Eastman Chemical (NYSE:EMN) Shares Bought by Susquehanna Fundamental Investments LLC

Susquehanna Fundamental Investments LLC raised its holdings in Eastman Chemical (NYSE:EMN) by 62.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 128,631 shares of the basic materials company’s stock after purchasing an additional 49,214 shares during the period. Susquehanna Fundamental Investments LLC owned about 0.11% of Eastman Chemical worth $12,602,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in the business. The Manufacturers Life Insurance Company raised its position in shares of Eastman Chemical by 5.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 105,524 shares of the basic materials company’s stock valued at $10,338,000 after purchasing an additional 5,331 shares in the last quarter. MBB Public Markets I LLC acquired a new position in shares of Eastman Chemical in the 2nd quarter valued at approximately $882,000. Dark Forest Capital Management LP acquired a new stake in shares of Eastman Chemical during the 2nd quarter valued at approximately $576,000. Earnest Partners LLC raised its position in shares of Eastman Chemical by 1.8% during the 2nd quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company’s stock valued at $219,454,000 after acquiring an additional 40,070 shares in the last quarter. Finally, APG Asset Management N.V. raised its position in shares of Eastman Chemical by 166.3% during the 2nd quarter. APG Asset Management N.V. now owns 13,130 shares of the basic materials company’s stock valued at $1,200,000 after acquiring an additional 8,200 shares in the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Trading Down 1.2 %

NYSE:EMN opened at $112.35 on Friday. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $114.50. The stock has a market cap of $13.22 billion, a price-to-earnings ratio of 14.48, a PEG ratio of 0.82 and a beta of 1.44. The business has a fifty day moving average of $100.66 and a 200-day moving average of $99.13. 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 released its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) 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 return on equity of 13.94% and a net margin of 9.65%. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.99 earnings per share. Equities analysts predict that Eastman Chemical will post 7.66 earnings per share for the current year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be issued a $0.81 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 2.88%. Eastman Chemical’s dividend payout ratio (DPR) is 41.75%.

Analyst Upgrades and Downgrades

EMN has been the topic of several research reports. Barclays upped their price target on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Piper Sandler reissued a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Mizuho upped their price target on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Royal Bank of Canada reissued a “sector perform” rating and set a $100.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Finally, StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Seven research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to MarketBeat, the stock 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.