LSV Asset Management lowered its stake in Eastman Chemical (NYSE:EMN) by 2.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,354,441 shares of the basic materials company’s stock after selling 102,866 shares during the quarter. LSV Asset Management owned about 3.22% of Eastman Chemical worth $340,168,000 at the end of the most recent quarter.
Other hedge funds also recently made changes to their positions in the company. NuWave Investment Management LLC increased its position in shares of Eastman Chemical by 570.3% in the third quarter. NuWave Investment Management LLC now owns 610 shares of the basic materials company’s stock valued at $47,000 after buying an additional 519 shares in the last quarter. AMJ Financial Wealth Management increased its position in shares of Eastman Chemical by 8.8% in the third quarter. AMJ Financial Wealth Management now owns 62,746 shares of the basic materials company’s stock worth $4,902,000 after acquiring an additional 5,097 shares in the last quarter. Harbor Investment Advisory LLC increased its position in shares of Eastman Chemical by 127.8% in the third quarter. Harbor Investment Advisory LLC now owns 779 shares of the basic materials company’s stock worth $61,000 after acquiring an additional 437 shares in the last quarter. GW Henssler & Associates Ltd. raised its stake in shares of Eastman Chemical by 7.5% in the 3rd quarter. GW Henssler & Associates Ltd. now owns 3,365 shares of the basic materials company’s stock valued at $263,000 after acquiring an additional 235 shares during the period. Finally, AMG National Trust Bank acquired a new position in shares of Eastman Chemical during the 3rd quarter valued at $1,028,000. 82.43% of the stock is owned by institutional investors.
Several research analysts have commented on EMN shares. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and set a $75.00 price objective on the stock. in a research report on Wednesday, August 5th. Truist raised their target price on Eastman Chemical from $75.00 to $90.00 in a report on Friday, September 18th. Evercore ISI initiated coverage on Eastman Chemical in a research report on Tuesday, September 22nd. They set a $91.00 price target on the stock. Barclays reaffirmed a “hold” rating on shares of Eastman Chemical in a research report on Thursday, August 6th. Finally, Scotiabank lowered shares of Eastman Chemical from a “sector outperform” rating to a “sector perform” rating and set a $73.00 price objective on the stock. in a research note on Tuesday, August 4th. They noted that the move was a valuation call. Ten investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $76.74.
Shares of Eastman Chemical stock traded down $2.41 during trading hours on Monday, hitting $84.91. The company’s stock had a trading volume of 6,540 shares, compared to its average volume of 1,252,252. The company has a debt-to-equity ratio of 0.89, a quick ratio of 1.12 and a current ratio of 1.88. The stock has a market cap of $11.82 billion, a price-to-earnings ratio of 20.74, a P/E/G ratio of 3.47 and a beta of 1.53. The firm has a fifty day moving average of $81.48 and a 200-day moving average of $71.29. Eastman Chemical has a twelve month low of $34.44 and a twelve month high of $88.04.
Eastman Chemical (NYSE:EMN) last released its earnings results on Monday, August 3rd. The basic materials company reported $0.85 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.05 by ($0.20). Eastman Chemical had a return on equity of 14.02% and a net margin of 6.64%. The company had revenue of $1.92 billion for the quarter, compared to analyst estimates of $1.82 billion. During the same period in the previous year, the firm earned $1.99 earnings per share. The company’s revenue for the quarter was down 18.6% compared to the same quarter last year. On average, sell-side analysts expect that Eastman Chemical will post 5.71 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, October 2nd. Stockholders of record on Tuesday, September 15th were paid a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a dividend yield of 3.11%. The ex-dividend date was Monday, September 14th. Eastman Chemical’s dividend payout ratio is presently 37.03%.
In related news, SVP Mark K. Cox sold 3,290 shares of the company’s stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $73.22, for a total transaction of $240,893.80. Following the completion of the sale, the senior vice president now directly owns 18,031 shares of the company’s stock, valued at approximately $1,320,229.82. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 1.66% of the company’s stock.
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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