Eastman Chemical (NYSE:EMN) Shares Acquired by Prosperity Consulting Group LLC

Prosperity Consulting Group LLC lifted its position in Eastman Chemical (NYSE:EMN) by 4.8% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,662 shares of the basic materials company’s stock after purchasing an additional 123 shares during the period. Prosperity Consulting Group LLC’s holdings in Eastman Chemical were worth $261,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in EMN. Envestnet Asset Management Inc. boosted its stake in shares of Eastman Chemical by 34.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock worth $83,524,000 after acquiring an additional 218,531 shares in the last quarter. Oppenheimer Asset Management Inc. boosted its position in Eastman Chemical by 41.0% during the second quarter. Oppenheimer Asset Management Inc. now owns 18,453 shares of the basic materials company’s stock worth $1,808,000 after purchasing an additional 5,369 shares in the last quarter. Meeder Advisory Services Inc. grew its holdings in Eastman Chemical by 9.7% in the second quarter. Meeder Advisory Services Inc. now owns 3,404 shares of the basic materials company’s stock valued at $333,000 after purchasing an additional 300 shares during the period. DekaBank Deutsche Girozentrale increased its position in shares of Eastman Chemical by 3.0% in the second quarter. DekaBank Deutsche Girozentrale now owns 723,251 shares of the basic materials company’s stock valued at $70,046,000 after buying an additional 21,304 shares in the last quarter. Finally, Forsta AP Fonden raised its stake in shares of Eastman Chemical by 12.5% during the 2nd quarter. Forsta AP Fonden now owns 33,200 shares of the basic materials company’s stock worth $3,253,000 after buying an additional 3,700 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on EMN. Citigroup cut their price target on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, June 27th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Royal Bank of Canada reiterated a “sector perform” rating and set a $100.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Barclays raised their target price on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Finally, Piper Sandler reiterated a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Eastman Chemical has an average rating of “Moderate Buy” and an average price target of $108.07.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $103.10 on Monday. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. The company has a 50-day moving average price of $98.48 and a 200 day moving average price of $97.86. Eastman Chemical has a 12-month low of $68.89 and a 12-month high of $105.98. The stock has a market cap of $12.05 billion, a P/E ratio of 13.29, a PEG ratio of 0.75 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, beating the consensus estimate of $2.01 by $0.14. The firm had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The business’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.99 EPS. Sell-side analysts anticipate that Eastman Chemical will post 7.66 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date is Monday, September 16th. Eastman Chemical’s dividend payout ratio is presently 41.75%.

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.