Sei Investments Co. Purchases 33,811 Shares of Eastman Chemical (NYSE:EMN)

Sei Investments Co. boosted its position in shares of Eastman Chemical (NYSE:EMN) by 4.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 824,003 shares of the basic materials company’s stock after purchasing an additional 33,811 shares during the quarter. Sei Investments Co.’s holdings in Eastman Chemical were worth $80,728,000 as of its most recent filing with the Securities and Exchange Commission.

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

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Piper Sandler reiterated a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Barclays lifted their price objective 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. Mizuho increased their target price on shares of Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $108.07.

Eastman Chemical Stock Down 1.5 %

NYSE:EMN opened at $106.63 on Friday. The stock has a 50-day simple moving average of $99.46 and a 200 day simple moving average of $98.45. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $108.81. The company has a market cap of $12.54 billion, a PE 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 quick ratio of 0.71 and a current ratio of 1.40.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, topping the consensus estimate 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 business’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period last year, the business earned $1.99 EPS. On average, sell-side analysts expect that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm 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. The ex-dividend date is Monday, September 16th. This represents a $3.24 annualized dividend and a yield of 3.04%. 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.