IFM Investors Pty Ltd Acquires New Stake in Eastman Chemical Company (EMN)

IFM Investors Pty Ltd acquired a new stake in shares of Eastman Chemical Company (NYSE:EMN) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund acquired 4,938 shares of the basic materials company’s stock, valued at approximately $447,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. grew its position in Eastman Chemical by 6.3% in the second quarter. BlackRock Inc. now owns 12,186,134 shares of the basic materials company’s stock valued at $1,023,514,000 after acquiring an additional 717,506 shares during the period. LSV Asset Management grew its position in Eastman Chemical by 4.2% in the second quarter. LSV Asset Management now owns 3,973,068 shares of the basic materials company’s stock valued at $333,697,000 after acquiring an additional 160,101 shares during the period. Ameriprise Financial Inc. grew its position in Eastman Chemical by 8.3% in the third quarter. Ameriprise Financial Inc. now owns 2,930,981 shares of the basic materials company’s stock valued at $265,234,000 after acquiring an additional 223,382 shares during the period. Dimensional Fund Advisors LP grew its position in Eastman Chemical by 4.1% in the third quarter. Dimensional Fund Advisors LP now owns 2,238,187 shares of the basic materials company’s stock valued at $202,526,000 after acquiring an additional 87,674 shares during the period. Finally, Allianz Asset Management GmbH grew its position in Eastman Chemical by 4.8% in the third quarter. Allianz Asset Management GmbH now owns 1,422,975 shares of the basic materials company’s stock valued at $128,766,000 after acquiring an additional 64,652 shares during the period. Institutional investors and hedge funds own 82.66% of the company’s stock.

Shares of Eastman Chemical Company (NYSE:EMN) opened at $90.23 on Friday. The company has a debt-to-equity ratio of 1.24, a quick ratio of 0.94 and a current ratio of 1.83. The company has a market capitalization of $13,081.27, a price-to-earnings ratio of 12.12, a PEG ratio of 1.55 and a beta of 1.31. Eastman Chemical Company has a 1-year low of $74.78 and a 1-year high of $94.96.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 26th. The basic materials company reported $2.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.16. Eastman Chemical had a return on equity of 22.77% and a net margin of 10.89%. The business had revenue of $2.47 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the prior year, the firm posted $1.86 earnings per share. The firm’s revenue for the quarter was up 7.8% compared to the same quarter last year. research analysts expect that Eastman Chemical Company will post 7.12 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, January 5th. Stockholders of record on Monday, December 18th will be paid a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 2.48%. The ex-dividend date is Friday, December 15th. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.51. Eastman Chemical’s dividend payout ratio is 29.23%.

In other news, SVP Perry Stuckey sold 5,200 shares of the company’s stock in a transaction on Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total transaction of $479,024.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Corporate insiders own 1.14% of the company’s stock.

A number of analysts have weighed in on EMN shares. KeyCorp reiterated a “buy” rating and issued a $100.00 price target on shares of Eastman Chemical in a research report on Thursday, August 24th. Goldman Sachs Group upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and upped their price target for the company from $81.00 to $101.00 in a research report on Thursday, September 28th. Jefferies Group reiterated a “buy” rating and issued a $96.00 price target on shares of Eastman Chemical in a research report on Tuesday, October 3rd. Nomura cut Eastman Chemical from a “buy” rating to a “neutral” rating and set a $91.00 price target on the stock. in a research report on Tuesday, October 10th. Finally, Deutsche Bank upped their price target on Eastman Chemical from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 10th. Ten investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Eastman Chemical currently has a consensus rating of “Hold” and a consensus price target of $96.93.

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About Eastman Chemical

Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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