Elo Mutual Pension Insurance Co Reduces Stock Position in Eastman Chemical (NYSE:EMN)

Elo Mutual Pension Insurance Co trimmed its holdings in shares of Eastman Chemical (NYSE:EMN) by 4.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,311 shares of the basic materials company’s stock after selling 522 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Eastman Chemical were worth $1,010,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also made changes to their positions in EMN. Capital Research Global Investors boosted its holdings in Eastman Chemical by 649.8% in the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after purchasing an additional 3,909,740 shares in the last quarter. Norges Bank purchased a new position in shares of Eastman Chemical in the 4th quarter valued at $121,847,000. DekaBank Deutsche Girozentrale raised its stake in Eastman Chemical by 318.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock worth $69,516,000 after acquiring an additional 534,081 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Eastman Chemical by 34.5% in the second quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after acquiring an additional 218,531 shares during the last quarter. Finally, Earnest Partners LLC lifted its position in Eastman Chemical by 11.0% in the first quarter. Earnest Partners LLC now owns 2,199,943 shares of the basic materials company’s stock valued at $220,478,000 after acquiring an additional 217,720 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Trading Down 1.5 %

Shares of EMN stock opened at $106.63 on Friday. The stock has a market cap of $12.54 billion, a P/E ratio of 13.74, a P/E/G ratio of 0.75 and a beta of 1.44. 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 has a fifty-two week low of $68.89 and a fifty-two week high of $108.81. The business has a fifty day simple moving average of $99.46 and a 200-day simple moving average of $98.37.

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

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Shareholders 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 yield of 3.04%. The ex-dividend date of this dividend is Monday, September 16th. Eastman Chemical’s payout ratio is 41.75%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on EMN. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Barclays upped their price objective 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. Royal Bank of Canada reiterated a “sector perform” rating and issued a $100.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Citigroup dropped their price target on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. Finally, Piper Sandler restated a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $108.07.

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.