River & Mercantile Asset Management LLP boosted its stake in shares of Eastman Chemical (NYSE:EMN – Get Rating) by 25.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 15,940 shares of the basic materials company’s stock after buying an additional 3,260 shares during the quarter. River & Mercantile Asset Management LLP’s holdings in Eastman Chemical were worth $1,133,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of EMN. Ceredex Value Advisors LLC lifted its holdings in Eastman Chemical by 108.4% during the 3rd quarter. Ceredex Value Advisors LLC now owns 1,411,080 shares of the basic materials company’s stock worth $100,781,000 after buying an additional 733,997 shares during the period. Natixis acquired a new position in Eastman Chemical during the 2nd quarter worth about $40,768,000. Victory Capital Management Inc. raised its position in shares of Eastman Chemical by 374.0% in the 3rd quarter. Victory Capital Management Inc. now owns 418,737 shares of the basic materials company’s stock worth $29,751,000 after acquiring an additional 330,402 shares in the last quarter. Two Sigma Investments LP raised its position in shares of Eastman Chemical by 207.1% in the 3rd quarter. Two Sigma Investments LP now owns 359,904 shares of the basic materials company’s stock worth $25,571,000 after acquiring an additional 242,700 shares in the last quarter. Finally, First Trust Advisors LP raised its position in shares of Eastman Chemical by 224.3% in the 1st quarter. First Trust Advisors LP now owns 298,558 shares of the basic materials company’s stock worth $33,456,000 after acquiring an additional 206,505 shares in the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
EMN has been the subject of several research analyst reports. The Goldman Sachs Group lifted their price objective on Eastman Chemical from $78.00 to $89.00 and gave the stock a “neutral” rating in a research report on Thursday, December 15th. Deutsche Bank Aktiengesellschaft lowered Eastman Chemical from a “buy” rating to a “hold” rating and lifted their price objective for the stock from $90.00 to $96.00 in a research report on Monday, January 16th. Credit Suisse Group lifted their price objective on Eastman Chemical from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, January 27th. Citigroup lifted their price objective on Eastman Chemical from $75.00 to $90.00 and gave the stock a “neutral” rating in a research report on Thursday, December 15th. Finally, Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and boosted their target price for the company from $98.00 to $108.00 in a research report on Wednesday, January 11th. Thirteen research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Eastman Chemical has a consensus rating of “Hold” and an average price target of $98.78.
Eastman Chemical Trading Down 3.3 %
Eastman Chemical (NYSE:EMN – Get Rating) last released its quarterly earnings results on Friday, January 27th. The basic materials company reported $0.89 earnings per share for the quarter, missing the consensus estimate of $1.26 by ($0.37). The firm had revenue of $2.37 billion during the quarter, compared to the consensus estimate of $2.42 billion. Eastman Chemical had a return on equity of 17.82% and a net margin of 7.50%. The company’s revenue for the quarter was down 11.9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.81 EPS. Equities research analysts forecast that Eastman Chemical will post 7.77 earnings per share for the current fiscal year.
Eastman Chemical Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, April 10th. Investors of record on Wednesday, March 15th will be paid a $0.79 dividend. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a $3.16 dividend on an annualized basis and a yield of 3.94%. Eastman Chemical’s dividend payout ratio is presently 50.16%.
About Eastman Chemical
Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Advanced Material (AM), Additives and Functional Products (AFP), Chemical Intermediates (CI), and Fibers. The AM segment produces and markets its polymers, films, and plastics with differentiated performance properties for value-added end uses in transportation, consumables, building and construction, durable goods, and health and wellness markets.
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