Mediolanum International Funds Ltd Takes $7.18 Million Position in Eastman Chemical Company (NYSE:EMN)

Key Points

• Mediolanum International Funds Ltd acquired a new stake in Eastman Chemical Company, purchasing 82,444 shares valued at approximately $7.17 million, representing about 0.07% of the company.
• Eastman Chemical reported Q1 earnings of $1.91 per share, slightly exceeding analyst expectations, while revenue for the quarter was down 0.9% year-over-year at $2.29 billion.
• Multiple brokerages have lowered target prices for Eastman Chemical, with KeyCorp adjusting its target from $106.00 to $93.00, while maintaining an "overweight" rating.

Mediolanum International Funds Ltd bought a new position in shares of Eastman Chemical Company (NYSE:EMN - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 82,444 shares of the basic materials company's stock, valued at approximately $7,177,000. Mediolanum International Funds Ltd owned approximately 0.07% of Eastman Chemical as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Headlands Technologies LLC bought a new position in Eastman Chemical during the fourth quarter worth about $43,000. Orion Capital Management LLC bought a new position in Eastman Chemical during the fourth quarter worth about $47,000. Brown Brothers Harriman & Co. lifted its stake in Eastman Chemical by 135.7% during the fourth quarter. Brown Brothers Harriman & Co. now owns 528 shares of the basic materials company's stock worth $48,000 after purchasing an additional 304 shares during the period. TD Private Client Wealth LLC lifted its stake in Eastman Chemical by 46.4% during the first quarter. TD Private Client Wealth LLC now owns 536 shares of the basic materials company's stock worth $47,000 after purchasing an additional 170 shares during the period. Finally, Johnson Financial Group Inc. lifted its stake in Eastman Chemical by 68.5% during the fourth quarter. Johnson Financial Group Inc. now owns 556 shares of the basic materials company's stock worth $55,000 after purchasing an additional 226 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have commented on EMN. Citigroup upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and cut their price target for the stock from $105.00 to $101.00 in a research note on Friday, April 4th. UBS Group cut their target price on shares of Eastman Chemical from $107.00 to $101.00 and set a "buy" rating for the company in a research note on Wednesday, July 9th. Mizuho upgraded shares of Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 target price for the company in a research note on Thursday, April 3rd. Morgan Stanley cut their target price on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. Finally, KeyCorp cut their target price on shares of Eastman Chemical from $106.00 to $93.00 and set an "overweight" rating for the company in a research note on Monday, July 14th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $97.08.

Eastman Chemical Trading Down 1.7%

Shares of Eastman Chemical stock traded down $1.31 on Wednesday, hitting $74.50. 416,571 shares of the company's stock traded hands, compared to its average volume of 1,475,708. The firm's 50-day moving average price is $78.61 and its two-hundred day moving average price is $85.07. The stock has a market capitalization of $8.60 billion, a PE ratio of 9.48, a price-to-earnings-growth ratio of 2.20 and a beta of 1.22. Eastman Chemical Company has a one year low of $70.90 and a one year high of $114.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.72 and a quick ratio of 0.79.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th were given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 4.46%. The ex-dividend date of this dividend was Friday, June 13th. Eastman Chemical's payout ratio is 42.24%.

Eastman Chemical 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.