E&G Advisors LP purchased a new position in shares of Eastman Chemical (NYSE:EMN – Free Report) 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 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.
Read Our Latest Research Report on EMN
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.
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