LMR Partners LLP acquired a new position in shares of Eastman Chemical Co. (NYSE:EMN) during the second quarter, Holdings Channel reports. The fund acquired 5,184 shares of the company’s stock, valued at approximately $352,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Teachers Advisors Inc. boosted its position in shares of Eastman Chemical by 6.7% in the first quarter. Teachers Advisors Inc. now owns 283,456 shares of the company’s stock worth $20,474,000 after buying an additional 17,842 shares during the period. Franklin Resources Inc. boosted its position in shares of Eastman Chemical by 3.5% in the first quarter. Franklin Resources Inc. now owns 1,022,126 shares of the company’s stock worth $73,832,000 after buying an additional 34,137 shares during the period. Acrospire Investment Management LLC bought a new position in shares of Eastman Chemical during the first quarter worth about $108,000. NN Investment Partners Holdings N.V. bought a new position in shares of Eastman Chemical during the first quarter worth about $708,000. Finally, Investec Asset Management LTD bought a new position in shares of Eastman Chemical during the first quarter worth about $246,000. 84.06% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Eastman Chemical Co. (NYSE:EMN) traded down 1.86% during trading on Thursday, reaching $63.17. 3,539,320 shares of the company were exchanged. The company’s 50-day moving average is $66.23 and its 200 day moving average is $70.15. The firm has a market capitalization of $9.33 billion, a PE ratio of 10.64 and a beta of 1.53. Eastman Chemical Co. has a 1-year low of $56.03 and a 1-year high of $78.79.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 28th. The company reported $1.68 EPS for the quarter, missing the consensus estimate of $1.73 by $0.05. The firm had revenue of $2.30 billion for the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a net margin of 9.63% and a return on equity of 24.40%. The business’s revenue for the quarter was down 9.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.01 earnings per share. Equities research analysts expect that Eastman Chemical Co. will post $6.54 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Thursday, September 15th were issued a dividend of $0.46 per share. The ex-dividend date of this dividend was Tuesday, September 13th. This represents a $1.84 annualized dividend and a yield of 2.86%. Eastman Chemical’s payout ratio is 30.98%.
Several analysts recently issued reports on EMN shares. Morgan Stanley reissued a “hold” rating on shares of Eastman Chemical in a research note on Thursday, June 16th. Royal Bank Of Canada cut their target price on Eastman Chemical from $85.00 to $83.00 and set an “outperform” rating on the stock in a research note on Monday, June 27th. Susquehanna started coverage on Eastman Chemical in a research note on Friday, July 1st. They issued a “positive” rating and a $90.00 target price on the stock. Nomura cut their target price on Eastman Chemical from $83.00 to $81.00 and set a “buy” rating on the stock in a research note on Monday, July 11th. Finally, Jefferies Group reissued a “buy” rating and issued a $88.00 target price on shares of Eastman Chemical in a research note on Friday, July 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the stock. Eastman Chemical has an average rating of “Hold” and a consensus target price of $76.29.
Eastman Chemical Company Profile
Eastman Chemical Company (Eastman) is a specialty chemicals company that produces a range of advanced materials, chemicals and fibers. The Company operates through five segments: Additives & Functional Products (AFP), Adhesives & Plasticizers (A&P), Advanced Materials (AM), Fibers, and Specialty Fluids & Intermediates (SFI).