Natixis Advisors LLC Decreases Stake in Eastman Chemical (NYSE:EMN)

Natixis Advisors LLC cut its stake in shares of Eastman Chemical (NYSE:EMN) by 13.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 270,197 shares of the basic materials company’s stock after selling 40,766 shares during the period. Natixis Advisors LLC owned 0.23% of Eastman Chemical worth $26,471,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bessemer Group Inc. raised 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 purchasing an additional 12,392 shares during the period. CHURCHILL MANAGEMENT Corp purchased a new stake in Eastman Chemical during the first quarter valued at approximately $1,681,000. Massachusetts Financial Services Co. MA raised its position in Eastman Chemical by 7.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,575,783 shares of the basic materials company’s stock valued at $231,357,000 after purchasing an additional 168,009 shares during the period. Empowered Funds LLC purchased a new stake in Eastman Chemical during the first quarter valued at approximately $594,000. Finally, Dakota Wealth Management raised its position in Eastman Chemical by 13.5% during the second 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 during the period. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Stock Up 1.4 %

Eastman Chemical stock opened at $102.37 on Tuesday. The business has a fifty day moving average of $97.99 and a two-hundred day moving average of $97.01. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76. The firm has a market cap of $12.04 billion, a P/E ratio of 13.19, a P/E/G ratio of 0.78 and a beta of 1.46. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $105.98.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share 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 analyst estimates of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. Eastman Chemical’s revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $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 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 yield of 3.16%. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. UBS Group upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and upped their price objective for the company from $106.00 to $128.00 in a research report on Thursday, May 23rd. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Barclays upped 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 cut their target price on 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, Deutsche Bank Aktiengesellschaft upped 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, Eastman Chemical currently has a consensus rating of “Moderate Buy” and an average price target 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.