Nippon Life Global Investors Americas Inc. Grows Position in Eastman Chemical (NYSE:EMN)

Nippon Life Global Investors Americas Inc. boosted its stake in Eastman Chemical (NYSE:EMN) by 40.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 57,000 shares of the basic materials company’s stock after buying an additional 16,340 shares during the quarter. Nippon Life Global Investors Americas Inc.’s holdings in Eastman Chemical were worth $4,436,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its holdings in shares of Eastman Chemical by 1.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,342,859 shares of the basic materials company’s stock valued at $171,283,000 after buying an additional 34,360 shares in the last quarter. Geode Capital Management LLC boosted its position in Eastman Chemical by 8.1% during the fourth quarter. Geode Capital Management LLC now owns 2,243,420 shares of the basic materials company’s stock worth $163,783,000 after purchasing an additional 168,005 shares during the period. MML Investors Services LLC boosted its position in Eastman Chemical by 5.7% during the fourth quarter. MML Investors Services LLC now owns 5,180 shares of the basic materials company’s stock worth $379,000 after purchasing an additional 280 shares during the period. Macquarie Group Ltd. boosted its position in Eastman Chemical by 1.9% during the fourth quarter. Macquarie Group Ltd. now owns 97,115 shares of the basic materials company’s stock worth $7,101,000 after purchasing an additional 1,857 shares during the period. Finally, CX Institutional bought a new position in Eastman Chemical during the first quarter worth $1,819,000. 82.47% of the stock is owned by institutional investors and hedge funds.

EMN stock traded down $1.17 during trading on Friday, hitting $71.31. The company had a trading volume of 3,553 shares, compared to its average volume of 866,231. The stock has a 50-day moving average price of $76.75. Eastman Chemical has a one year low of $64.84 and a one year high of $102.94. The firm has a market cap of $10.63 billion, a PE ratio of 8.73, a PEG ratio of 1.14 and a beta of 1.36. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.79 and a current ratio of 1.51.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.09 by ($0.10). The business had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.55 billion. Eastman Chemical had a return on equity of 17.77% and a net margin of 9.45%. Eastman Chemical’s quarterly revenue was down 9.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.22 earnings per share. Equities analysts expect that Eastman Chemical will post 7.68 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Monday, September 16th will be given a dividend of $0.62 per share. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.48%. Eastman Chemical’s payout ratio is 30.24%.

EMN has been the subject of a number of research analyst reports. UBS Group set a $98.00 price objective on shares of Eastman Chemical and gave the stock a “buy” rating in a research report on Friday, April 26th. Zacks Investment Research downgraded Eastman Chemical from a “hold” rating to a “sell” rating and set a $84.00 price objective for the company. in a research note on Tuesday, July 2nd. Nomura lowered their price objective on Eastman Chemical from $88.00 to $85.00 and set a “buy” rating for the company in a research note on Monday. ValuEngine raised Eastman Chemical from a “strong sell” rating to a “sell” rating in a research note on Friday, June 21st. Finally, Cowen reaffirmed a “market perform” rating and issued a $84.00 price objective (down previously from $88.00) on shares of Eastman Chemical in a research note on Tuesday, April 30th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $86.50.

Eastman Chemical Company Profile

Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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