Kwmg LLC Raises Position in Eastman Chemical (NYSE:EMN)

Kwmg LLC lifted its stake in shares of Eastman Chemical (NYSE:EMN) by 7.0% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 44,136 shares of the basic materials company’s stock after purchasing an additional 2,884 shares during the period. Kwmg LLC’s holdings in Eastman Chemical were worth $4,423,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in EMN. Quadrant Capital Group LLC increased its position in shares of Eastman Chemical by 8.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,639 shares of the basic materials company’s stock worth $147,000 after purchasing an additional 128 shares in the last quarter. Tucker Asset Management LLC increased its position in shares of Eastman Chemical by 19.5% during the third quarter. Tucker Asset Management LLC now owns 870 shares of the basic materials company’s stock worth $67,000 after purchasing an additional 142 shares in the last quarter. Atria Wealth Solutions Inc. increased its position in shares of Eastman Chemical by 4.6% during the fourth quarter. Atria Wealth Solutions Inc. now owns 3,452 shares of the basic materials company’s stock worth $310,000 after purchasing an additional 151 shares in the last quarter. Parkside Financial Bank & Trust increased its position in shares of Eastman Chemical by 26.2% during the third quarter. Parkside Financial Bank & Trust now owns 814 shares of the basic materials company’s stock worth $62,000 after purchasing an additional 169 shares in the last quarter. Finally, Allworth Financial LP increased its position in shares of Eastman Chemical by 16.7% during the fourth quarter. Allworth Financial LP now owns 1,434 shares of the basic materials company’s stock worth $129,000 after purchasing an additional 205 shares in the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Trading Up 0.1 %

EMN traded up $0.11 during trading on Wednesday, hitting $98.06. The company’s stock had a trading volume of 383,856 shares, compared to its average volume of 1,008,971. The firm’s 50 day moving average price is $99.20 and its 200-day moving average price is $93.06. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.39 and a quick ratio of 0.71. The stock has a market cap of $11.54 billion, a PE ratio of 12.59, a PEG ratio of 1.07 and a beta of 1.51. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $105.98.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.20. The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.29 billion. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. Eastman Chemical’s revenue was down 4.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.63 EPS. On average, analysts expect that Eastman Chemical will post 7.69 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be issued a dividend of $0.81 per share. The ex-dividend date is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.30%. Eastman Chemical’s payout ratio is 41.75%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on EMN. Citigroup boosted their price target on Eastman Chemical from $95.00 to $114.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Jefferies Financial Group upgraded Eastman Chemical from a “hold” rating to a “buy” rating and boosted their price target for the company from $102.00 to $125.00 in a research report on Monday, April 29th. Bank of America dropped their price target on Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a research report on Monday, April 29th. Piper Sandler lifted their price objective on Eastman Chemical from $90.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, April 30th. Finally, Barclays lifted their price objective on Eastman Chemical from $85.00 to $103.00 and gave the company an “equal weight” rating in a report on Monday, May 6th. Seven analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Eastman Chemical has an average rating of “Moderate Buy” and an average target price of $107.50.

Insider Transactions at Eastman Chemical

In related news, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the sale, the chief executive officer now directly owns 395,699 shares of the company’s stock, valued at approximately $39,878,545.22. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the sale, the chief executive officer now directly owns 395,699 shares of the company’s stock, valued at approximately $39,878,545.22. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Adrian James Holt sold 1,975 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total transaction of $195,959.50. The disclosure for this sale can be found here. Insiders sold a total of 108,027 shares of company stock worth $10,885,638 in the last ninety days. Insiders own 1.93% of the company’s stock.

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.