Public Employees Retirement System of Ohio lessened its stake in shares of Eastman Chemical (NYSE:EMN) by 11.7% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 47,843 shares of the basic materials company’s stock after selling 6,312 shares during the period. Public Employees Retirement System of Ohio’s holdings in Eastman Chemical were worth $3,724,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Zions Bancorporation N.A. bought a new position in shares of Eastman Chemical in the 1st quarter valued at about $27,000. Motco bought a new position in shares of Eastman Chemical in the 2nd quarter valued at about $31,000. Berman Capital Advisors LLC lifted its holdings in shares of Eastman Chemical by 28.6% in the 2nd quarter. Berman Capital Advisors LLC now owns 639 shares of the basic materials company’s stock valued at $49,000 after acquiring an additional 142 shares during the last quarter. SevenBridge Financial Group LLC lifted its holdings in shares of Eastman Chemical by 62.6% in the 2nd quarter. SevenBridge Financial Group LLC now owns 709 shares of the basic materials company’s stock valued at $55,000 after acquiring an additional 273 shares during the last quarter. Finally, Thor Advisors LLC bought a new position in shares of Eastman Chemical in the 1st quarter valued at about $73,000. 82.25% of the stock is owned by institutional investors and hedge funds.
A number of brokerages recently commented on EMN. Zacks Investment Research downgraded shares of Eastman Chemical from a “hold” rating to a “sell” rating and set a $84.00 price target for the company. in a report on Tuesday, July 2nd. JPMorgan Chase & Co. downgraded shares of Eastman Chemical from an “overweight” rating to a “neutral” rating and lowered their price target for the company from $88.00 to $80.00 in a report on Monday, July 29th. Citigroup set a $78.00 price target on shares of Eastman Chemical and gave the company a “hold” rating in a report on Monday, July 15th. Nomura lowered their price target on shares of Eastman Chemical from $88.00 to $85.00 and set a “buy” rating for the company in a report on Monday, July 29th. Finally, Tudor Pickering raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and set a $79.00 price objective on the stock in a research report on Thursday, August 15th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $85.38.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 25th. The basic materials company reported $1.99 earnings per share for the quarter, missing the Zacks’ consensus estimate of $2.09 by ($0.10). Eastman Chemical had a return on equity of 17.76% and a net margin of 9.45%. The firm had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same period last year, the company earned $2.22 earnings per share. The business’s revenue for the quarter was down 9.8% compared to the same quarter last year. Equities research analysts predict that Eastman Chemical will post 7.66 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Monday, September 16th will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date is Friday, September 13th. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.24%.
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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