Capital Research Global Investors Sells 41,489 Shares of Eastman Chemical Company $EMN

Key Points

• Capital Research Global Investors cut its Eastman Chemical stake by 1.0%, selling 41,489 shares in Q3 and now holds 4,204,804 shares (3.69%), worth about $265.1M.
• Eastman missed quarterly EPS ($0.75 vs. $0.76 expected) and reported revenue down 12.1% year-over-year to $1.97B, signaling near-term softness in results.
• The company declared a quarterly dividend of $0.84 (annualized yield 4.9%), trades at a market cap of roughly $7.9B, and carries a consensus analyst rating of "Hold" with an average target of $79.21; institutional ownership is ~83.65%.

Capital Research Global Investors reduced its stake in Eastman Chemical Company (NYSE:EMN - Free Report) by 1.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,204,804 shares of the basic materials company's stock after selling 41,489 shares during the period. Capital Research Global Investors owned 3.69% of Eastman Chemical worth $265,113,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Eastman Chemical by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 14,659,591 shares of the basic materials company's stock worth $1,094,485,000 after purchasing an additional 79,988 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Eastman Chemical by 14.4% during the 3rd quarter. Dimensional Fund Advisors LP now owns 4,052,656 shares of the basic materials company's stock valued at $255,515,000 after buying an additional 509,290 shares in the last quarter. Invesco Ltd. boosted its holdings in shares of Eastman Chemical by 6.8% in the second quarter. Invesco Ltd. now owns 2,993,687 shares of the basic materials company's stock worth $223,509,000 after acquiring an additional 191,461 shares during the period. Geode Capital Management LLC boosted its position in shares of Eastman Chemical by 1.4% in the second quarter. Geode Capital Management LLC now owns 2,955,625 shares of the basic materials company's stock valued at $220,252,000 after acquiring an additional 39,510 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Eastman Chemical by 5.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,934,952 shares of the basic materials company's stock valued at $219,124,000 after purchasing an additional 155,574 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Trading Down 0.5%

Eastman Chemical stock opened at $69.23 on Wednesday. The company has a current ratio of 1.37, a quick ratio of 0.63 and a debt-to-equity ratio of 0.70. The company has a market capitalization of $7.90 billion, a price-to-earnings ratio of 16.93, a price-to-earnings-growth ratio of 1.54 and a beta of 1.20. Eastman Chemical Company has a 12 month low of $56.11 and a 12 month high of $97.08. The business's fifty day simple moving average is $72.41 and its two-hundred day simple moving average is $66.34.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its earnings results on Thursday, January 29th. The basic materials company reported $0.75 EPS for the quarter, missing analysts' consensus estimates of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The company had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $2.03 billion. During the same period last year, the firm posted $1.87 EPS. The company's revenue for the quarter was down 12.1% on a year-over-year basis. As a group, equities analysts predict that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Stockholders of record on Friday, March 13th will be given a dividend of $0.84 per share. The ex-dividend date is Friday, March 13th. This represents a $3.36 annualized dividend and a dividend yield of 4.9%. Eastman Chemical's dividend payout ratio (DPR) is presently 82.15%.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on EMN shares. Citigroup upped their target price on shares of Eastman Chemical from $75.00 to $78.00 and gave the stock a "buy" rating in a research report on Tuesday, February 3rd. Evercore set a $75.00 price objective on Eastman Chemical in a report on Wednesday, February 18th. Royal Bank Of Canada reiterated a "sector perform" rating and set a $79.00 price objective on shares of Eastman Chemical in a research report on Wednesday, February 4th. Deutsche Bank Aktiengesellschaft boosted their target price on Eastman Chemical from $64.00 to $72.00 and gave the stock a "hold" rating in a research report on Monday, February 2nd. Finally, Weiss Ratings raised Eastman Chemical from a "sell (d+)" rating to a "hold (c)" rating in a research note on Wednesday, February 18th. Seven research analysts have rated the stock with a Buy rating and nine have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $79.21.

About Eastman Chemical

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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