ASR Vermogensbeheer N.V. Takes Position in Eastman Chemical Company (NYSE:EMN)

Key Points

• ASR Vermogensbeheer N.V. has acquired 10,593 shares of Eastman Chemical Company (NYSE:EMN), valued at approximately $933,000, during the 1st quarter.
• Eastman Chemical reported a quarterly EPS of $1.60, missing analyst expectations, with a revenue of $2.29 billion compared to estimates of $2.32 billion.
• The company is set to pay a quarterly dividend of $0.83 per share on October 7th, representing an annual yield of 5.4%.

ASR Vermogensbeheer N.V. bought a new position in Eastman Chemical Company (NYSE:EMN - Free Report) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor bought 10,593 shares of the basic materials company's stock, valued at approximately $933,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Capital Research Global Investors grew its position in shares of Eastman Chemical by 13.4% in the 4th quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock worth $537,561,000 after buying an additional 697,388 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Eastman Chemical by 2.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,385,591 shares of the basic materials company's stock worth $217,850,000 after buying an additional 47,810 shares during the period. Earnest Partners LLC grew its position in shares of Eastman Chemical by 1.6% in the 4th quarter. Earnest Partners LLC now owns 2,277,827 shares of the basic materials company's stock worth $208,011,000 after buying an additional 35,793 shares during the period. Capital World Investors purchased a new stake in shares of Eastman Chemical in the 4th quarter worth about $137,848,000. Finally, Northern Trust Corp grew its position in Eastman Chemical by 10.3% during the 4th quarter. Northern Trust Corp now owns 1,377,400 shares of the basic materials company's stock valued at $125,784,000 after purchasing an additional 128,488 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Stock Performance

Eastman Chemical stock traded down $0.53 during midday trading on Thursday, hitting $66.03. The stock had a trading volume of 740,823 shares, compared to its average volume of 1,567,071. The firm's fifty day moving average is $74.77 and its two-hundred day moving average is $82.89. The company has a market capitalization of $7.58 billion, a PE ratio of 9.27, a P/E/G ratio of 5.92 and a beta of 1.21. Eastman Chemical Company has a 52-week low of $56.78 and a 52-week high of $114.50. The company has a current ratio of 1.68, a quick ratio of 0.78 and a debt-to-equity ratio of 0.81.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its earnings results on Thursday, July 31st. The basic materials company reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.72 by ($0.12). The firm had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.32 billion. Eastman Chemical had a return on equity of 15.24% and a net margin of 8.96%. The company's revenue was down 3.2% compared to the same quarter last year. During the same period in the prior year, the company posted $2.15 earnings per share. On average, research analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 7th. Shareholders of record on Monday, September 15th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 5.0%. The ex-dividend date of this dividend is Monday, September 15th. Eastman Chemical's dividend payout ratio (DPR) is 46.63%.

Wall Street Analysts Forecast Growth

EMN has been the topic of several recent analyst reports. UBS Group cut their price objective on shares of Eastman Chemical from $107.00 to $101.00 and set a "buy" rating on the stock in a research report on Wednesday, July 9th. Royal Bank Of Canada cut their price objective on shares of Eastman Chemical from $91.00 to $74.00 and set an "outperform" rating on the stock in a research report on Tuesday, August 5th. Wall Street Zen cut shares of Eastman Chemical from a "buy" rating to a "hold" rating in a research note on Monday, April 28th. The Goldman Sachs Group lowered their target price on shares of Eastman Chemical from $87.00 to $65.00 and set a "neutral" rating on the stock in a research note on Thursday, August 7th. Finally, Morgan Stanley lowered their target price on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $87.00.

Eastman Chemical Company Profile

Eastman Chemical Company operates as a specialty materials company in the United States, China, and internationally. The company's Additives & Functional Products segment offers amine derivative-based building blocks, intermediates for surfactants, metam-based soil fumigants, and organic acid-based solutions; specialty coalescent and solvents, paint additives, and specialty polymers; and heat transfer and aviation fluids.