ProShare Advisors LLC Cuts Position in Eastman Chemical (NYSE:EMN)

ProShare Advisors LLC lowered its position in shares of Eastman Chemical (NYSE:EMN) by 1.5% in the second quarter, Holdings Channel reports. The firm owned 32,597 shares of the basic materials company’s stock after selling 487 shares during the period. ProShare Advisors LLC’s holdings in Eastman Chemical were worth $3,194,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Bessemer Group Inc. lifted its position in Eastman Chemical by 321.2% during the first quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock valued at $1,628,000 after buying an additional 12,392 shares in the last quarter. CHURCHILL MANAGEMENT Corp purchased a new stake in Eastman Chemical during the 1st quarter worth $1,681,000. Empowered Funds LLC acquired a new stake in Eastman Chemical in the 1st quarter valued at $594,000. Dakota Wealth Management increased its holdings in Eastman Chemical by 13.5% in the 2nd quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after purchasing an additional 2,655 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. raised its position in Eastman Chemical by 11.1% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock valued at $7,714,000 after purchasing an additional 7,717 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analyst Ratings Changes

EMN has been the subject of several analyst reports. Mizuho upped 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. Deutsche Bank Aktiengesellschaft increased their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research report on Monday, July 29th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Barclays upped their target price on shares of 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, Piper Sandler reaffirmed a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. 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, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $108.07.

Eastman Chemical Stock Performance

Shares of EMN opened at $113.79 on Friday. The stock has a market capitalization of $13.39 billion, a PE ratio of 14.66, a price-to-earnings-growth ratio of 0.82 and a beta of 1.44. The business’s fifty day moving average price is $100.36 and its 200 day moving average price is $98.99. 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 12-month low of $68.89 and a 12-month high of $114.16.

Eastman Chemical (NYSE:EMN) last posted its quarterly 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. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period last year, the firm posted $1.99 EPS. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. Equities research analysts forecast that Eastman Chemical will post 7.66 EPS for the current year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 2.85%. The ex-dividend date of this dividend is Monday, September 16th. 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.