193,563 Shares in Eastman Chemical Company $EMN Purchased by M&G PLC

M&G PLC bought a new stake in shares of Eastman Chemical Company (NYSE:EMN) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 193,563 shares of the basic materials company’s stock, valued at approximately $12,194,000. M&G PLC owned 0.17% of Eastman Chemical as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Eastman Chemical in the second quarter valued at approximately $121,060,000. Allspring Global Investments Holdings LLC raised its stake in Eastman Chemical by 1,011.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 943,975 shares of the basic materials company’s stock valued at $58,489,000 after purchasing an additional 859,046 shares during the last quarter. Qube Research & Technologies Ltd boosted its holdings in Eastman Chemical by 1,456.4% in the 2nd quarter. Qube Research & Technologies Ltd now owns 708,290 shares of the basic materials company’s stock valued at $52,881,000 after purchasing an additional 662,783 shares during the period. Ilex Capital Partners UK LLP acquired a new stake in Eastman Chemical in the 2nd quarter worth $42,547,000. Finally, First Trust Advisors LP increased its holdings in shares of Eastman Chemical by 96.7% during the 2nd quarter. First Trust Advisors LP now owns 438,804 shares of the basic materials company’s stock worth $32,761,000 after purchasing an additional 215,679 shares during the period. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Price Performance

Shares of EMN stock opened at $79.97 on Tuesday. The stock’s fifty day simple moving average is $68.79 and its 200 day simple moving average is $65.09. Eastman Chemical Company has a one year low of $56.11 and a one year high of $103.82. The firm has a market cap of $9.12 billion, a price-to-earnings ratio of 19.55, a P/E/G ratio of 1.76 and a beta of 1.23. The company has a debt-to-equity ratio of 0.82, a current ratio of 1.76 and a quick ratio of 0.86.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.63% and a net margin of 5.42%.The company had revenue of $1.97 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same quarter in the prior year, the company earned $1.87 earnings per share. The business’s revenue was down 12.1% compared to the same quarter last year. On average, analysts expect that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Shareholders of record on Friday, March 13th will be paid a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a yield of 4.2%. The ex-dividend date of this dividend is Friday, March 13th. Eastman Chemical’s dividend payout ratio is currently 82.15%.

Analyst Ratings Changes

EMN has been the subject of several research reports. UBS Group reduced their target price on shares of Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a research note on Wednesday, November 5th. Citigroup raised their price objective on Eastman Chemical from $75.00 to $78.00 and gave the stock a “buy” rating in a research report on Tuesday, February 3rd. Bank of America lifted their price objective on Eastman Chemical from $74.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. Deutsche Bank Aktiengesellschaft upped their target price on Eastman Chemical from $64.00 to $72.00 and gave the company a “hold” rating in a research note on Monday, February 2nd. Finally, Evercore decreased their price target on shares of Eastman Chemical from $75.00 to $70.00 and set an “in-line” rating on the stock in a research note on Tuesday, November 11th. Seven investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, Eastman Chemical has an average rating of “Hold” and an average target price of $78.86.

Eastman Chemical Company Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.