Point View Wealth Management Inc. Grows Stake in Eastman Chemical (NYSE:EMN)

Point View Wealth Management Inc. raised its stake in Eastman Chemical (NYSE:EMN) by 2.7% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 17,788 shares of the basic materials company’s stock after acquiring an additional 476 shares during the period. Point View Wealth Management Inc.’s holdings in Eastman Chemical were worth $1,384,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in EMN. CWM Advisors LLC boosted its position in shares of Eastman Chemical by 8.1% during the second quarter. CWM Advisors LLC now owns 6,422 shares of the basic materials company’s stock valued at $500,000 after buying an additional 480 shares during the last quarter. IFM Investors Pty Ltd boosted its position in shares of Eastman Chemical by 28.8% during the second quarter. IFM Investors Pty Ltd now owns 11,131 shares of the basic materials company’s stock valued at $866,000 after buying an additional 2,490 shares during the last quarter. Norinchukin Bank The boosted its position in shares of Eastman Chemical by 3.3% during the first quarter. Norinchukin Bank The now owns 26,500 shares of the basic materials company’s stock valued at $2,011,000 after buying an additional 845 shares during the last quarter. Canandaigua National Bank & Trust Co. boosted its position in shares of Eastman Chemical by 11.7% during the first quarter. Canandaigua National Bank & Trust Co. now owns 21,151 shares of the basic materials company’s stock valued at $1,605,000 after buying an additional 2,212 shares during the last quarter. Finally, Martin Capital Partners LLC purchased a new stake in shares of Eastman Chemical during the first quarter valued at $155,000. 82.44% of the stock is currently owned by hedge funds and other institutional investors.

NYSE:EMN traded down $0.82 on Friday, hitting $67.63. The stock had a trading volume of 42,073 shares, compared to its average volume of 1,067,831. The stock has a market cap of $9.37 billion, a PE ratio of 8.25, a price-to-earnings-growth ratio of 1.01 and a beta of 1.33. The company has a current ratio of 1.51, a quick ratio of 0.79 and a debt-to-equity ratio of 0.95. The business has a 50-day moving average price of $76.16. Eastman Chemical has a 52-week low of $64.84 and a 52-week high of $102.47.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, July 25th. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.09 by ($0.10). The firm had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.55 billion. Eastman Chemical had a return on equity of 17.77% and a net margin of 9.45%. The company’s revenue for the quarter was down 9.8% on a year-over-year basis. During the same period in the previous year, the business posted $2.22 earnings per share. Equities analysts forecast that Eastman Chemical will post 7.68 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 4th. Stockholders of record on Monday, September 16th will be paid a $0.62 dividend. This represents a $2.48 annualized dividend and a dividend yield of 3.67%. The ex-dividend date is Friday, September 13th. Eastman Chemical’s dividend payout ratio (DPR) is currently 30.24%.

EMN has been the topic of several recent analyst reports. Cowen reaffirmed a “market perform” rating and set a $77.00 price objective (down from $83.00) on shares of Eastman Chemical in a research report on Monday. Zacks Investment Research cut Eastman Chemical from a “hold” rating to a “sell” rating and set a $84.00 target price on the stock. in a research report on Tuesday, July 2nd. JPMorgan Chase & Co. cut Eastman Chemical from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $88.00 to $80.00 in a research report on Monday, July 29th. ValuEngine raised Eastman Chemical from a “strong sell” rating to a “sell” rating in a research report on Friday, June 21st. Finally, Nomura dropped their target price on Eastman Chemical from $88.00 to $85.00 and set a “buy” rating on the stock in a research report on Monday, July 29th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $85.92.

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

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