Trustmark National Bank Trust Department acquired a new position in shares of Eastman Chemical (NYSE:EMN) in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 9,868 shares of the basic materials company’s stock, valued at approximately $460,000.
A number of other institutional investors and hedge funds also recently modified their holdings of EMN. DekaBank Deutsche Girozentrale grew its stake in Eastman Chemical by 29.3% during the 4th quarter. DekaBank Deutsche Girozentrale now owns 17,519 shares of the basic materials company’s stock worth $1,371,000 after buying an additional 3,965 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in Eastman Chemical by 15.8% during the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 19,465 shares of the basic materials company’s stock worth $1,543,000 after acquiring an additional 2,649 shares during the period. Park Avenue Securities LLC acquired a new position in Eastman Chemical during the 4th quarter worth $234,000. Bessemer Group Inc. boosted its position in Eastman Chemical by 29.4% during the 4th quarter. Bessemer Group Inc. now owns 2,583 shares of the basic materials company’s stock worth $205,000 after acquiring an additional 587 shares during the period. Finally, Mitsubishi UFJ Kokusai Asset Management Co. Ltd. boosted its position in Eastman Chemical by 11.3% during the 4th quarter. Mitsubishi UFJ Kokusai Asset Management Co. Ltd. now owns 26,836 shares of the basic materials company’s stock worth $2,038,000 after acquiring an additional 2,732 shares during the period. Hedge funds and other institutional investors own 79.90% of the company’s stock.
NYSE:EMN traded down $7.21 during trading hours on Thursday, hitting $68.43. 65,539 shares of the company’s stock traded hands, compared to its average volume of 1,490,814. The firm has a market cap of $10.28 billion, a P/E ratio of 12.91, a P/E/G ratio of 3.02 and a beta of 1.63. Eastman Chemical has a twelve month low of $34.44 and a twelve month high of $83.99. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.95 and a current ratio of 1.66. The stock’s fifty day moving average price is $64.09 and its two-hundred day moving average price is $66.40.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, April 30th. The basic materials company reported $2.03 earnings per share for the quarter, beating the consensus estimate of $1.72 by $0.31. Eastman Chemical had a return on equity of 16.76% and a net margin of 8.85%. The firm had revenue of $2.24 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same period in the previous year, the firm earned $1.77 earnings per share. Eastman Chemical’s quarterly revenue was down 5.8% on a year-over-year basis. On average, equities research analysts predict that Eastman Chemical will post 5.91 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Monday, June 15th will be given a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend is Friday, June 12th. Eastman Chemical’s payout ratio is currently 37.03%.
A number of research analysts have issued reports on the company. Barclays reduced their price target on Eastman Chemical from $81.00 to $70.00 and set an “equal weight” rating for the company in a research report on Monday, May 4th. TheStreet lowered Eastman Chemical from a “b-” rating to a “c” rating in a research report on Monday, March 2nd. Royal Bank of Canada upped their price objective on Eastman Chemical from $48.00 to $60.00 in a report on Monday, May 4th. Standpoint Research lowered Eastman Chemical from a “buy” rating to a “hold” rating in a report on Tuesday. Finally, Morgan Stanley cut their price objective on Eastman Chemical from $90.00 to $70.00 and set an “overweight” rating for the company in a report on Monday, March 30th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and twelve have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $71.11.
Eastman Chemical Company 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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