Prudential PLC Acquires 1,574 Shares of Eastman Chemical (NYSE:EMN)

Posted by Defense World Staff on May 19th, 2023

Prudential PLC boosted its position in Eastman Chemical (NYSE:EMN – Get Rating) by 42.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,247 shares of the basic materials company’s stock after acquiring an additional 1,574 shares during the quarter. Prudential PLC’s holdings in Eastman Chemical were worth $427,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in EMN. Ceredex Value Advisors LLC increased its stake in Eastman Chemical by 108.4% in the third quarter. Ceredex Value Advisors LLC now owns 1,411,080 shares of the basic materials company’s stock valued at $100,781,000 after acquiring an additional 733,997 shares during the last quarter. Victory Capital Management Inc. increased its stake in Eastman Chemical by 374.0% in the third quarter. Victory Capital Management Inc. now owns 418,737 shares of the basic materials company’s stock valued at $29,751,000 after acquiring an additional 330,402 shares during the last quarter. Two Sigma Investments LP increased its stake in Eastman Chemical by 207.1% in the third quarter. Two Sigma Investments LP now owns 359,904 shares of the basic materials company’s stock valued at $25,571,000 after acquiring an additional 242,700 shares during the last quarter. First Trust Advisors LP increased its stake in Eastman Chemical by 224.3% in the first quarter. First Trust Advisors LP now owns 298,558 shares of the basic materials company’s stock valued at $33,456,000 after acquiring an additional 206,505 shares during the last quarter. Finally, Teachers Retirement System of The State of Kentucky acquired a new stake in Eastman Chemical in the third quarter valued at approximately $14,112,000. 83.42% of the stock is owned by institutional investors.

Eastman Chemical Trading Up 2.9 %

EMN opened at $83.38 on Friday. Eastman Chemical has a 1-year low of $69.91 and a 1-year high of $112.78. The company has a current ratio of 1.34, a quick ratio of 0.68 and a debt-to-equity ratio of 0.88. The company has a market cap of $9.93 billion, a P/E ratio of 14.84, a price-to-earnings-growth ratio of 1.04 and a beta of 1.50. The company has a fifty day moving average price of $81.26 and a two-hundred day moving average price of $84.11.

Eastman Chemical (NYSE:EMN – Get Rating) last posted its quarterly earnings results on Friday, April 28th. The basic materials company reported $1.63 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.41. Eastman Chemical had a net margin of 6.73% and a return on equity of 17.03%. The firm had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.43 billion. During the same period in the previous year, the firm posted $2.06 earnings per share. The business’s revenue was down 11.1% compared to the same quarter last year. Analysts predict that Eastman Chemical will post 7.94 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 7th. Shareholders of record on Thursday, June 15th will be paid a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 3.79%. The ex-dividend date of this dividend is Wednesday, June 14th. Eastman Chemical’s dividend payout ratio (DPR) is currently 56.23%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on EMN shares. Barclays raised their target price on shares of Eastman Chemical from $87.00 to $90.00 in a research report on Monday, May 1st. Vertical Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating and cut their target price for the company from $94.00 to $92.00 in a research report on Monday, January 30th. Mizuho lifted their price target on shares of Eastman Chemical from $82.00 to $84.00 in a report on Tuesday, May 2nd. Scotiabank lowered shares of Eastman Chemical from a “sector outperform” rating to a “sector perform” rating and cut their price target for the stock from $100.00 to $90.00 in a report on Monday, January 30th. Finally, Piper Sandler upgraded shares of Eastman Chemical from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $96.00 to $99.00 in a report on Tuesday, April 11th. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, Eastman Chemical currently has a consensus rating of “Hold” and a consensus price target of $95.31.

About Eastman Chemical

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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.