Cambridge Investment Research Advisors Inc. Has $5.05 Million Holdings in Eastman Chemical (NYSE:EMN)

Posted by Defense World Staff on Sep 26th, 2023

Cambridge Investment Research Advisors Inc. lessened its stake in Eastman Chemical (NYSE:EMN – Free Report) by 19.4% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 60,333 shares of the basic materials company’s stock after selling 14,564 shares during the quarter. Cambridge Investment Research Advisors Inc. owned approximately 0.05% of Eastman Chemical worth $5,051,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in EMN. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in shares of Eastman Chemical by 2.3% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,261 shares of the basic materials company’s stock valued at $1,934,000 after buying an additional 386 shares during the last quarter. Yousif Capital Management LLC lifted its holdings in 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 valued at $2,087,000 after purchasing an additional 150 shares during the last quarter. Cibc World Market Inc. lifted its holdings in Eastman Chemical by 10.4% during 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 last quarter. Blair William & Co. IL lifted its holdings in Eastman Chemical by 2.5% during 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 last quarter. Finally, Sei Investments Co. lifted its holdings in Eastman Chemical by 16.4% during 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 last quarter. Institutional investors and hedge funds own 82.29% of the company’s stock.

Eastman Chemical Stock Up 0.7 %

EMN stock opened at $76.30 on Tuesday. The firm has a 50-day moving average price of $83.11 and a 200-day moving average price of $82.25. Eastman Chemical has a 12 month low of $69.91 and a 12 month high of $92.21. The company has a current ratio of 1.32, a quick ratio of 0.61 and a debt-to-equity ratio of 0.86. The stock has a market capitalization of $9.05 billion, a P/E ratio of 13.02, a price-to-earnings-growth ratio of 1.39 and a beta of 1.51.

Eastman Chemical (NYSE:EMN – Get Free Report) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.99 earnings per share for the quarter, beating analysts’ consensus estimates of $1.95 by $0.04. Eastman Chemical had a net margin of 7.21% and a return on equity of 14.82%. The company had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.59 billion. During the same period last year, the company posted $2.83 EPS. The firm’s quarterly revenue was down 16.5% compared to the same quarter last year. As a group, equities research analysts anticipate that Eastman Chemical will post 6.7 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, October 6th. Stockholders 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 dividend on an annualized basis and a dividend yield of 4.14%. Eastman Chemical’s payout ratio is currently 53.93%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on EMN. KeyCorp cut their price target on Eastman Chemical from $106.00 to $103.00 in a report on Tuesday, July 11th. Mizuho cut their price target on Eastman Chemical from $84.00 to $78.00 and set a “neutral” rating for the company in a report on Thursday, August 3rd. 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. Bank of America dropped their target price on Eastman Chemical from $109.00 to $102.00 in a report on Thursday, June 22nd. Finally, Citigroup lifted their target price on Eastman Chemical from $96.00 to $99.00 and gave the stock a “buy” rating in a report on Monday, July 31st. Ten research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $94.87.

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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.