Whittier Trust Co. raised its position in Eastman Chemical (NYSE:EMN) by 15.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,891 shares of the basic materials company’s stock after purchasing an additional 257 shares during the quarter. Whittier Trust Co.’s holdings in Eastman Chemical were worth $147,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in EMN. BlackRock Inc. increased its position in Eastman Chemical by 1.3% during the first quarter. BlackRock Inc. now owns 10,623,525 shares of the basic materials company’s stock worth $806,114,000 after buying an additional 134,439 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Eastman Chemical by 15.3% during the first quarter. JPMorgan Chase & Co. now owns 6,896,610 shares of the basic materials company’s stock worth $523,316,000 after acquiring an additional 916,979 shares during the period. LSV Asset Management boosted its holdings in shares of Eastman Chemical by 0.6% during the first quarter. LSV Asset Management now owns 5,592,843 shares of the basic materials company’s stock worth $424,384,000 after acquiring an additional 33,840 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Eastman Chemical by 9.2% during the first quarter. Victory Capital Management Inc. now owns 3,561,168 shares of the basic materials company’s stock worth $270,222,000 after acquiring an additional 300,371 shares during the period. Finally, Ronna Sue Cohen bought a new stake in shares of Eastman Chemical during the first quarter worth approximately $2,968,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.
Shares of EMN stock traded down $0.84 during trading on Tuesday, hitting $67.10. The company had a trading volume of 433,520 shares, compared to its average volume of 1,049,543. The company has a quick ratio of 0.79, a current ratio of 1.51 and a debt-to-equity ratio of 0.95. The company has a market cap of $9.42 billion, a price-to-earnings ratio of 8.18, a P/E/G ratio of 1.05 and a beta of 1.33. The stock’s 50-day simple moving average is $76.51. Eastman Chemical has a one year low of $64.84 and a one year high of $102.94.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 16th will be paid a dividend of $0.62 per share. This represents a $2.48 annualized dividend and a yield of 3.70%. The ex-dividend date of this dividend is Friday, September 13th. Eastman Chemical’s payout ratio is presently 30.24%.
A number of brokerages have recently issued reports on EMN. Zacks Investment Research cut Eastman Chemical from a “hold” rating to a “sell” rating and set a $84.00 price objective for the company. in a report on Tuesday, July 2nd. KeyCorp reduced their price objective on Eastman Chemical from $95.00 to $94.00 and set an “overweight” rating for the company in a report on Friday, April 12th. SunTrust Banks set a $80.00 price objective on Eastman Chemical and gave the stock a “hold” rating in a report on Monday, July 15th. ValuEngine upgraded Eastman Chemical from a “strong sell” rating to a “sell” rating in a report on Friday, June 21st. Finally, JPMorgan Chase & Co. cut Eastman Chemical from an “overweight” rating to a “neutral” rating and reduced their price objective for the stock from $88.00 to $80.00 in a report on Monday, July 29th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $85.92.
Eastman Chemical 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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