Eastman Chemical (NYSE:EMN) Shares Bought by Van ECK Associates Corp

Van ECK Associates Corp lifted its stake in shares of Eastman Chemical (NYSE:EMN) by 0.5% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 48,503 shares of the basic materials company’s stock after purchasing an additional 227 shares during the quarter. Van ECK Associates Corp’s holdings in Eastman Chemical were worth $4,752,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in EMN. Cultivar Capital Inc. acquired a new position in Eastman Chemical during the second quarter worth about $29,000. Northwest Investment Counselors LLC purchased a new stake in shares of Eastman Chemical during the 1st quarter worth approximately $34,000. EntryPoint Capital LLC acquired a new stake in shares of Eastman Chemical in the 1st quarter worth approximately $38,000. Rothschild Investment LLC purchased a new position in Eastman Chemical in the 2nd quarter valued at approximately $38,000. Finally, Advantage Trust Co acquired a new position in Eastman Chemical during the fourth quarter worth $40,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Royal Bank of Canada reissued a “sector perform” rating and issued a $100.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Barclays raised their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Citigroup reduced their price target on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. Mizuho raised their price objective on shares of Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $108.07.

Eastman Chemical Trading Down 2.0 %

NYSE EMN opened at $100.33 on Wednesday. The company has a market cap of $11.80 billion, a P/E ratio of 12.93, a P/E/G ratio of 0.78 and a beta of 1.46. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $105.98. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. The company has a 50-day moving average of $98.04 and a 200-day moving average of $97.12.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, topping the consensus estimate of $2.01 by $0.14. The firm had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. Eastman Chemical’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.99 earnings per share. As a group, equities analysts predict that Eastman Chemical will post 7.66 earnings per share for the current year.

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 16th will be given a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 3.23%. The ex-dividend date of this dividend is Monday, September 16th. Eastman Chemical’s dividend payout ratio (DPR) is currently 41.75%.

Eastman Chemical Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.