Comerica Bank grew its holdings in shares of Eastman Chemical (NYSE:EMN) by 0.4% during the 1st quarter, Holdings Channel reports. The firm owned 90,681 shares of the basic materials company’s stock after buying an additional 348 shares during the period. Comerica Bank’s holdings in Eastman Chemical were worth $7,402,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also made changes to their positions in EMN. CSat Investment Advisory L.P. boosted its stake in Eastman Chemical by 125.2% during the 4th quarter. CSat Investment Advisory L.P. now owns 349 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 194 shares during the last quarter. JNBA Financial Advisors acquired a new stake in Eastman Chemical during the 4th quarter worth $28,000. Nalls Sherbakoff Group LLC acquired a new stake in Eastman Chemical during the 4th quarter worth $28,000. Moody National Bank Trust Division acquired a new stake in Eastman Chemical during the 4th quarter worth $29,000. Finally, Capital Financial Planning LLC acquired a new stake in Eastman Chemical during the 4th quarter worth $29,000. 83.15% of the stock is currently owned by institutional investors.
Shares of EMN stock opened at $75.78 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.96 and a current ratio of 1.51. The stock has a market cap of $10.50 billion, a PE ratio of 9.24, a PEG ratio of 1.01 and a beta of 1.14. Eastman Chemical has a twelve month low of $67.40 and a twelve month high of $110.17.
Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.77 earnings per share for the quarter, missing the consensus estimate of $1.91 by ($0.14). The firm had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.61 billion. Eastman Chemical had a net margin of 10.07% and a return on equity of 18.60%. The company’s revenue was down 8.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.23 EPS. As a group, analysts forecast that Eastman Chemical will post 8.57 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Monday, June 17th will be given a dividend of $0.62 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $2.48 annualized dividend and a dividend yield of 3.27%. Eastman Chemical’s payout ratio is 30.24%.
EMN has been the topic of several recent research reports. Standpoint Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Thursday, January 31st. Morgan Stanley raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and set a $90.00 target price on the stock in a research note on Thursday, January 17th. Zacks Investment Research cut shares of Eastman Chemical from a “hold” rating to a “sell” rating in a research note on Monday, April 15th. Cowen cut shares of Eastman Chemical from an “outperform” rating to a “market perform” rating and lowered their target price for the stock from $94.00 to $88.00 in a research note on Wednesday, February 6th. Finally, Nomura raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $89.00 to $93.00 in a research note on Monday, April 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have given a buy rating to the company. Eastman Chemical has an average rating of “Hold” and a consensus price target of $91.55.
Eastman Chemical Profile
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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