Bank of America Corp DE Increases Holdings in Eastman Chemical (NYSE:EMN)

Bank of America Corp DE grew its holdings in Eastman Chemical (NYSE:EMNGet Rating) by 12.2% during the 1st quarter, Holdings Channel.com reports. The fund owned 1,648,178 shares of the basic materials company’s stock after acquiring an additional 179,730 shares during the period. Bank of America Corp DE’s holdings in Eastman Chemical were worth $184,695,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Wellington Shields Capital Management LLC purchased a new position in shares of Eastman Chemical in the first quarter valued at about $28,000. Jones Financial Companies Lllp lifted its position in shares of Eastman Chemical by 217.5% in the first quarter. Jones Financial Companies Lllp now owns 308 shares of the basic materials company’s stock valued at $35,000 after acquiring an additional 211 shares in the last quarter. Burleson & Company LLC purchased a new position in shares of Eastman Chemical in the first quarter valued at about $36,000. Tompkins Financial Corp purchased a new stake in shares of Eastman Chemical in the first quarter worth about $36,000. Finally, Rockbridge Investment Management LCC lifted its position in shares of Eastman Chemical by 76.4% in the fourth quarter. Rockbridge Investment Management LCC now owns 427 shares of the basic materials company’s stock worth $52,000 after buying an additional 185 shares in the last quarter. 85.41% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Stock Down 2.2 %

Eastman Chemical stock opened at $75.61 on Thursday. The business has a fifty day moving average of $92.42 and a two-hundred day moving average of $99.47. The company has a quick ratio of 0.69, a current ratio of 1.27 and a debt-to-equity ratio of 0.74. The firm has a market cap of $9.29 billion, a P/E ratio of 8.21, a P/E/G ratio of 1.66 and a beta of 1.43. Eastman Chemical has a twelve month low of $75.56 and a twelve month high of $129.48.

Eastman Chemical (NYSE:EMNGet Rating) last posted its earnings results on Thursday, July 28th. The basic materials company reported $2.83 earnings per share for the quarter, topping analysts’ consensus estimates of $2.69 by $0.14. The company had revenue of $2.78 billion during the quarter, compared to analyst estimates of $2.79 billion. Eastman Chemical had a return on equity of 20.67% and a net margin of 11.18%. Eastman Chemical’s revenue was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.46 earnings per share. On average, analysts forecast that Eastman Chemical will post 9.04 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 7th. Shareholders of record on Thursday, September 15th will be issued a dividend of $0.76 per share. The ex-dividend date is Wednesday, September 14th. This represents a $3.04 dividend on an annualized basis and a yield of 4.02%. Eastman Chemical’s dividend payout ratio is currently 33.01%.

Analyst Ratings Changes

A number of brokerages have issued reports on EMN. KeyCorp decreased their price objective on Eastman Chemical from $125.00 to $111.00 and set an “overweight” rating on the stock in a research report on Wednesday, September 14th. StockNews.com downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Wednesday, September 14th. Bank of America decreased their price objective on Eastman Chemical from $123.00 to $115.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 13th. Citigroup cut their target price on Eastman Chemical from $102.00 to $93.00 and set a “neutral” rating on the stock in a research note on Wednesday, September 14th. Finally, UBS Group cut their target price on Eastman Chemical from $118.00 to $108.00 and set a “buy” rating on the stock in a research note on Monday. Ten investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $112.53.

About Eastman Chemical

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Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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