Eastman Chemical (NYSE:EMN) Holdings Decreased by Van ECK Associates Corp

Posted by on Aug 8th, 2023

Van ECK Associates Corp lessened its stake in Eastman Chemical (NYSE:EMN – Free Report) by 29.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 3,643 shares of the basic materials company’s stock after selling 1,497 shares during the period. Van ECK Associates Corp’s holdings in Eastman Chemical were worth $307,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV boosted its holdings in shares of Eastman Chemical by 71.5% in the first quarter. Massmutual Trust Co. FSB ADV now owns 391 shares of the basic materials company’s stock valued at $33,000 after acquiring an additional 163 shares in the last quarter. Money Concepts Capital Corp boosted its stake in Eastman Chemical by 435.0% during the 4th quarter. Money Concepts Capital Corp now owns 428 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 348 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Eastman Chemical during the 4th quarter valued at $37,000. Harbour Investments Inc. raised its stake in shares of Eastman Chemical by 164.6% in the 4th quarter. Harbour Investments Inc. now owns 463 shares of the basic materials company’s stock worth $38,000 after buying an additional 288 shares in the last quarter. Finally, Tanglewood Legacy Advisors LLC acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at $41,000. Institutional investors and hedge funds own 82.13% of the company’s stock.

Eastman Chemical Stock Performance

Shares of EMN opened at $84.92 on Tuesday. Eastman Chemical has a 52 week low of $69.91 and a 52 week high of $102.18. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.61 and a current ratio of 1.32. The company has a market capitalization of $10.07 billion, a PE ratio of 14.49, a PEG ratio of 1.55 and a beta of 1.50. The company’s 50 day moving average price is $83.71 and its 200 day moving average price is $83.63.

Eastman Chemical (NYSE:EMN – Get Free Report) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.99 EPS for the quarter, beating the consensus estimate of $1.95 by $0.04. The business had revenue of $2.32 billion for the quarter, compared to analysts’ expectations of $2.59 billion. Eastman Chemical had a net margin of 7.21% and a return on equity of 14.82%. Eastman Chemical’s revenue was down 16.5% on a year-over-year basis. During the same period in the previous year, the company posted $2.83 EPS. Research analysts expect that Eastman Chemical will post 6.71 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 6th. Investors of record on Friday, September 15th will be paid a $0.79 dividend. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $3.16 annualized dividend and a dividend yield of 3.72%. Eastman Chemical’s payout ratio is 53.93%.

Analyst Upgrades and Downgrades

EMN has been the topic of a number of research analyst reports. Royal Bank of Canada lifted their target price on Eastman Chemical from $83.00 to $88.00 and gave the stock a “sector perform” rating in a report on Tuesday, August 1st. Mizuho cut their target price on shares of Eastman Chemical from $84.00 to $78.00 and set a “neutral” rating for the company in a research note on Thursday, August 3rd. Piper Sandler lowered shares of Eastman Chemical from an “overweight” rating to a “neutral” rating and set a $96.00 price target on the stock. in a research report on Tuesday, August 1st. Deutsche Bank Aktiengesellschaft cut their price objective on Eastman Chemical from $92.00 to $86.00 in a research report on Monday, June 12th. Finally, Morgan Stanley restated an “overweight” rating and issued a $115.00 target price on shares of Eastman Chemical in a report on Monday, July 31st. Ten research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $94.87.

Get Our Latest Report on Eastman Chemical

About Eastman Chemical

(Free Report)

Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon 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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