Eastman Chemical (NYSE:EMN) Shares Sold by Cambridge Investment Research Advisors Inc.

Cambridge Investment Research Advisors Inc. cut its stake in Eastman Chemical (NYSE:EMN) by 17.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,278 shares of the basic materials company’s stock after selling 3,195 shares during the period. Cambridge Investment Research Advisors Inc.’s holdings in Eastman Chemical were worth $1,497,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in EMN. Cultivar Capital Inc. acquired a new stake in shares of Eastman Chemical in the 2nd quarter worth about $29,000. Northwest Investment Counselors LLC bought a new position in Eastman Chemical in the 1st quarter worth about $34,000. EntryPoint Capital LLC acquired a new stake in shares of Eastman Chemical in the first quarter valued at approximately $38,000. Advantage Trust Co bought a new stake in shares of Eastman Chemical during the fourth quarter valued at approximately $40,000. Finally, Friedenthal Financial acquired a new position in shares of Eastman Chemical during the second quarter worth approximately $49,000. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Stock Down 2.0 %

EMN stock opened at $100.33 on Wednesday. The firm has a market cap of $11.80 billion, a PE ratio of 12.93, a P/E/G ratio of 0.78 and a beta of 1.46. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $105.98. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. The firm has a 50 day simple moving average of $98.04 and a 200 day simple moving average of $97.12.

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 analysts’ consensus estimates of $2.01 by $0.14. The company had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.99 EPS. Equities research analysts forecast that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 16th will be paid a $0.81 dividend. The ex-dividend date is Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a yield of 3.23%. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Analyst Ratings Changes

Several analysts recently commented on EMN shares. Piper Sandler restated a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Barclays lifted their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Finally, Royal Bank of Canada restated a “sector perform” rating and set a $100.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus 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.