Eastman Chemical (NYSE:EMN) Stock Position Boosted by Czech National Bank

Czech National Bank lifted its stake in Eastman Chemical (NYSE:EMN) by 6.2% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,813 shares of the basic materials company’s stock after acquiring an additional 1,394 shares during the period. Czech National Bank’s holdings in Eastman Chemical were worth $2,666,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Integrated Advisors Network LLC bought a new position in Eastman Chemical during the 4th quarter valued at $3,107,000. Tucker Asset Management LLC raised its position in Eastman Chemical by 21.8% in the fourth quarter. Tucker Asset Management LLC now owns 1,060 shares of the basic materials company’s stock worth $95,000 after acquiring an additional 190 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Eastman Chemical by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock valued at $1,332,904,000 after purchasing an additional 61,580 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Eastman Chemical in the 4th quarter worth approximately $2,804,000. Finally, Quadrature Capital Ltd raised its holdings in shares of Eastman Chemical by 52.9% in the 4th quarter. Quadrature Capital Ltd now owns 32,899 shares of the basic materials company’s stock worth $2,956,000 after purchasing an additional 11,376 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have issued reports on EMN. 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. Royal Bank of Canada boosted their target price on Eastman Chemical from $100.00 to $107.00 and gave the stock a “sector perform” rating in a research report on Friday. Barclays lifted their price target on 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 upped their price objective on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Finally, StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $108.53.

Eastman Chemical Price Performance

Shares of NYSE:EMN opened at $110.57 on Friday. The firm has a market cap of $13.01 billion, a price-to-earnings ratio of 14.25, a P/E/G ratio of 0.83 and a beta of 1.44. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $114.50. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. The business has a fifty day simple moving average of $102.69 and a 200 day simple moving average of $100.26.

Eastman Chemical (NYSE:EMN) last posted its quarterly 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 the consensus estimate of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. 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. As a group, sell-side analysts predict that Eastman Chemical will post 7.67 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 16th were paid a dividend of $0.81 per share. The ex-dividend date was Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 2.93%. Eastman Chemical’s dividend payout ratio (DPR) is 41.75%.

Eastman Chemical Company 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.