Principal Financial Group Inc. raised its stake in Eastman Chemical Co. (NYSE:EMN) by 2.6% during the second quarter, according to its most recent filing with the SEC. The firm owned 385,887 shares of the company’s stock after buying an additional 9,948 shares during the period. Principal Financial Group Inc. owned approximately 0.26% of Eastman Chemical worth $26,202,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also modified their holdings of the company. Acrospire Investment Management LLC acquired a new position in shares of Eastman Chemical during the first quarter valued at about $108,000. Financial Architects Inc boosted its position in shares of Eastman Chemical by 8,181.8% in the second quarter. Financial Architects Inc now owns 1,822 shares of the company’s stock valued at $123,000 after buying an additional 1,800 shares during the last quarter. MUFG Americas Holdings Corp boosted its position in shares of Eastman Chemical by 9.7% in the second quarter. MUFG Americas Holdings Corp now owns 2,336 shares of the company’s stock valued at $159,000 after buying an additional 206 shares during the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Eastman Chemical during the first quarter valued at about $189,000. Finally, Magnetar Financial LLC acquired a new position in shares of Eastman Chemical during the first quarter valued at about $203,000. Institutional investors own 84.06% of the company’s stock.
Eastman Chemical Co. (NYSE:EMN) traded down 0.12% during mid-day trading on Wednesday, reaching $65.42. 209,006 shares of the company were exchanged. The stock has a 50-day moving average of $65.95 and a 200 day moving average of $70.58. The firm has a market capitalization of $9.66 billion, a P/E ratio of 11.02 and a beta of 1.61. Eastman Chemical Co. has a 1-year low of $56.03 and a 1-year high of $78.79.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 28th. The company reported $1.68 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.73 by $0.05. The company earned $2.30 billion during the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a net margin of 9.63% and a return on equity of 24.40%. The firm’s quarterly revenue was down 9.3% on a year-over-year basis. During the same quarter last year, the firm posted $2.01 earnings per share. Equities research analysts forecast that Eastman Chemical Co. will post $6.54 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 3rd. Investors of record on Thursday, September 15th will be issued a $0.46 dividend. The ex-dividend date of this dividend is Tuesday, September 13th. This represents a $1.84 annualized dividend and a yield of 2.81%. Eastman Chemical’s dividend payout ratio (DPR) is currently 30.98%.
Several research analysts have issued reports on the stock. Citigroup Inc. cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $74.00 to $73.00 in a report on Wednesday, September 7th. Jefferies Group upgraded shares of Eastman Chemical to a “buy” rating and set a $88.00 target price on the stock in a report on Saturday, June 4th. Nomura restated a “buy” rating on shares of Eastman Chemical in a report on Monday, July 11th. SunTrust Banks Inc. restated a “neutral” rating and issued a $66.00 price target on shares of Eastman Chemical in a report on Tuesday, August 2nd. Finally, Deutsche Bank AG lowered their price target on shares of Eastman Chemical from $85.00 to $75.00 and set a “buy” rating on the stock in a report on Monday, August 1st. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the stock. Eastman Chemical has a consensus rating of “Hold” and an average target price of $76.29.
Eastman Chemical Company Profile
Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials, chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI).
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