OLD National Bancorp IN Lowers Stake in Eastman Chemical (NYSE:EMN)

OLD National Bancorp IN lowered its stake in shares of Eastman Chemical (NYSE:EMN) by 2.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,421 shares of the basic materials company’s stock after selling 233 shares during the period. OLD National Bancorp IN’s holdings in Eastman Chemical were worth $1,055,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Bessemer Group Inc. lifted its holdings in shares of Eastman Chemical by 321.2% during the 1st 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 last quarter. Empowered Funds LLC purchased a new stake in shares of Eastman Chemical during the 1st quarter valued at $594,000. Dakota Wealth Management lifted its holdings in shares of Eastman Chemical by 13.5% during 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 during the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Eastman Chemical by 11.1% during the 1st 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 last quarter. Finally, Van ECK Associates Corp lifted its holdings in shares of Eastman Chemical by 31.5% during the 1st quarter. Van ECK Associates Corp now owns 48,276 shares of the basic materials company’s stock valued at $4,838,000 after purchasing an additional 11,569 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Shares of EMN opened at $107.83 on Tuesday. The business’s 50-day moving average is $104.43 and its two-hundred day moving average is $100.63. The company has a market capitalization of $12.69 billion, a P/E ratio of 13.90, a P/E/G ratio of 0.83 and a beta of 1.44. 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 has a fifty-two week low of $68.89 and a fifty-two week high of $114.50.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.14. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. 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 earned $1.99 EPS. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. Research analysts predict that Eastman Chemical will post 7.67 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 16th were given a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.00%. The ex-dividend date of this dividend was Monday, September 16th. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Wall Street Analyst Weigh In

Several brokerages have recently commented on EMN. Citigroup decreased their price objective on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, June 27th. Piper Sandler reissued a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. Mizuho upped their target price on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Wells Fargo & Company upped their target price on Eastman Chemical from $105.00 to $118.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 15th. Finally, 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 report on Monday, July 29th. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Eastman Chemical has a consensus rating of “Moderate Buy” and a consensus price target of $110.20.

About Eastman Chemical

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.