Handelsbanken Fonder AB Has $2.49 Million Stock Holdings in Eastman Chemical Company $EMN

Handelsbanken Fonder AB boosted its position in Eastman Chemical Company (NYSE:EMN) by 51.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,500 shares of the basic materials company’s stock after buying an additional 13,500 shares during the period. Handelsbanken Fonder AB’s holdings in Eastman Chemical were worth $2,490,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in EMN. MUFG Securities EMEA plc bought a new stake in shares of Eastman Chemical during the second quarter valued at approximately $25,000. Loomis Sayles & Co. L P acquired a new stake in Eastman Chemical in the 2nd quarter valued at $33,000. Rothschild Investment LLC increased its stake in Eastman Chemical by 65.6% during the 3rd quarter. Rothschild Investment LLC now owns 578 shares of the basic materials company’s stock valued at $36,000 after purchasing an additional 229 shares in the last quarter. Financial Consulate Inc. acquired a new position in Eastman Chemical during the third quarter worth $42,000. Finally, Heartwood Wealth Advisors LLC bought a new position in shares of Eastman Chemical in the third quarter valued at $44,000. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $74.18 on Wednesday. The company has a market capitalization of $8.46 billion, a PE ratio of 18.14, a PEG ratio of 1.66 and a beta of 1.20. The company has a quick ratio of 0.63, a current ratio of 1.37 and a debt-to-equity ratio of 0.70. The stock’s 50 day moving average price is $71.66 and its 200-day moving average price is $66.20. Eastman Chemical Company has a twelve month low of $56.11 and a twelve month high of $99.89.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 EPS for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). The business had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $2.03 billion. Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The business’s revenue was down 12.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.87 earnings per share. On average, equities analysts anticipate that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 8th. Investors of record on Friday, March 13th will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend is Friday, March 13th. Eastman Chemical’s payout ratio is 82.15%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Wells Fargo & Company restated an “equal weight” rating and issued a $70.00 target price on shares of Eastman Chemical in a report on Friday, December 19th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $79.00 price objective on shares of Eastman Chemical in a research note on Wednesday, February 4th. Citigroup lifted their target price on Eastman Chemical from $75.00 to $78.00 and gave the company a “buy” rating in a research report on Tuesday, February 3rd. UBS Group decreased their price target on Eastman Chemical from $75.00 to $73.00 and set a “buy” rating for the company in a report on Wednesday, November 5th. Finally, Evercore set a $75.00 price objective on Eastman Chemical in a research note on Wednesday, February 18th. Seven analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat.com, Eastman Chemical has a consensus rating of “Hold” and an average price target of $79.21.

Eastman Chemical Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.