Massachusetts Financial Services Co. MA Increases Stock Position in Eastman Chemical (NYSE:EMN)

Massachusetts Financial Services Co. MA boosted its holdings in shares of Eastman Chemical (NYSE:EMN) by 0.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,650,686 shares of the basic materials company’s stock after buying an additional 6,524 shares during the quarter. Massachusetts Financial Services Co. MA owned approximately 2.25% of Eastman Chemical worth $259,688,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the business. Gilbert & Cook Inc. raised its position in shares of Eastman Chemical by 5.0% in the 4th quarter. Gilbert & Cook Inc. now owns 4,457 shares of the basic materials company’s stock worth $400,000 after acquiring an additional 212 shares in the last quarter. Principal Securities Inc. purchased a new position in Eastman Chemical in the fourth quarter valued at about $94,000. Quadrant Capital Group LLC raised its holdings in Eastman Chemical by 8.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,639 shares of the basic materials company’s stock worth $147,000 after purchasing an additional 128 shares in the last quarter. Beacon Pointe Advisors LLC purchased a new stake in shares of Eastman Chemical during the fourth quarter valued at about $265,000. Finally, Norges Bank bought a new stake in shares of Eastman Chemical in the 4th quarter valued at about $121,847,000. Institutional investors own 83.65% of the company’s stock.

Analysts Set New Price Targets

EMN has been the subject of several recent analyst reports. UBS Group upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $106.00 to $128.00 in a research note on Thursday, May 23rd. Deutsche Bank Aktiengesellschaft increased their price objective on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a report on Monday, July 29th. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Barclays increased their price target on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Finally, Citigroup dropped their price target on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat.com, Eastman Chemical has a consensus rating of “Moderate Buy” and a consensus price target of $108.07.

Eastman Chemical Trading Up 0.5 %

NYSE EMN opened at $105.93 on Wednesday. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $107.11. 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 market capitalization of $12.46 billion, a PE ratio of 13.65, a P/E/G ratio of 0.75 and a beta of 1.44. The company has a fifty day moving average of $98.67 and a 200 day moving average of $97.98.

Eastman Chemical (NYSE:EMN) last issued its 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. The firm had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The company’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.99 earnings per share. Research analysts forecast 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 paid a $0.81 dividend. This represents a $3.24 annualized dividend and a dividend yield of 3.06%. 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.