E&G Advisors LP Buys Shares of 1,800 Eastman Chemical (NYSE:EMN)

E&G Advisors LP purchased a new position in shares of Eastman Chemical (NYSE:EMN) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund purchased 1,800 shares of the basic materials company’s stock, valued at approximately $202,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Bessemer Group Inc. grew its holdings in Eastman Chemical by 321.2% during the 1st quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock worth $1,628,000 after acquiring an additional 12,392 shares during the period. Empowered Funds LLC bought a new stake in Eastman Chemical in the first quarter valued at about $594,000. Dakota Wealth Management lifted its stake in Eastman Chemical by 13.5% in the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after buying an additional 2,655 shares during the period. Envestnet Portfolio Solutions Inc. boosted its holdings in Eastman Chemical by 11.1% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock worth $7,714,000 after buying an additional 7,717 shares during the last quarter. Finally, Van ECK Associates Corp grew its position in shares of Eastman Chemical by 31.5% during the 1st quarter. Van ECK Associates Corp now owns 48,276 shares of the basic materials company’s stock worth $4,838,000 after buying an additional 11,569 shares during the period. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $108.84 on Friday. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $114.50. The company’s fifty day simple moving average is $104.17 and its 200-day simple moving average is $100.58. The firm has a market cap of $12.80 billion, a PE ratio of 14.03, a P/E/G ratio of 0.83 and a beta of 1.44. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, topping the consensus estimate of $2.01 by $0.14. The firm had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the previous year, the firm posted $1.99 EPS. Equities research analysts expect that Eastman Chemical will post 7.67 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 16th were given a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 2.98%. The ex-dividend date was Monday, September 16th. Eastman Chemical’s dividend payout ratio (DPR) is 41.75%.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on EMN. Mizuho lifted their price objective on shares of Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Wells Fargo & Company lifted their price target on shares of Eastman Chemical from $105.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 15th. Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $114.00 to $119.00 in a research note on Wednesday. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Finally, Barclays raised their price target on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $110.20.

About Eastman Chemical

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.