Dimensional Fund Advisors LP increased its stake in Eastman Chemical Company (NYSE:EMN – Free Report) by 7.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,936,789 shares of the basic materials company’s stock after acquiring an additional 338,914 shares during the period. Dimensional Fund Advisors LP’s holdings in Eastman Chemical were worth $376,747,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Brighton Jones LLC purchased a new position in shares of Eastman Chemical during the 4th quarter worth about $202,000. Integrated Wealth Concepts LLC boosted its holdings in shares of Eastman Chemical by 185.6% in the first quarter. Integrated Wealth Concepts LLC now owns 6,686 shares of the basic materials company’s stock valued at $589,000 after purchasing an additional 4,345 shares during the period. Millennium Management LLC grew its position in shares of Eastman Chemical by 69.2% during the 1st quarter. Millennium Management LLC now owns 194,052 shares of the basic materials company’s stock worth $17,098,000 after buying an additional 79,376 shares in the last quarter. NewEdge Advisors LLC grew its holdings in Eastman Chemical by 2.6% during the 1st quarter. NewEdge Advisors LLC now owns 7,310 shares of the basic materials company’s stock worth $644,000 after acquiring an additional 183 shares in the last quarter. Finally, United Services Automobile Association bought a new position in shares of Eastman Chemical during the first quarter valued at approximately $252,000. 83.65% of the stock is owned by hedge funds and other institutional investors.
Eastman Chemical Trading Up 1.4%
EMN stock opened at $69.00 on Wednesday. The company has a current ratio of 1.47, a quick ratio of 0.71 and a debt-to-equity ratio of 0.73. The business’s 50-day moving average is $71.25 and its 200 day moving average is $72.07. The stock has a market cap of $7.89 billion, a price-to-earnings ratio of 20.00, a PEG ratio of 0.88 and a beta of 1.07. Eastman Chemical Company has a 12-month low of $56.11 and a 12-month high of $83.47.
Eastman Chemical Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Wednesday, July 8th. Stockholders of record on Monday, June 15th were issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 4.9%. The ex-dividend date was Monday, June 15th. Eastman Chemical’s payout ratio is currently 97.39%.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on EMN. Morgan Stanley dropped their price objective on Eastman Chemical from $83.00 to $79.00 and set an “overweight” rating on the stock in a research report on Thursday, July 2nd. JPMorgan Chase & Co. lifted their price objective on shares of Eastman Chemical from $80.00 to $82.00 and gave the stock an “overweight” rating in a research note on Monday, May 4th. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $82.00 target price on shares of Eastman Chemical in a research report on Tuesday, May 5th. Mizuho set a $85.00 price target on shares of Eastman Chemical in a report on Friday, May 1st. Finally, Citigroup lowered their price objective on Eastman Chemical from $88.00 to $85.00 and set a “buy” rating on the stock in a research report on Wednesday, June 24th. Seven research analysts have rated the stock with a Buy rating and seven have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $80.50.
View Our Latest Stock Report on Eastman Chemical
Eastman Chemical 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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