River & Mercantile Asset Management LLP Buys Shares of 32,500 Eastman Chemical (NYSE:EMN)

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River & Mercantile Asset Management LLP bought a new stake in Eastman Chemical (NYSE:EMN) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 32,500 shares of the basic materials company’s stock, valued at approximately $1,512,000.

A number of other institutional investors also recently modified their holdings of the business. JPMorgan Chase & Co. increased its holdings in Eastman Chemical by 32.8% in the first quarter. JPMorgan Chase & Co. now owns 8,658,241 shares of the basic materials company’s stock valued at $403,301,000 after buying an additional 2,139,890 shares in the last quarter. Geode Capital Management LLC increased its holdings in Eastman Chemical by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 2,606,749 shares of the basic materials company’s stock valued at $206,263,000 after buying an additional 24,013 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in Eastman Chemical by 4.5% in the first quarter. Bank of New York Mellon Corp now owns 2,471,697 shares of the basic materials company’s stock valued at $115,131,000 after buying an additional 107,517 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Eastman Chemical by 2.3% in the first quarter. Massachusetts Financial Services Co. MA now owns 2,014,607 shares of the basic materials company’s stock valued at $93,840,000 after purchasing an additional 45,263 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of Eastman Chemical by 1.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,457,874 shares of the basic materials company’s stock valued at $115,552,000 after purchasing an additional 25,397 shares during the last quarter. 79.90% of the stock is owned by institutional investors.

NYSE EMN traded down $7.19 during mid-day trading on Thursday, reaching $68.45. 64,404 shares of the stock were exchanged, compared to its average volume of 1,490,814. 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 has a market capitalization of $10.28 billion, a PE ratio of 12.91, a PEG ratio of 3.02 and a beta of 1.63. Eastman Chemical has a 1-year low of $34.44 and a 1-year high of $83.99. The business’s fifty day simple moving average is $64.09 and its 200 day simple moving average 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, topping the Zacks’ consensus estimate of $1.72 by $0.31. The company had revenue of $2.24 billion for the quarter, compared to the consensus estimate of $2.26 billion. Eastman Chemical had a net margin of 8.85% and a return on equity of 16.76%. Eastman Chemical’s revenue was down 5.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.77 earnings per share. On average, analysts anticipate that Eastman Chemical will post 5.91 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, July 10th. Shareholders of record on Monday, June 15th will be paid a dividend of $0.66 per share. This represents a $2.64 dividend on an annualized basis and a yield of 3.86%. The ex-dividend date of this dividend is Friday, June 12th. Eastman Chemical’s dividend payout ratio is currently 37.03%.

Several research firms have recently commented on EMN. Standpoint Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Tuesday. TheStreet lowered shares of Eastman Chemical from a “b-” rating to a “c” rating in a research report on Monday, March 2nd. Wells Fargo & Co increased their price target on shares of Eastman Chemical from $50.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, May 4th. KeyCorp increased their price target on shares of Eastman Chemical from $72.00 to $83.00 and gave the company an “overweight” rating in a research report on Monday, May 4th. Finally, UBS Group increased their price target on shares of Eastman Chemical from $54.00 to $68.00 and gave the company a “buy” rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price 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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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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