Cerebellum GP LLC grew its holdings in shares of Eastman Chemical (NYSE:EMN) by 21.1% in the fourth quarter, HoldingsChannel.com reports. The fund owned 7,256 shares of the basic materials company’s stock after acquiring an additional 1,265 shares during the quarter. Eastman Chemical accounts for 0.3% of Cerebellum GP LLC’s holdings, making the stock its 21st biggest position. Cerebellum GP LLC’s holdings in Eastman Chemical were worth $575,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also modified their holdings of the business. Butensky & Cohen Financial Security Inc. grew its holdings in Eastman Chemical by 0.5% during the 4th quarter. Butensky & Cohen Financial Security Inc. now owns 32,333 shares of the basic materials company’s stock worth $2,563,000 after acquiring an additional 160 shares during the period. Raymond James Trust N.A. grew its holdings in Eastman Chemical by 6.3% during the 4th quarter. Raymond James Trust N.A. now owns 36,283 shares of the basic materials company’s stock worth $2,876,000 after acquiring an additional 2,152 shares during the period. Heritage Investors Management Corp grew its holdings in Eastman Chemical by 9.0% during the 4th quarter. Heritage Investors Management Corp now owns 3,271 shares of the basic materials company’s stock worth $259,000 after acquiring an additional 271 shares during the period. DNB Asset Management AS grew its holdings in Eastman Chemical by 57.6% during the 4th quarter. DNB Asset Management AS now owns 44,717 shares of the basic materials company’s stock worth $3,544,000 after acquiring an additional 16,343 shares during the period. Finally, Manning & Napier Group LLC grew its holdings in Eastman Chemical by 3.7% during the 4th quarter. Manning & Napier Group LLC now owns 55,599 shares of the basic materials company’s stock worth $4,406,000 after acquiring an additional 1,990 shares during the period. Hedge funds and other institutional investors own 79.80% of the company’s stock.
A number of analysts have weighed in on EMN shares. UBS Group set a $89.00 price target on Eastman Chemical and gave the stock a “buy” rating in a report on Friday, October 25th. SunTrust Banks increased their price target on Eastman Chemical to $80.00 and gave the stock a “hold” rating in a report on Tuesday, October 29th. They noted that the move was a valuation call. Royal Bank of Canada restated a “hold” rating and issued a $80.00 target price on shares of Eastman Chemical in a research note on Sunday, December 22nd. Bank of America assumed coverage on Eastman Chemical in a research note on Thursday, September 26th. They issued a “buy” rating and a $84.00 target price for the company. Finally, Wells Fargo & Co raised their target price on Eastman Chemical from $84.00 to $85.00 and gave the company an “overweight” rating in a research note on Wednesday. Eight investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $83.38.
Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, October 24th. The basic materials company reported $1.94 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.98 by ($0.04). The firm had revenue of $2.33 billion during the quarter, compared to analyst estimates of $2.36 billion. Eastman Chemical had a net margin of 8.12% and a return on equity of 16.58%. The business’s quarterly revenue was down 8.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.34 earnings per share. Analysts expect that Eastman Chemical will post 7.06 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Friday, January 3rd. Stockholders of record on Monday, December 16th were paid a $0.66 dividend. The ex-dividend date of this dividend was Friday, December 13th. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.62. This represents a $2.64 annualized dividend and a dividend yield of 3.46%. Eastman Chemical’s dividend payout ratio (DPR) is currently 32.20%.
About Eastman Chemical
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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