after purchasing an additional 218,531 shares during the period. Envestnet Asset Management Inc. owned 0.72% of Eastman Chemical worth $83,524,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in EMN. Gilbert & Cook Inc. increased its stake in shares of Eastman Chemical by 5.0% during 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. Principal Securities Inc. purchased a new position in Eastman Chemical during the fourth quarter valued at $94,000. Quadrant Capital Group LLC boosted its holdings in Eastman Chemical by 8.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,639 shares of the basic materials company’s stock worth $147,000 after acquiring an additional 128 shares in the last quarter. Beacon Pointe Advisors LLC purchased a new stake in shares of Eastman Chemical in the fourth quarter worth $265,000. Finally, Norges Bank bought a new position in shares of Eastman Chemical during the fourth quarter valued at $121,847,000. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Trading Up 0.5 %

Shares of Eastman Chemical stock opened at $105.93 on Wednesday. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $107.11. The company’s fifty day simple moving average is $98.67 and its 200-day simple moving average is $97.98. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. The stock has a market capitalization of $12.46 billion, a PE ratio of 13.65, a P/E/G ratio of 0.75 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last released its 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 for the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. Eastman Chemical’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. As a group, equities analysts anticipate that Eastman Chemical will post 7.66 earnings per share for the current year.

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 3.06%. The ex-dividend date of this dividend is Monday, September 16th. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on EMN shares. Royal Bank of Canada reiterated a “sector perform” rating and issued a $100.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Mizuho increased their price target on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Barclays boosted their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. UBS Group upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and increased their target price for the company from $106.00 to $128.00 in a research note on Thursday, May 23rd. Finally, Piper Sandler restated a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, Eastman Chemical 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.