Kayne Anderson Rudnick Investment Management LLC Trims Stake in Eastman Chemical (NYSE:EMN)

Kayne Anderson Rudnick Investment Management LLC trimmed its holdings in shares of Eastman Chemical (NYSE:EMN) by 1.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 234,039 shares of the basic materials company’s stock after selling 4,187 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Eastman Chemical were worth $22,929,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in EMN. Ensign Peak Advisors Inc lifted its stake in Eastman Chemical by 21.0% during the second quarter. Ensign Peak Advisors Inc now owns 46,288 shares of the basic materials company’s stock worth $4,535,000 after purchasing an additional 8,035 shares during the last quarter. Thrivent Financial for Lutherans lifted its stake in Eastman Chemical by 14.3% during the second quarter. Thrivent Financial for Lutherans now owns 821,172 shares of the basic materials company’s stock worth $80,450,000 after purchasing an additional 102,713 shares during the last quarter. Sei Investments Co. lifted its stake in Eastman Chemical by 4.3% during the second quarter. Sei Investments Co. now owns 824,003 shares of the basic materials company’s stock worth $80,728,000 after purchasing an additional 33,811 shares during the last quarter. AE Wealth Management LLC bought a new stake in Eastman Chemical during the second quarter worth about $240,000. Finally, Canada Pension Plan Investment Board bought a new stake in Eastman Chemical during the second quarter worth about $470,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Trading Down 1.5 %

EMN opened at $106.63 on Friday. The business has a 50 day simple moving average of $99.46 and a two-hundred day simple moving average of $98.45. The firm has a market capitalization of $12.54 billion, a price-to-earnings ratio of 13.74, a PEG ratio of 0.75 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. Eastman Chemical has a one year low of $68.89 and a one year high of $108.81.

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, 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 business had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the prior year, the company posted $1.99 EPS. Eastman Chemical’s quarterly revenue was up 1.7% compared to the same quarter last year. Analysts predict that Eastman Chemical will post 7.66 EPS for the current year.

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.81 per share. 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 3.04%. Eastman Chemical’s dividend payout ratio (DPR) is 41.75%.

Analysts Set New Price Targets

EMN has been the subject of several research analyst reports. Mizuho lifted their price target on Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Barclays boosted their target price 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. Citigroup lowered their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research note on Thursday, June 27th. Piper Sandler reissued a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $108.07.

Eastman Chemical Company 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.