Hendley & Co. Inc. lessened its position in shares of Eastman Chemical (NYSE:EMN) by 0.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 57,350 shares of the basic materials company’s stock after selling 385 shares during the quarter. Eastman Chemical makes up about 2.2% of Hendley & Co. Inc.’s holdings, making the stock its 16th largest position. Hendley & Co. Inc.’s holdings in Eastman Chemical were worth $4,352,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in the company. CSat Investment Advisory L.P. increased its position in Eastman Chemical by 125.2% during the 4th quarter. CSat Investment Advisory L.P. now owns 349 shares of the basic materials company’s stock worth $26,000 after purchasing an additional 194 shares in the last quarter. Zions Bancorporation N.A. purchased a new stake in Eastman Chemical during the 1st quarter worth about $27,000. JNBA Financial Advisors purchased a new stake in Eastman Chemical during the 4th quarter worth about $28,000. Nalls Sherbakoff Group LLC purchased a new stake in Eastman Chemical during the 4th quarter worth about $28,000. Finally, Capital Financial Planning LLC purchased a new stake in Eastman Chemical during the 4th quarter worth about $29,000. 82.43% of the stock is owned by institutional investors and hedge funds.
Several analysts have commented on the company. Nomura upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and lifted their price target for the company from $89.00 to $93.00 in a report on Monday, April 15th. KeyCorp lowered their price target on Eastman Chemical from $95.00 to $94.00 and set an “overweight” rating for the company in a report on Friday, April 12th. Zacks Investment Research cut Eastman Chemical from a “hold” rating to a “sell” rating in a report on Monday, April 15th. Cowen restated a “market perform” rating and issued a $84.00 price target (down previously from $88.00) on shares of Eastman Chemical in a report on Tuesday, April 30th. Finally, UBS Group set a $98.00 price target on Eastman Chemical and gave the company a “buy” rating in a report on Friday, April 26th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and seven have issued a buy rating to the stock. Eastman Chemical currently has a consensus rating of “Hold” and a consensus target price of $91.27.
EMN opened at $72.09 on Monday. The stock has a market capitalization of $9.99 billion, a price-to-earnings ratio of 8.79, a price-to-earnings-growth ratio of 0.97 and a beta of 1.24. Eastman Chemical has a 12 month low of $64.84 and a 12 month high of $109.00. The company has a debt-to-equity ratio of 0.95, a current ratio of 1.51 and a quick ratio of 0.79.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.77 earnings per share for the quarter, missing the consensus estimate of $1.91 by ($0.14). The firm had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.61 billion. Eastman Chemical had a net margin of 10.07% and a return on equity of 18.60%. The business’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.23 earnings per share. As a group, sell-side analysts forecast that Eastman Chemical will post 8.47 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Monday, June 17th will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 3.44%. The ex-dividend date of this dividend is Friday, June 14th. Eastman Chemical’s dividend payout ratio is currently 30.24%.
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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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