Andra AP fonden Purchases Shares of 24,200 Eastman Chemical (NYSE:EMN)

Andra AP fonden acquired a new position in Eastman Chemical (NYSE:EMN) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 24,200 shares of the basic materials company’s stock, valued at approximately $2,371,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in EMN. Choreo LLC grew its position in shares of Eastman Chemical by 183.1% during the 2nd quarter. Choreo LLC now owns 8,806 shares of the basic materials company’s stock valued at $843,000 after acquiring an additional 5,695 shares during the period. Oak Thistle LLC bought a new stake in Eastman Chemical during the second quarter valued at about $492,000. Ballentine Partners LLC purchased a new stake in Eastman Chemical in the second quarter worth about $239,000. Caprock Group LLC bought a new position in shares of Eastman Chemical in the second quarter worth about $227,000. Finally, Acadian Asset Management LLC lifted its position in shares of Eastman Chemical by 262.7% during the 2nd quarter. Acadian Asset Management LLC now owns 2,006 shares of the basic materials company’s stock valued at $195,000 after buying an additional 1,453 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have commented on EMN. Royal Bank of Canada restated a “sector perform” rating and set a $100.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Mizuho lifted their target price on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Barclays upped their price objective on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Finally, Piper Sandler reissued a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Seven equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, Eastman Chemical has an average rating of “Moderate Buy” and a consensus price target of $108.07.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $99.57 on Friday. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $105.98. The company has a market cap of $11.71 billion, a price-to-earnings ratio of 12.83, a PEG ratio of 0.74 and a beta of 1.44. The firm’s fifty day moving average is $98.31 and its 200 day moving average is $97.58. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The firm had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter last year, the firm earned $1.99 EPS. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. Sell-side analysts forecast that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be given a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 3.25%. The ex-dividend date is Monday, September 16th. Eastman Chemical’s dividend payout ratio 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.