Eastman Chemical (NYSE:EMN) Shares Bought by DekaBank Deutsche Girozentrale

DekaBank Deutsche Girozentrale boosted its stake in shares of Eastman Chemical (NYSE:EMN) by 3.0% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 723,251 shares of the basic materials company’s stock after acquiring an additional 21,304 shares during the period. DekaBank Deutsche Girozentrale owned about 0.61% of Eastman Chemical worth $70,046,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Eastman Chemical by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock valued at $1,332,904,000 after buying an additional 61,580 shares during the last quarter. Capital Research Global Investors raised its position in shares of Eastman Chemical by 649.8% in the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after buying an additional 3,909,740 shares during the last quarter. Putnam Investments LLC raised its position in shares of Eastman Chemical by 4.0% in the fourth quarter. Putnam Investments LLC now owns 4,355,408 shares of the basic materials company’s stock valued at $391,203,000 after buying an additional 168,038 shares during the last quarter. Earnest Partners LLC raised its position in shares of Eastman Chemical by 11.0% in the first quarter. Earnest Partners LLC now owns 2,199,943 shares of the basic materials company’s stock valued at $220,478,000 after buying an additional 217,720 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at about $121,847,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have recently commented on EMN. Royal Bank of Canada reiterated a “sector perform” rating and issued a $100.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. Barclays raised their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Mizuho raised their price objective on shares of Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Piper Sandler restated a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Finally, UBS Group upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $106.00 to $128.00 in a research report on Thursday, May 23rd. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and an average price target of $108.07.

Eastman Chemical Trading Up 3.5 %

NYSE EMN opened at $103.10 on Friday. The firm has a 50 day simple moving average of $98.31 and a 200-day simple moving average of $97.58. 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 one year low of $68.89 and a one year high of $105.98. The firm has a market cap of $12.05 billion, a price-to-earnings ratio of 13.29, a PEG ratio of 0.75 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, beating the consensus estimate of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The business had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter last year, the firm posted $1.99 earnings per share. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. Equities research analysts anticipate that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 16th will be issued a $0.81 dividend. The ex-dividend date is Monday, September 16th. This represents a $3.24 annualized dividend and a yield of 3.14%. Eastman Chemical’s dividend payout ratio (DPR) is 41.75%.

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.