Northern Trust Corp boosted its stake in Eastman Chemical (NYSE:EMN) by 1.9% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,737,589 shares of the basic materials company’s stock after acquiring an additional 32,031 shares during the period. Northern Trust Corp owned 1.27% of Eastman Chemical worth $135,236,000 as of its most recent SEC filing.
Other hedge funds also recently modified their holdings of the company. BlackRock Inc. grew its holdings in shares of Eastman Chemical by 1.3% in the 1st quarter. BlackRock Inc. now owns 10,623,525 shares of the basic materials company’s stock worth $806,114,000 after acquiring an additional 134,439 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Eastman Chemical by 6.7% in the 2nd quarter. JPMorgan Chase & Co. now owns 7,357,122 shares of the basic materials company’s stock worth $566,794,000 after acquiring an additional 460,512 shares during the period. LSV Asset Management grew its holdings in shares of Eastman Chemical by 0.3% in the 2nd quarter. LSV Asset Management now owns 5,610,418 shares of the basic materials company’s stock worth $436,658,000 after acquiring an additional 17,575 shares during the period. Geode Capital Management LLC grew its holdings in shares of Eastman Chemical by 8.1% in the 4th quarter. Geode Capital Management LLC now owns 2,243,420 shares of the basic materials company’s stock worth $163,783,000 after acquiring an additional 168,005 shares during the period. Finally, Bank of New York Mellon Corp grew its holdings in shares of Eastman Chemical by 0.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,633,660 shares of the basic materials company’s stock worth $127,147,000 after acquiring an additional 14,590 shares during the period. Hedge funds and other institutional investors own 82.25% of the company’s stock.
EMN has been the topic of a number of recent research reports. Citigroup set a $78.00 target price on Eastman Chemical and gave the company a “hold” rating in a research note on Monday, July 15th. SunTrust Banks set a $80.00 target price on Eastman Chemical and gave the company a “hold” rating in a research note on Monday, July 15th. Tudor Pickering raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $79.00 target price on the stock in a research note on Thursday, August 15th. Nomura reduced their target price on Eastman Chemical from $88.00 to $85.00 and set a “buy” rating on the stock in a research note on Monday, July 29th. Finally, ValuEngine raised Eastman Chemical from a “strong sell” rating to a “sell” rating in a research note on Friday, June 21st. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $85.38.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.99 earnings per share for the quarter, missing analysts’ consensus estimates of $2.09 by ($0.10). Eastman Chemical had a return on equity of 17.76% and a net margin of 9.45%. The business had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.55 billion. During the same period in the prior year, the company earned $2.22 EPS. The company’s revenue for the quarter was down 9.8% compared to the same quarter last year. On average, equities research analysts anticipate that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.
The firm also recently declared 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 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date of this dividend is Friday, September 13th. Eastman Chemical’s dividend payout ratio is presently 30.24%.
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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