Oppenheimer Asset Management Inc. Purchases 5,369 Shares of Eastman Chemical (NYSE:EMN)

Oppenheimer Asset Management Inc. boosted its holdings in Eastman Chemical (NYSE:EMN) by 41.0% in the second quarter, HoldingsChannel reports. The institutional investor owned 18,453 shares of the basic materials company’s stock after purchasing an additional 5,369 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Eastman Chemical were worth $1,808,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of EMN. Gilbert & Cook Inc. lifted its holdings in shares of Eastman Chemical by 5.0% in the fourth quarter. Gilbert & Cook Inc. now owns 4,457 shares of the basic materials company’s stock worth $400,000 after buying an additional 212 shares in the last quarter. Principal Securities Inc. purchased a new stake in Eastman Chemical in the 4th quarter worth $94,000. Quadrant Capital Group LLC boosted its holdings in shares of Eastman Chemical by 8.5% during the 4th quarter. Quadrant Capital Group LLC now owns 1,639 shares of the basic materials company’s stock valued at $147,000 after purchasing an additional 128 shares during the last quarter. Beacon Pointe Advisors LLC purchased a new position in shares of Eastman Chemical during the fourth quarter valued at about $265,000. Finally, Norges Bank bought a new stake in shares of Eastman Chemical in the fourth quarter worth about $121,847,000. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Trading Up 0.4 %

EMN opened at $106.38 on Thursday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. The stock’s 50 day moving average price is $98.89 and its 200-day moving average price is $98.11. Eastman Chemical has a one year low of $68.89 and a one year high of $108.04. The stock has a market cap of $12.52 billion, a price-to-earnings ratio of 13.71, a P/E/G ratio of 0.75 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, beating the consensus estimate of $2.01 by $0.14. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the company posted $1.99 EPS. Eastman Chemical’s quarterly revenue was up 1.7% on a year-over-year basis. On average, equities analysts forecast that Eastman Chemical will post 7.66 EPS for the current year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 16th will be given a $0.81 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $3.24 annualized dividend and a yield of 3.05%. Eastman Chemical’s dividend payout ratio (DPR) is 41.75%.

Analyst Ratings Changes

EMN has been the subject of a number of research reports. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a report on Monday, July 29th. Mizuho upped their price target on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research note on Friday, July 26th. Citigroup dropped their price objective on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research note on Thursday, June 27th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $100.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. Seven analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $108.07.

Eastman Chemical Company 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.