A number of other large investors have also recently added to or reduced their stakes in EMN. D.A. Davidson & CO. boosted its position in Eastman Chemical by 32.2% in the 4th quarter. D.A. Davidson & CO. now owns 5,664 shares of the basic materials company’s stock valued at $414,000 after buying an additional 1,381 shares during the period. Deprince Race & Zollo Inc. lifted its position in shares of Eastman Chemical by 20.5% during the 4th quarter. Deprince Race & Zollo Inc. now owns 239,525 shares of the basic materials company’s stock worth $17,512,000 after purchasing an additional 40,749 shares during the last quarter. Sigma Planning Corp purchased a new stake in shares of Eastman Chemical during the 4th quarter worth $271,000. Crossmark Global Holdings Inc. lifted its position in shares of Eastman Chemical by 38.3% during the 4th quarter. Crossmark Global Holdings Inc. now owns 9,980 shares of the basic materials company’s stock worth $730,000 after purchasing an additional 2,765 shares during the last quarter. Finally, First Mercantile Trust Co. lifted its position in shares of Eastman Chemical by 45.8% during the 4th quarter. First Mercantile Trust Co. now owns 1,560 shares of the basic materials company’s stock worth $114,000 after purchasing an additional 490 shares during the last quarter. 82.43% of the stock is owned by hedge funds and other institutional investors.
Several equities research analysts have recently issued reports on the stock. ValuEngine raised shares of Eastman Chemical from a “strong sell” rating to a “sell” rating in a research report on Friday. Citigroup set a $83.00 price objective on shares of Eastman Chemical and gave the stock a “hold” rating in a research report on Friday, May 10th. Cowen reaffirmed a “market perform” rating and set a $84.00 price objective (down from $88.00) on shares of Eastman Chemical in a research report on Tuesday, April 30th. UBS Group set a $98.00 price objective on shares of Eastman Chemical and gave the stock a “buy” rating in a research report on Friday, April 26th. Finally, Zacks Investment Research cut shares of Eastman Chemical from a “hold” rating to a “sell” rating in a research report on Monday, April 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $91.27.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.77 earnings per share for the quarter, missing analysts’ consensus estimates of $1.91 by ($0.14). Eastman Chemical had a net margin of 10.07% and a return on equity of 18.60%. The company had revenue of $2.38 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same period last year, the firm earned $2.23 earnings per share. Eastman Chemical’s revenue was down 8.7% on a year-over-year basis. On average, analysts anticipate that Eastman Chemical will post 8.47 earnings per share for the current fiscal year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Monday, June 17th will be given a $0.62 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.48 dividend on an annualized basis and a yield of 3.27%. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.24%.
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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