AGF Management Ltd. Has $2.45 Million Stake in Eastman Chemical (NYSE:EMN)

AGF Management Ltd. grew its holdings in Eastman Chemical (NYSE:EMN) by 13.5% during the second quarter, Holdings Channel.com reports. The firm owned 25,040 shares of the basic materials company’s stock after acquiring an additional 2,979 shares during the period. AGF Management Ltd.’s holdings in Eastman Chemical were worth $2,453,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. Bessemer Group Inc. lifted its position in Eastman Chemical by 321.2% during the 1st quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock worth $1,628,000 after buying an additional 12,392 shares in the last quarter. CHURCHILL MANAGEMENT Corp acquired a new position in shares of Eastman Chemical during the first quarter worth approximately $1,681,000. Empowered Funds LLC bought a new stake in shares of Eastman Chemical during the first quarter valued at approximately $594,000. Dakota Wealth Management increased its holdings in shares of Eastman Chemical by 13.5% in the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after purchasing an additional 2,655 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its position in Eastman Chemical by 11.1% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock worth $7,714,000 after purchasing an additional 7,717 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently commented on EMN shares. UBS Group raised Eastman Chemical from a “neutral” rating to a “buy” rating and lifted their target price for the company from $106.00 to $128.00 in a research note on Thursday, May 23rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $100.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Mizuho upped their target price on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Barclays boosted their price target on shares of 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 reaffirmed a “neutral” rating and issued a $105.00 price objective 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 company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $108.07.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock opened at $103.10 on Friday. The stock’s fifty day simple moving average is $98.31 and its 200 day simple moving average is $97.58. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $12.05 billion, a PE ratio of 13.29, a PEG ratio of 0.75 and a beta of 1.44. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $105.98.

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

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be issued a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 3.14%. The ex-dividend date is Monday, September 16th. Eastman Chemical’s dividend payout ratio (DPR) is presently 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.