Eastman Chemical Company $EMN Shares Bought by Rhumbline Advisers

Rhumbline Advisers grew its position in Eastman Chemical Company (NYSE:EMN) by 12.4% in the third quarter, HoldingsChannel reports. The fund owned 241,603 shares of the basic materials company’s stock after acquiring an additional 26,718 shares during the quarter. Rhumbline Advisers’ holdings in Eastman Chemical were worth $15,233,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. MUFG Securities EMEA plc purchased a new position in shares of Eastman Chemical in the 2nd quarter valued at about $25,000. Loomis Sayles & Co. L P purchased a new position in Eastman Chemical during the second quarter worth approximately $33,000. Financial Consulate Inc. acquired a new stake in Eastman Chemical in the third quarter valued at approximately $42,000. Heartwood Wealth Advisors LLC purchased a new stake in shares of Eastman Chemical in the third quarter valued at approximately $44,000. Finally, Mitsubishi UFJ Trust & Banking Corp acquired a new position in shares of Eastman Chemical during the 3rd quarter worth approximately $49,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $80.43 on Thursday. The firm has a 50-day simple moving average of $69.46 and a 200-day simple moving average of $65.34. The company has a quick ratio of 0.86, a current ratio of 1.37 and a debt-to-equity ratio of 0.70. The stock has a market capitalization of $9.18 billion, a price-to-earnings ratio of 19.66, a price-to-earnings-growth ratio of 1.74 and a beta of 1.23. Eastman Chemical Company has a 52 week low of $56.11 and a 52 week high of $102.91.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.76 by ($0.01). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The business had revenue of $1.97 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the prior year, the company posted $1.87 EPS. The firm’s revenue was down 12.1% on a year-over-year basis. On average, equities analysts predict that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 8th. Investors of record on Friday, March 13th will be issued a $0.84 dividend. This represents a $3.36 annualized dividend and a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, March 13th. Eastman Chemical’s dividend payout ratio (DPR) is currently 82.15%.

Wall Street Analyst Weigh In

A number of research analysts have recently issued reports on EMN shares. KeyCorp reiterated an “overweight” rating on shares of Eastman Chemical in a research report on Monday, February 2nd. Weiss Ratings downgraded shares of Eastman Chemical from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, February 4th. Citigroup lifted their target price on shares of Eastman Chemical from $75.00 to $78.00 and gave the company a “buy” rating in a research report on Tuesday, February 3rd. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Eastman Chemical from $64.00 to $72.00 and gave the stock a “hold” rating in a research note on Monday, February 2nd. Finally, Evercore set a $75.00 price target on shares of Eastman Chemical in a research note on Wednesday. Seven research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $79.21.

Eastman Chemical Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.