Victory Capital Management Inc. Sells 42,372 Shares of Eastman Chemical (NYSE:EMN)

Victory Capital Management Inc. lowered its stake in shares of Eastman Chemical (NYSE:EMN) by 59.3% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 29,141 shares of the basic materials company’s stock after selling 42,372 shares during the quarter. Victory Capital Management Inc.’s holdings in Eastman Chemical were worth $2,855,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. TD Asset Management Inc raised its position in Eastman Chemical by 12.4% in the 2nd quarter. TD Asset Management Inc now owns 69,361 shares of the basic materials company’s stock worth $6,795,000 after purchasing an additional 7,658 shares during the period. Larson Financial Group LLC raised its holdings in shares of Eastman Chemical by 568.3% in the second quarter. Larson Financial Group LLC now owns 1,497 shares of the basic materials company’s stock worth $147,000 after buying an additional 1,273 shares during the period. D.A. Davidson & CO. lifted its stake in shares of Eastman Chemical by 3.4% during the 2nd quarter. D.A. Davidson & CO. now owns 34,948 shares of the basic materials company’s stock worth $3,424,000 after acquiring an additional 1,165 shares during the last quarter. Summit Financial LLC bought a new stake in shares of Eastman Chemical during the 2nd quarter worth approximately $213,000. Finally, Advisors Management Group Inc. ADV purchased a new position in Eastman Chemical during the 2nd quarter valued at $308,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Price Performance

EMN opened at $105.93 on Wednesday. The firm has a market capitalization of $12.46 billion, a PE ratio of 13.65, a price-to-earnings-growth ratio of 0.75 and a beta of 1.44. The business’s 50-day moving average is $98.67 and its two-hundred day moving average is $97.98. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $107.11. 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 (NYSE:EMN) last issued its quarterly earnings data 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 firm had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the previous year, the firm earned $1.99 EPS. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. Research analysts anticipate that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm 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 dividend of $0.81 per share. The ex-dividend date is Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 3.06%. Eastman Chemical’s dividend payout ratio is presently 41.75%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on EMN shares. Mizuho lifted 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. Barclays lifted their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Citigroup reduced their target price on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $100.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Finally, Piper Sandler reissued a “neutral” rating and issued a $105.00 price objective 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 given a buy rating to the stock. According to MarketBeat, Eastman Chemical 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.