ING Groep NV raised its position in Eastman Chemical Co. (NYSE:EMN) by 6.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 32,206 shares of the company’s stock after buying an additional 1,855 shares during the period. ING Groep NV’s holdings in Eastman Chemical were worth $2,187,000 as of its most recent filing with the SEC.
A number of other hedge funds have also modified their holdings of EMN. Acrospire Investment Management LLC acquired a new stake in shares of Eastman Chemical during the first quarter worth $108,000. Financial Architects Inc boosted its position in Eastman Chemical by 8,181.8% in the second quarter. Financial Architects Inc now owns 1,822 shares of the company’s stock worth $123,000 after buying an additional 1,800 shares during the period. Meeder Asset Management Inc. bought a new position in Eastman Chemical during the first quarter worth about $189,000. Magnetar Financial LLC bought a new position in Eastman Chemical during the first quarter worth about $203,000. Finally, Park National Corp OH boosted its position in Eastman Chemical by 6.5% in the second quarter. Park National Corp OH now owns 3,078 shares of the company’s stock worth $209,000 after buying an additional 189 shares during the period. Hedge funds and other institutional investors own 84.06% of the company’s stock.
Shares of Eastman Chemical Co. (NYSE:EMN) traded up 1.02% during midday trading on Wednesday, hitting $67.16. 832,266 shares of the stock traded hands. The company’s 50-day moving average is $66.23 and its 200 day moving average is $70.38. The firm has a market capitalization of $9.92 billion, a PE ratio of 11.31 and a beta of 1.53. Eastman Chemical Co. has a 52 week low of $56.03 and a 52 week high of $78.79.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results 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. Eastman Chemical had a net margin of 9.63% and a return on equity of 24.40%. The company had revenue of $2.30 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the prior year, the firm earned $2.01 EPS. Eastman Chemical’s quarterly revenue was down 9.3% compared to the same quarter last year. Analysts anticipate that Eastman Chemical Co. will post $6.54 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Thursday, September 15th were issued a $0.46 dividend. This represents a $1.84 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date was Tuesday, September 13th. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.98%.
A number of research firms have recently issued reports on EMN. Jefferies Group reissued a “buy” rating and set a $88.00 price objective on shares of Eastman Chemical in a research report on Monday. Citigroup Inc. cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $74.00 to $73.00 in a research report on Wednesday, September 7th. Cowen and Company cut their price objective on shares of Eastman Chemical from $96.00 to $80.00 and set an “outperform” rating on the stock in a research report on Tuesday, August 23rd. JPMorgan Chase & Co. reissued a “buy” rating on shares of Eastman Chemical in a research report on Tuesday, August 16th. Finally, Zacks Investment Research cut shares of Eastman Chemical from a “hold” rating to a “strong sell” rating in a research report on Wednesday, August 3rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $76.29.
About Eastman Chemical
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).
Want to see what other hedge funds are holding EMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastman Chemical Co. (NYSE:EMN).
Receive News & Ratings for Eastman Chemical Co. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical Co. and related companies with MarketBeat.com's FREE daily email newsletter.