BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its position in shares of Eastman Chemical (NYSE:EMN) by 23.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 35,585 shares of the basic materials company’s stock after purchasing an additional 6,874 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Eastman Chemical were worth $2,602,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. JNBA Financial Advisors purchased a new position in shares of Eastman Chemical in the fourth quarter worth about $28,000. Moody National Bank Trust Division purchased a new position in shares of Eastman Chemical in the fourth quarter worth about $29,000. Proffitt & Goodson Inc. purchased a new position in shares of Eastman Chemical in the fourth quarter worth about $36,000. Laurel Wealth Advisors LLC purchased a new position in shares of Eastman Chemical in the fourth quarter worth about $37,000. Finally, Parallel Advisors LLC increased its stake in shares of Eastman Chemical by 34.3% in the fourth quarter. Parallel Advisors LLC now owns 615 shares of the basic materials company’s stock worth $44,000 after purchasing an additional 157 shares in the last quarter. 81.12% of the stock is currently owned by institutional investors.
Several equities analysts recently commented on the stock. Cowen cut shares of Eastman Chemical from an “outperform” rating to a “market perform” rating and reduced their price objective for the company from $94.00 to $88.00 in a research note on Wednesday, February 6th. Zacks Investment Research raised shares of Eastman Chemical from a “sell” rating to a “hold” rating in a research note on Tuesday, February 5th. Standpoint Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Thursday, January 31st. Morgan Stanley raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and set a $90.00 price objective for the company in a research note on Thursday, January 17th. Finally, Jefferies Financial Group reduced their price objective on shares of Eastman Chemical to $91.00 and set a “buy” rating for the company in a research note on Friday, December 21st. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. Eastman Chemical presently has an average rating of “Hold” and a consensus price target of $92.90.
Shares of Eastman Chemical stock opened at $78.64 on Friday. Eastman Chemical has a 1 year low of $67.40 and a 1 year high of $110.17. The company has a market cap of $10.99 billion, a price-to-earnings ratio of 9.59, a P/E/G ratio of 1.06 and a beta of 1.15. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.82 and a quick ratio of 0.96.
Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, January 31st. The basic materials company reported $1.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.60 by ($0.21). Eastman Chemical had a net margin of 10.64% and a return on equity of 20.15%. The company had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.42 billion. Equities research analysts predict that Eastman Chemical will post 8.76 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, April 5th. Shareholders of record on Friday, March 15th will be given a dividend of $0.62 per share. The ex-dividend date is Thursday, March 14th. This represents a $2.48 annualized dividend and a yield of 3.15%. Eastman Chemical’s payout ratio is presently 30.24%.
Eastman Chemical Profile
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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