Jump Financial LLC Buys New Position in Eastman Chemical (NYSE:EMN)
Jump Financial LLC acquired a new position in shares of Eastman Chemical (NYSE:EMN – Get Rating) during the third quarter, the company said in its most recent SEC filing. The fund purchased 33,615 shares of the materials company for approximately $2,388,000.
Other hedge funds and other institutional investors have also recently changed their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Eastman Chemical by 2.3% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,261 shares of the materials company, valued at $1,934,000, after purchasing an additional 386 shares last quarter. Yousif Capital Management LLC increased its position in Eastman Chemical shares by 0.8% in the first quarter. Yousif Capital Management LLC now owns 18,628 shares of the materials company, valued at $2,087,000, after purchasing an additional 150 shares last quarter. Cibc World Market Inc. increased its position in Eastman Chemical shares by 10.4% in the first quarter. Cibc World Market Inc. now owns 6,098 shares of the materials company, valued at $683,000, after purchasing an additional 572 shares last quarter. Blair William & Co. IL increased its position in Eastman Chemical shares by 2.5% in the first quarter. Blair William & Co. IL now owns 4,380 shares of the $491,000 materials company after purchasing an additional 105 shares last quarter. Finally, Sei Investments Co. increased its position in Eastman Chemical by 16.4% in the first quarter. Sei Investments Co. now owns 200,656 shares of the materials company, valued at $22,546,000, after purchasing an additional 28,338 shares last quarter. 83.42% of the shares are currently owned by institutional investors.
Changes in analyst ratings
EMN has been the subject of a number of analyst reports. Citigroup raised its price target on Eastman Chemical to $90.00 from $75.00 and gave the stock a “neutral” rating in a report on Thursday, December 15. Tudor, Pickering, Holt & Co. upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Tuesday, November 8th. Wells Fargo & Company lowered its target price on Eastman Chemical from $95.00 to $80.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 18. Deutsche Bank Aktiengesellschaft downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday, January 16th and lowered its price target for the company to $96.00 from $90.00 $ raised. Finally, Morgan Stanley lowered its price target on Eastman Chemical to $115.00 from $165.00 and ranked the stock as “overweight” in a research report on Wednesday, October 12. Eleven equities research analysts have rated the stock with a hold rating and seven with a buy rating. Based on data from MarketBeat, Eastman Chemical currently has an average rating of Hold and a consensus price target of $98.69.
Eastman Chemical shares down 5.4%
NYSE:EMN shares opened at $86.82 on Monday. Eastman Chemical has a 52-week low of $69.91 and a 52-week high of $124.85. The company has a market cap of $10.42 billion, a P/E of 13.78, a P/E of 1.95, and a beta of 1.46. The stock has a 50-day moving average price of $86.06 and a 200-day moving average price of $85.51. The company has a debt to equity ratio of 0.73, a quick ratio of 0.66 and a current ratio of 1.28.
Eastman Chemical (NYSE:EMN – Get Rating) last announced its earnings results on Friday, January 27th. The materials company reported earnings per share (EPS) of $0.89 for the quarter, beating the consensus estimate of $1.26 ($0.37). Eastman Chemical had a return on equity of 17.52% and a net margin of 7.50%. The company had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.42 billion. In the same period last year, the company posted $1.81 per share. The company’s revenue fell 11.9% year over year. As a group, equity analysts expect Eastman Chemical to post 8.43 EPS for the current fiscal year.
Eastman Chemical raises dividend
The company also recently announced a quarterly dividend, which was paid on Friday, January 6th. Investors of record were paid a dividend of $0.79 on Thursday December 15th. The ex-dividend date was Wednesday December 14th. That equates to an annualized dividend of $3.16 and a dividend yield of 3.64%. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.76. Eastman Chemical’s payout ratio is currently 50.16%.
About Eastman Chemical (received review)
Eastman Chemical Co is engaged in the supply of specialty chemicals. It operates through the following segments: Additives and Functional Products, Advanced Materials, Chemical Intermediates and Fibers. The Additives and Functional Products segment includes chemicals for products in transportation, consumables, construction, animal nutrition, crop protection, energy, personal and home care and other markets.
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