Janney Montgomery Scott LLC lifted its stake in shares of Eastman Chemical (NYSE:EMN) by 29.4% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 34,802 shares of the basic materials company’s stock after buying an additional 7,907 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Eastman Chemical were worth $2,424,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds also recently added to or reduced their stakes in the company. Creative Financial Designs Inc. ADV acquired a new stake in shares of Eastman Chemical during the second quarter worth approximately $38,000. Argyle Capital Management Inc. acquired a new stake in shares of Eastman Chemical during the second quarter worth approximately $237,000. Oregon Public Employees Retirement Fund boosted its holdings in Eastman Chemical by 28.2% in the second quarter. Oregon Public Employees Retirement Fund now owns 55,932 shares of the basic materials company’s stock worth $3,895,000 after purchasing an additional 12,300 shares during the period. Robeco Institutional Asset Management B.V. boosted its holdings in Eastman Chemical by 9.1% in the second quarter. Robeco Institutional Asset Management B.V. now owns 71,964 shares of the basic materials company’s stock worth $5,012,000 after purchasing an additional 5,987 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in Eastman Chemical by 158.3% in the second quarter. SG Americas Securities LLC now owns 9,057 shares of the basic materials company’s stock worth $631,000 after purchasing an additional 5,551 shares during the period. 79.70% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE EMN opened at $74.63 on Friday. Eastman Chemical has a fifty-two week low of $34.44 and a fifty-two week high of $83.99. The firm’s 50-day simple moving average is $71.55 and its 200 day simple moving average is $64.82. The company has a quick ratio of 0.95, a current ratio of 1.66 and a debt-to-equity ratio of 0.87. The stock has a market cap of $10.14 billion, a P/E ratio of 12.74, a P/E/G ratio of 3.31 and a beta of 1.66.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 15th will be given a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 3.54%. Eastman Chemical’s dividend payout ratio (DPR) is presently 37.03%.
A number of research firms have commented on EMN. Stifel Nicolaus lifted their price objective on shares of Eastman Chemical from $74.00 to $87.00 in a report on Tuesday, July 21st. TheStreet raised shares of Eastman Chemical from a “c” rating to a “b-” rating in a report on Wednesday, June 10th. Royal Bank of Canada lifted their price objective on shares of Eastman Chemical from $48.00 to $60.00 in a report on Monday, May 4th. JPMorgan Chase & Co. lifted their price objective on shares of Eastman Chemical from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday, May 4th. Finally, Wells Fargo & Co raised their target price on Eastman Chemical from $50.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, May 4th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $72.28.
Eastman Chemical Profile
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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