Virtus ETF Advisers LLC Acquires New Shares in Eastman Chemical (NYSE:EMN)
Virtus ETF Advisers LLC acquired a new stake in shares of Eastman Chemical (NYSE:EMN) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm acquired 32,809 shares of the basic materials company’s stock, valued at approximately $2,554,000.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in EMN. Zions Bancorporation N.A. acquired a new stake in shares of Eastman Chemical during the 1st quarter valued at $27,000. Motco acquired a new position in Eastman Chemical during the 2nd quarter worth about $31,000. Berman Capital Advisors LLC lifted its holdings in Eastman Chemical by 28.6% during the 2nd quarter. Berman Capital Advisors LLC now owns 639 shares of the basic materials company’s stock worth $49,000 after buying an additional 142 shares during the period. SevenBridge Financial Group LLC lifted its holdings in Eastman Chemical by 62.6% during the 2nd quarter. SevenBridge Financial Group LLC now owns 709 shares of the basic materials company’s stock worth $55,000 after buying an additional 273 shares during the period. Finally, Thor Advisors LLC acquired a new position in Eastman Chemical during the 1st quarter worth about $73,000. 82.25% of the stock is currently owned by institutional investors.
Several research analysts have commented on the company. JPMorgan Chase & Co. downgraded Eastman Chemical from an “overweight” rating to a “neutral” rating and cut their target price for the stock from $88.00 to $80.00 in a report on Monday, July 29th. SunTrust Banks set a $80.00 target price on Eastman Chemical and gave the stock a “hold” rating in a report on Monday, July 15th. Cowen reaffirmed a “market perform” rating and set a $77.00 target price (down from $83.00) on shares of Eastman Chemical in a report on Monday, August 5th. Zacks Investment Research downgraded Eastman Chemical from a “hold” rating to a “sell” rating and set a $84.00 target price on the stock. in a report on Tuesday, July 2nd. Finally, Citigroup set a $78.00 price objective on Eastman Chemical and gave the company a “hold” rating in a research note on Monday, July 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $85.38.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 25th. The basic materials company reported $1.99 EPS for the quarter, missing analysts’ consensus estimates of $2.09 by ($0.10). Eastman Chemical had a net margin of 9.45% and a return on equity of 17.76%. The firm had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the previous year, the firm earned $2.22 earnings per share. The business’s quarterly revenue was down 9.8% on a year-over-year basis. On average, equities research analysts predict that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, October 4th. Investors of record on Monday, September 16th will be given a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 3.28%. The ex-dividend date of this dividend is Friday, September 13th. Eastman Chemical’s payout ratio is 30.24%.
Eastman Chemical Company 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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