Hsbc Holdings PLC purchased a new stake in shares of Eastman Chemical Company (NYSE:EMN – Free Report) in the second quarter, Holdings Channel.com reports. The firm purchased 22,472 shares of the basic materials company’s stock, valued at approximately $1,490,000.
Several other institutional investors have also recently made changes to their positions in the company. Thrivent Financial for Lutherans raised its holdings in shares of Eastman Chemical by 18.1% in the 4th quarter. Thrivent Financial for Lutherans now owns 617,870 shares of the basic materials company’s stock valued at $39,439,000 after acquiring an additional 94,679 shares in the last quarter. SVB Wealth LLC boosted its position in shares of Eastman Chemical by 108.6% during the 4th quarter. SVB Wealth LLC now owns 49,571 shares of the basic materials company’s stock valued at $3,164,000 after acquiring an additional 25,806 shares during the last quarter. Royal Bank of Canada grew its holdings in shares of Eastman Chemical by 29.3% during the first quarter. Royal Bank of Canada now owns 188,049 shares of the basic materials company’s stock worth $14,352,000 after purchasing an additional 42,601 shares in the last quarter. Empowered Funds LLC grew its holdings in shares of Eastman Chemical by 270.9% during the first quarter. Empowered Funds LLC now owns 65,611 shares of the basic materials company’s stock worth $5,007,000 after purchasing an additional 47,923 shares in the last quarter. Finally, Shoker Investment Counsel Inc. bought a new position in shares of Eastman Chemical in the fourth quarter worth approximately $1,639,000. Institutional investors own 83.65% of the company’s stock.
Eastman Chemical Stock Down 0.7%
Shares of EMN opened at $72.51 on Tuesday. The firm has a market cap of $8.29 billion, a P/E ratio of 18.88, a P/E/G ratio of 0.90 and a beta of 1.06. The stock has a 50 day simple moving average of $70.54 and a two-hundred day simple moving average of $72.46. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.50 and a quick ratio of 0.76. Eastman Chemical Company has a 1 year low of $56.11 and a 1 year high of $83.47.
Eastman Chemical Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 7th. Investors of record on Tuesday, September 15th will be issued a dividend of $0.84 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $3.36 annualized dividend and a dividend yield of 4.6%. Eastman Chemical’s dividend payout ratio (DPR) is currently 87.50%.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company raised their target price on shares of Eastman Chemical from $70.00 to $80.00 and gave the company an “equal weight” rating in a research note on Monday, May 4th. Wall Street Zen raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, August 1st. Weiss Ratings restated a “hold (c)” rating on shares of Eastman Chemical in a research report on Thursday, August 13th. Royal Bank Of Canada lifted their price objective on shares of Eastman Chemical from $69.00 to $74.00 and gave the stock a “sector perform” rating in a report on Wednesday, August 5th. Finally, Citigroup reduced their target price on Eastman Chemical from $85.00 to $81.00 and set a “buy” rating on the stock in a research note on Monday, August 3rd. Seven equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $79.17.
Read Our Latest Research Report on Eastman Chemical
Eastman Chemical Company Profile
Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.
The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.
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