Eastman Chemical Company $EMN Shares Newly Acquired by ProShare Advisors LLC

Key Points

• ProShare Advisors initiated a position in Eastman Chemical, purchasing 143,139 shares valued at approximately $9.28 million, or 0.13% of the company.
• Analysts’ overall rating is Hold, with a $74.43 average price target; six analysts rate the stock Buy, nine Hold, and one Sell.
• Eastman reported quarterly EPS of $1.84, below the $1.92 consensus, while revenue rose 8.3% year over year to $2.38 billion. Its quarterly dividend was $0.84 per share, equivalent to a 5.1% yield at the article’s cited price.

ProShare Advisors LLC bought a new position in shares of Eastman Chemical Company (NYSE:EMN - Free Report) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 143,139 shares of the basic materials company's stock, valued at approximately $9,281,000. ProShare Advisors LLC owned 0.13% of Eastman Chemical at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the stock. Vise Technologies Inc. increased its holdings in Eastman Chemical by 59.2% in the 3rd quarter. Vise Technologies Inc. now owns 6,303 shares of the basic materials company's stock valued at $409,000 after purchasing an additional 2,344 shares during the last quarter. Modera Wealth Management LLC acquired a new position in Eastman Chemical during the third quarter worth $202,000. State of Wyoming lifted its stake in Eastman Chemical by 81.8% during the third quarter. State of Wyoming now owns 8,537 shares of the basic materials company's stock worth $554,000 after purchasing an additional 3,841 shares in the last quarter. Prosperitas Financial LLC boosted its position in shares of Eastman Chemical by 8.8% during the third quarter. Prosperitas Financial LLC now owns 3,347 shares of the basic materials company's stock worth $217,000 after buying an additional 272 shares during the period. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al boosted its position in shares of Eastman Chemical by 1.0% during the third quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 29,300 shares of the basic materials company's stock worth $1,900,000 after buying an additional 300 shares during the period. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on EMN shares. The Goldman Sachs Group reaffirmed a "neutral" rating and issued a $72.00 price objective on shares of Eastman Chemical in a research note on Monday. Jefferies Financial Group reissued a "buy" rating and set a $85.00 target price on shares of Eastman Chemical in a research note on Friday, September 25th. Zacks Research cut Eastman Chemical from a "hold" rating to a "strong sell" rating in a report on Monday, October 19th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of Eastman Chemical in a research report on Thursday, August 13th. Finally, Deutsche Bank Aktiengesellschaft reiterated a "hold" rating and set a $74.00 price target on shares of Eastman Chemical in a research note on Monday, August 3rd. Six research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Eastman Chemical has a consensus rating of "Hold" and an average price target of $74.43.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $65.33 on Wednesday. The firm has a market cap of $7.47 billion, a PE ratio of 11.60, a price-to-earnings-growth ratio of 0.90 and a beta of 1.07. Eastman Chemical Company has a 52-week low of $56.11 and a 52-week high of $83.47. The company has a quick ratio of 0.76, a current ratio of 1.57 and a debt-to-equity ratio of 0.70. The company's 50 day moving average is $66.56 and its two-hundred day moving average is $70.89.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The basic materials company reported $1.84 EPS for the quarter, missing the consensus estimate of $1.92 by ($0.08). Eastman Chemical had a net margin of 7.15% and a return on equity of 10.59%. The business had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.41 billion. During the same period in the prior year, the business earned $1.14 EPS. The business's quarterly revenue was up 8.3% on a year-over-year basis. On average, research analysts expect that Eastman Chemical Company will post 6.09 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 7th. Stockholders of record on Tuesday, September 15th were given a dividend of $0.84 per share. The ex-dividend date of this dividend was Tuesday, September 15th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 5.1%. Eastman Chemical's payout ratio is currently 59.68%.

Eastman Chemical Company Profile

Eastman Chemical Company NYSE: EMN is a global specialty materials and chemicals company that develops and manufactures products used in transportation, building and construction, consumer goods, medical products, packaging, and other industrial applications. Its portfolio includes specialty plastics, coatings, adhesives, fibers, additives, intermediates, and other performance materials.

The company's products are designed to provide properties such as durability, chemical resistance, lightweight performance, clarity, and enhanced functionality.

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