143,139 Shares in Eastman Chemical Company $EMN Purchased by ProShare Advisors LLC

ProShare Advisors LLC bought a new stake in Eastman Chemical Company (NYSE:EMN) during the third quarter, according to its most recent disclosure with the SEC. The firm bought 143,139 shares of the basic materials company’s stock, valued at approximately $9,281,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new position in shares of Eastman Chemical in the 2nd quarter valued at $1,134,421,000. Legal & General Group Plc acquired a new position in Eastman Chemical in the second quarter valued at $87,583,000. Bank of New York Mellon Corp acquired a new position in Eastman Chemical in the second quarter valued at $81,645,000. Allspring Global Investments Holdings LLC raised its holdings in shares of Eastman Chemical by 39.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 2,592,691 shares of the basic materials company’s stock valued at $196,552,000 after buying an additional 732,693 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Eastman Chemical by 7.4% in the first quarter. Dimensional Fund Advisors LP now owns 4,936,789 shares of the basic materials company’s stock valued at $376,747,000 after buying an additional 338,914 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on EMN shares. Mizuho decreased their target price on shares of Eastman Chemical from $85.00 to $80.00 and set an “outperform” rating for the company in a research note on Thursday, October 1st. UBS Group dropped their price target on Eastman Chemical from $92.00 to $77.00 and set a “buy” rating on the stock in a research report on Monday, October 5th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Eastman Chemical in a research note on Thursday, August 13th. Jefferies Financial Group reaffirmed a “buy” rating and set a $85.00 price objective on shares of Eastman Chemical in a research note on Friday, September 25th. Finally, Citigroup decreased their price objective on Eastman Chemical from $76.00 to $75.00 and set a “buy” rating for the company in a research report on Tuesday. Six 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. According to MarketBeat, Eastman Chemical has an average rating of “Hold” and an average price target of $74.43.

Eastman Chemical Stock Performance

Shares of EMN opened at $65.33 on Wednesday. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.76 and a current ratio of 1.57. The stock has a market capitalization of $7.47 billion, a P/E ratio of 11.60, a P/E/G ratio of 0.90 and a beta of 1.07. The company’s fifty day moving average is $66.56 and its two-hundred day moving average is $70.89. Eastman Chemical Company has a 1 year low of $56.11 and a 1 year high of $83.47.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, October 29th. The basic materials company reported $1.84 EPS for the quarter, missing analysts’ consensus estimates of $1.92 by ($0.08). Eastman Chemical had a return on equity of 10.59% and a net margin of 7.15%. The firm had revenue of $2.38 billion for the quarter, compared to analysts’ expectations of $2.41 billion. During the same quarter in the previous year, the company posted $1.14 EPS. The firm’s quarterly revenue was up 8.3% compared to the same quarter last year. On average, sell-side analysts predict that Eastman Chemical Company will post 6.09 earnings per share for the current year.

Eastman Chemical Dividend Announcement

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

About Eastman Chemical

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.