United Services Automobile Association increased its stake in shares of Eastman Chemical (NYSE:EMN) by 4.6% during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor owned 127,059 shares of the basic materials company’s stock after acquiring an additional 5,594 shares during the period. United Services Automobile Association owned approximately 0.09% of Eastman Chemical worth $12,162,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Fort L.P. acquired a new position in shares of Eastman Chemical in the 2nd quarter valued at approximately $116,000. Point72 Asset Management L.P. acquired a new position in shares of Eastman Chemical in the 2nd quarter valued at approximately $120,000. Wetherby Asset Management Inc. acquired a new position in shares of Eastman Chemical in the 3rd quarter valued at approximately $205,000. Acadian Asset Management LLC acquired a new position in shares of Eastman Chemical in the 2nd quarter valued at approximately $218,000. Finally, BRYN MAWR TRUST Co acquired a new position in shares of Eastman Chemical in the 2nd quarter valued at approximately $238,000. 82.53% of the stock is currently owned by institutional investors.

EMN stock opened at $73.20 on Friday. The company has a current ratio of 1.69, a quick ratio of 0.94 and a debt-to-equity ratio of 0.98. The company has a market cap of $10.61 billion, a P/E ratio of 9.62, a PEG ratio of 1.03 and a beta of 1.28. Eastman Chemical has a 12-month low of $73.08 and a 12-month high of $112.45.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, October 25th. The basic materials company reported $2.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.29 by $0.05. The business had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.53 billion. Eastman Chemical had a return on equity of 21.18% and a net margin of 16.05%. Sell-side analysts expect that Eastman Chemical will post 8.43 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Friday, January 4th. Investors of record on Monday, December 17th will be given a dividend of $0.62 per share. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.56. This represents a $2.48 annualized dividend and a dividend yield of 3.39%. The ex-dividend date of this dividend is Friday, December 14th. Eastman Chemical’s dividend payout ratio is currently 29.43%.

EMN has been the topic of a number of recent analyst reports. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $109.00 target price on the stock in a research report on Wednesday, October 3rd. SunTrust Banks cut their target price on Eastman Chemical from $95.00 to $83.00 and set a “hold” rating on the stock in a research report on Monday, October 29th. JPMorgan Chase & Co. lowered Eastman Chemical from an “overweight” rating to a “neutral” rating in a research report on Friday, October 5th. Nomura cut their target price on Eastman Chemical from $99.00 to $93.00 and set a “neutral” rating on the stock in a research report on Monday, October 29th. Finally, Citigroup cut their target price on Eastman Chemical from $94.00 to $86.00 and set a “neutral” rating on the stock in a research report on Monday, October 29th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $99.50.

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Eastman Chemical Profile

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

Further Reading: Stock Symbol

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

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