LPL Financial LLC Has $8.41 Million Stock Position in Eastman Chemical (NYSE:EMN)

Posted by Defense World Staff on Nov 1st, 2023

LPL Financial LLC lessened its holdings in shares of Eastman Chemical (NYSE:EMN – Free Report) by 5.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 100,501 shares of the basic materials company’s stock after selling 6,124 shares during the quarter. LPL Financial LLC owned 0.08% of Eastman Chemical worth $8,414,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in EMN. Norges Bank bought a new position in Eastman Chemical during the 4th quarter valued at $102,575,000. Balyasny Asset Management L.P. raised its stake in shares of Eastman Chemical by 20,789.3% in the first quarter. Balyasny Asset Management L.P. now owns 781,469 shares of the basic materials company’s stock valued at $65,909,000 after buying an additional 777,728 shares during the period. Price T Rowe Associates Inc. MD increased its stake in shares of Eastman Chemical by 451.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 872,088 shares of the basic materials company’s stock worth $73,553,000 after purchasing an additional 713,832 shares in the last quarter. Empower Advisory Group LLC purchased a new position in shares of Eastman Chemical in the first quarter worth about $58,359,000. Finally, AQR Capital Management LLC lifted its holdings in Eastman Chemical by 138.1% during the 4th quarter. AQR Capital Management LLC now owns 749,206 shares of the basic materials company’s stock worth $60,880,000 after purchasing an additional 434,508 shares in the last quarter. Institutional investors and hedge funds own 82.29% of the company’s stock.

Eastman Chemical Price Performance

NYSE EMN opened at $74.73 on Wednesday. Eastman Chemical has a one year low of $68.89 and a one year high of $92.21. The stock has a 50-day moving average of $76.99 and a 200 day moving average of $80.76. The company has a market capitalization of $8.86 billion, a price-to-earnings ratio of 15.28, a PEG ratio of 1.48 and a beta of 1.51. The company has a debt-to-equity ratio of 0.86, a quick ratio of 0.61 and a current ratio of 1.32.

Eastman Chemical (NYSE:EMN – Get Free Report) last issued its earnings results on Friday, October 27th. The basic materials company reported $1.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.02. Eastman Chemical had a net margin of 6.24% and a return on equity of 13.53%. The company had revenue of $2.27 billion for the quarter, compared to analysts’ expectations of $2.34 billion. During the same quarter last year, the company posted $2.05 earnings per share. The firm’s quarterly revenue was down 16.3% on a year-over-year basis. On average, sell-side analysts forecast that Eastman Chemical will post 6.39 EPS for the current year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, October 6th. Investors of record on Friday, September 15th were issued a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 4.23%. The ex-dividend date was Thursday, September 14th. Eastman Chemical’s dividend payout ratio is currently 64.62%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Barclays dropped their price objective on Eastman Chemical from $90.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 11th. Credit Suisse Group lifted their price target on Eastman Chemical from $95.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, July 28th. Citigroup dropped their price objective on Eastman Chemical from $99.00 to $86.00 and set a “buy” rating for the company in a report on Wednesday, October 4th. Mizuho decreased 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, KeyCorp reduced their target price on Eastman Chemical from $98.00 to $95.00 and set an “overweight” rating on the stock in a report on Monday. Ten equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $91.69.

View Our Latest Analysis on Eastman Chemical

Eastman Chemical Profile

(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.