Toronto Dominion Bank Sells 5,999 Shares of Eastman Chemical (NYSE:EMN)

Posted by Defense World Staff on Sep 3rd, 2023

Toronto Dominion Bank decreased its stake in shares of Eastman Chemical (NYSE:EMN – Free Report) by 9.8% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 55,228 shares of the basic materials company’s stock after selling 5,999 shares during the period. Toronto Dominion Bank’s holdings in Eastman Chemical were worth $4,655,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of EMN. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Eastman Chemical by 2.3% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,261 shares of the basic materials company’s stock worth $1,934,000 after buying an additional 386 shares during the period. Yousif Capital Management LLC boosted its holdings in shares of Eastman Chemical by 0.8% during the 1st quarter. Yousif Capital Management LLC now owns 18,628 shares of the basic materials company’s stock worth $2,087,000 after buying an additional 150 shares during the period. Cibc World Market Inc. boosted its holdings in Eastman Chemical by 10.4% in the 1st quarter. Cibc World Market Inc. now owns 6,098 shares of the basic materials company’s stock valued at $683,000 after purchasing an additional 572 shares during the period. Blair William & Co. IL boosted its holdings in Eastman Chemical by 2.5% in the 1st quarter. Blair William & Co. IL now owns 4,380 shares of the basic materials company’s stock valued at $491,000 after purchasing an additional 105 shares during the period. Finally, Sei Investments Co. boosted its holdings in Eastman Chemical by 16.4% in the 1st quarter. Sei Investments Co. now owns 200,656 shares of the basic materials company’s stock valued at $22,546,000 after purchasing an additional 28,338 shares during the period. Institutional investors own 82.29% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on the stock. Citigroup boosted their price objective on shares of Eastman Chemical from $96.00 to $99.00 and gave the company a “buy” rating in a report on Monday, July 31st. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Eastman Chemical from $92.00 to $86.00 in a report on Monday, June 12th. Credit Suisse Group boosted their price objective on shares of Eastman Chemical from $95.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, July 28th. Mizuho cut their price objective on shares of Eastman Chemical from $84.00 to $78.00 and set a “neutral” rating for the company in a report on Thursday, August 3rd. Finally, Royal Bank of Canada boosted their price objective on shares of Eastman Chemical from $83.00 to $88.00 and gave the company a “sector perform” rating in a report on Tuesday, August 1st. Ten research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $94.87.

Check Out Our Latest Stock Report on Eastman Chemical

Eastman Chemical Price Performance

EMN stock opened at $85.96 on Friday. The company has a 50 day simple moving average of $84.74 and a 200 day simple moving average of $82.95. The stock has a market cap of $10.19 billion, a price-to-earnings ratio of 14.67, a P/E/G ratio of 1.53 and a beta of 1.50. Eastman Chemical has a 1 year low of $69.91 and a 1 year high of $96.19. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.32 and a quick ratio of 0.61.

Eastman Chemical (NYSE:EMN – Get Free Report) last released its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.95 by $0.04. The business had revenue of $2.32 billion during 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%. The firm’s quarterly revenue was down 16.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.83 EPS. Research analysts anticipate that Eastman Chemical will post 6.71 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 6th. Investors of record on Friday, September 15th will be given a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 3.68%. The ex-dividend date of this dividend is Thursday, September 14th. Eastman Chemical’s dividend payout ratio is 53.92%.

About Eastman Chemical

(Free Report)

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.