Choreo LLC Acquires 5,695 Shares of Eastman Chemical (NYSE:EMN)

Choreo LLC boosted its holdings in Eastman Chemical (NYSE:EMN) by 183.1% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 8,806 shares of the basic materials company’s stock after purchasing an additional 5,695 shares during the period. Choreo LLC’s holdings in Eastman Chemical were worth $843,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of the business. Cultivar Capital Inc. acquired a new stake in shares of Eastman Chemical in the second quarter worth $29,000. Northwest Investment Counselors LLC bought a new stake in Eastman Chemical in the 1st quarter valued at $34,000. EntryPoint Capital LLC bought a new stake in Eastman Chemical in the 1st quarter valued at $38,000. Rothschild Investment LLC acquired a new stake in Eastman Chemical in the 2nd quarter worth $38,000. Finally, Friedenthal Financial bought a new position in shares of Eastman Chemical during the 2nd quarter worth about $49,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

EMN has been the topic of a number of recent research reports. Barclays lifted their target price on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Royal Bank of Canada restated a “sector perform” rating and issued a $100.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Mizuho raised their target price on Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Finally, UBS Group raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and boosted their price target for the company from $106.00 to $128.00 in a report on Thursday, May 23rd. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $108.07.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $103.10 on Friday. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $105.98. The firm’s 50-day moving average price is $98.31 and its two-hundred day moving average price 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 stock has a market capitalization of $12.05 billion, a price-to-earnings ratio of 13.29, a P/E/G ratio of 0.75 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, beating 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 firm had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same period last year, the firm posted $1.99 EPS. The business’s revenue was up 1.7% on a year-over-year basis. On average, equities analysts predict that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 16th will be issued a $0.81 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.14%. Eastman Chemical’s dividend payout ratio is 41.75%.

About Eastman Chemical

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.