Eastman Chemical (NYSE:EMN) Holdings Reduced by Hsbc Holdings PLC

Hsbc Holdings PLC lessened its holdings in shares of Eastman Chemical (NYSE:EMN) by 8.3% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 202,120 shares of the basic materials company’s stock after selling 18,375 shares during the period. Hsbc Holdings PLC owned 0.17% of Eastman Chemical worth $19,788,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in EMN. Gilbert & Cook Inc. boosted its position in Eastman Chemical by 5.0% during the 4th quarter. Gilbert & Cook Inc. now owns 4,457 shares of the basic materials company’s stock worth $400,000 after acquiring an additional 212 shares during the period. Beacon Pointe Advisors LLC bought a new stake in shares of Eastman Chemical during the fourth quarter valued at about $265,000. UBS Group AG lifted its holdings in Eastman Chemical by 9.8% in the fourth quarter. UBS Group AG now owns 646,232 shares of the basic materials company’s stock worth $58,045,000 after purchasing an additional 57,442 shares during the period. Coldstream Capital Management Inc. grew its position in Eastman Chemical by 44.9% in the 4th quarter. Coldstream Capital Management Inc. now owns 4,325 shares of the basic materials company’s stock valued at $388,000 after buying an additional 1,341 shares in the last quarter. Finally, D.A. Davidson & CO. increased its stake in Eastman Chemical by 3.0% during the 4th quarter. D.A. Davidson & CO. now owns 29,628 shares of the basic materials company’s stock valued at $2,661,000 after buying an additional 860 shares during the period. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Stock Performance

Eastman Chemical stock opened at $106.63 on Friday. 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 company has a market cap of $12.54 billion, a P/E 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 firm’s 50 day simple moving average is $99.46 and its 200-day simple moving average is $98.45.

Eastman Chemical (NYSE:EMN) last released its 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 company had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the prior year, the company earned $1.99 earnings per share. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. As a group, equities research analysts predict that Eastman Chemical will post 7.66 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders 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 yield of 3.04%. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Analyst Ratings Changes

Several research analysts have recently issued reports on EMN shares. Piper Sandler reiterated a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $100.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Mizuho boosted their price objective on Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Deutsche Bank Aktiengesellschaft raised their target price on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Finally, Barclays boosted their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $108.07.

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.