Mutual of America Capital Management LLC cut its stake in shares of Eastman Chemical (NYSE:EMN) by 1.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 56,298 shares of the basic materials company’s stock after selling 739 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Eastman Chemical were worth $5,389,000 as of its most recent SEC filing.
Other large investors also recently modified their holdings of the company. PNC Financial Services Group Inc. increased its holdings in Eastman Chemical by 10.6% in the 2nd quarter. PNC Financial Services Group Inc. now owns 902,335 shares of the basic materials company’s stock worth $90,200,000 after buying an additional 86,706 shares in the last quarter. First Midwest Bank Trust Division increased its holdings in Eastman Chemical by 19.7% in the 3rd quarter. First Midwest Bank Trust Division now owns 10,131 shares of the basic materials company’s stock worth $970,000 after buying an additional 1,666 shares in the last quarter. Worldquant Millennium Quantitative Strategies LLC bought a new stake in Eastman Chemical in the 2nd quarter worth about $19,597,000. Paragon Capital Management Ltd bought a new stake in Eastman Chemical in the 2nd quarter worth about $264,000. Finally, Cumberland Partners Ltd bought a new stake in Eastman Chemical in the 2nd quarter worth about $700,000. Hedge funds and other institutional investors own 82.53% of the company’s stock.
Shares of NYSE:EMN opened at $73.20 on Friday. The stock has a market capitalization of $10.61 billion, a price-to-earnings ratio of 9.62, a PEG ratio of 1.03 and a beta of 1.28. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.94 and a current ratio of 1.69. Eastman Chemical has a 52-week low of $73.08 and a 52-week high of $112.45.
Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, October 25th. The basic materials company reported $2.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.29 by $0.05. The business had revenue of $2.55 billion for the quarter, compared to analysts’ expectations of $2.53 billion. Eastman Chemical had a return on equity of 21.18% and a net margin of 16.05%. As a group, equities analysts anticipate that Eastman Chemical will post 8.43 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, January 4th. Shareholders of record on Monday, December 17th will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.39%. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, December 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 29.43%.
Several equities research analysts recently commented on EMN shares. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $109.00 price objective for the company in a report on Wednesday, October 3rd. SunTrust Banks reduced their price objective on Eastman Chemical from $95.00 to $83.00 and set a “hold” rating for the company in a report on Monday, October 29th. JPMorgan Chase & Co. downgraded Eastman Chemical from an “overweight” rating to a “neutral” rating in a report on Friday, October 5th. Nomura reduced their price objective on Eastman Chemical from $99.00 to $93.00 and set a “neutral” rating for the company in a report on Monday, October 29th. Finally, Citigroup dropped their target price on Eastman Chemical from $94.00 to $86.00 and set a “neutral” rating on the stock in a research report on Monday, October 29th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $99.50.
Eastman Chemical Profile
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
Featured Story: Dividend Stocks – Are They Right For You?
Want to see what other hedge funds are holding EMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastman Chemical (NYSE:EMN).
Receive News & Ratings for Eastman Chemical Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eastman Chemical and related companies with MarketBeat.com's FREE daily email newsletter.