Eastman Chemical (NYSE:EMN) Shares Sold by Sompo Asset Management Co. Ltd.

Sompo Asset Management Co. Ltd. lowered its stake in Eastman Chemical (NYSE:EMN) by 7.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,370 shares of the basic materials company’s stock after selling 430 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Eastman Chemical were worth $526,000 at the end of the most recent quarter.

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

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $106.63 on Friday. 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 firm has a fifty day simple moving average of $99.46 and a 200-day simple moving average of $98.45. The stock has a market capitalization of $12.54 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 0.75 and a beta of 1.44. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $108.81.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.14. The business had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The firm’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.99 EPS. On average, sell-side analysts expect that Eastman Chemical will post 7.66 earnings per share for the current year.

Eastman Chemical Dividend Announcement

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 $0.81 dividend. 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 41.75%.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on EMN shares. Mizuho upped 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. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Citigroup cut their price target on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, June 27th. Barclays upped their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, Piper Sandler restated a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, Eastman Chemical has a consensus rating of “Moderate Buy” and an average target price 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.