BBVA USA Bancshares Inc. trimmed its position in Eastman Chemical (NYSE:EMN) by 39.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,133 shares of the basic materials company’s stock after selling 8,547 shares during the quarter. BBVA USA Bancshares Inc.’s holdings in Eastman Chemical were worth $914,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently made changes to their positions in EMN. Rockefeller Capital Management L.P. boosted its holdings in shares of Eastman Chemical by 329.3% in the first quarter. Rockefeller Capital Management L.P. now owns 571 shares of the basic materials company’s stock worth $27,000 after buying an additional 438 shares during the period. Verus Capital Partners LLC acquired a new position in shares of Eastman Chemical in the fourth quarter worth about $28,000. Global Retirement Partners LLC boosted its holdings in shares of Eastman Chemical by 277.5% in the second quarter. Global Retirement Partners LLC now owns 419 shares of the basic materials company’s stock worth $29,000 after buying an additional 308 shares during the period. HHM Wealth Advisors LLC acquired a new position in shares of Eastman Chemical in the first quarter worth about $30,000. Finally, Parallel Advisors LLC boosted its holdings in shares of Eastman Chemical by 38.5% in the first quarter. Parallel Advisors LLC now owns 834 shares of the basic materials company’s stock worth $38,000 after buying an additional 232 shares during the period. Institutional investors own 79.70% of the company’s stock.
Several research firms recently commented on EMN. Morgan Stanley decreased their price target on shares of Eastman Chemical from $90.00 to $70.00 and set an “overweight” rating for the company in a report on Monday, March 30th. Royal Bank of Canada raised their price target on shares of Eastman Chemical from $48.00 to $60.00 in a report on Monday, May 4th. JPMorgan Chase & Co. raised their price target 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. Standpoint Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Tuesday, June 9th. Finally, TheStreet upgraded shares of Eastman Chemical from a “c” rating to a “b-” rating in a report on Wednesday, June 10th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirteen have given a buy rating to the company’s stock. Eastman Chemical has an average rating of “Buy” and an average target price of $72.95.
NYSE:EMN opened at $76.60 on Thursday. Eastman Chemical has a 12 month low of $34.44 and a 12 month high of $83.99. The firm has a market cap of $10.36 billion, a price-to-earnings ratio of 13.07, a P/E/G ratio of 3.22 and a beta of 1.66. 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 company’s 50 day moving average is $71.32 and its 200-day moving average is $64.79.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, April 30th. The basic materials company reported $2.03 EPS for the quarter, beating the Zacks’ consensus estimate of $1.72 by $0.31. Eastman Chemical had a net margin of 8.85% and a return on equity of 16.76%. The company had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same quarter last year, the firm posted $1.77 earnings per share. The company’s quarterly revenue was down 5.8% compared to the same quarter last year. Research analysts predict that Eastman Chemical will post 5.95 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, July 10th. Stockholders of record on Monday, June 15th were given a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.45%. The ex-dividend date was Friday, June 12th. Eastman Chemical’s dividend payout ratio is 37.03%.
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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