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Invesco Ltd. Sells 41,939 Shares of Eastman Chemical Company (NYSE:EMN)

Eastman Chemical logo with Basic Materials background

Key Points

  • Invesco Ltd. reduced its holdings in Eastman Chemical Company by 1.5% during the first quarter, retaining approximately 2.43% ownership, valued at about $246.9 million.
  • Several institutional investors have increased their stakes in Eastman Chemical, with Covestor Ltd growing its position by 835.1% in the same period.
  • The company announced a quarterly dividend of $0.83 per share, representing an annualized yield of 5.2%, with the ex-dividend date set for September 15th.
  • Need better tools to track Eastman Chemical? Try 5 Weeks of MarketBeat All Access for $5. Start Portfolio Tracking Now.

Invesco Ltd. lowered its holdings in Eastman Chemical Company (NYSE:EMN - Free Report) by 1.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,802,226 shares of the basic materials company's stock after selling 41,939 shares during the period. Invesco Ltd. owned about 2.43% of Eastman Chemical worth $246,904,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Orion Capital Management LLC acquired a new position in shares of Eastman Chemical in the 4th quarter worth approximately $47,000. TD Private Client Wealth LLC increased its position in shares of Eastman Chemical by 46.4% in the first quarter. TD Private Client Wealth LLC now owns 536 shares of the basic materials company's stock worth $47,000 after acquiring an additional 170 shares in the last quarter. Wayfinding Financial LLC purchased a new position in shares of Eastman Chemical in the first quarter worth approximately $50,000. Johnson Financial Group Inc. increased its position in shares of Eastman Chemical by 68.5% in the fourth quarter. Johnson Financial Group Inc. now owns 556 shares of the basic materials company's stock worth $55,000 after acquiring an additional 226 shares in the last quarter. Finally, Salem Investment Counselors Inc. increased its position in shares of Eastman Chemical by 105.3% in the first quarter. Salem Investment Counselors Inc. now owns 618 shares of the basic materials company's stock worth $55,000 after acquiring an additional 317 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company's stock.

Eastman Chemical Stock Down 1.2%

Shares of Eastman Chemical stock traded down $0.79 during midday trading on Friday, reaching $65.61. 1,414,096 shares of the company's stock traded hands, compared to its average volume of 1,572,046. The company has a market cap of $7.53 billion, a price-to-earnings ratio of 9.21, a price-to-earnings-growth ratio of 6.21 and a beta of 1.21. The company's 50 day simple moving average is $74.54 and its 200 day simple moving average is $82.71. The company has a debt-to-equity ratio of 0.81, a quick ratio of 0.78 and a current ratio of 1.68. Eastman Chemical Company has a 52 week low of $56.78 and a 52 week high of $114.50.

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

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 7th. Investors of record on Monday, September 15th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 5.1%. The ex-dividend date of this dividend is Monday, September 15th. Eastman Chemical's dividend payout ratio is currently 46.63%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on EMN. Royal Bank Of Canada dropped their target price 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. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $76.00 target price (down from $112.00) on shares of Eastman Chemical in a research report on Monday, April 28th. The Goldman Sachs Group dropped 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 report on Thursday, August 7th. UBS Group lowered 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. Finally, Mizuho lowered their price objective on shares of Eastman Chemical from $92.00 to $80.00 and set an "outperform" rating on the stock in a research report on Friday, August 1st. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $87.00.

Get Our Latest Research Report on EMN

About Eastman Chemical

(Free Report)

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.

See Also

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

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