Mackenzie Financial Corp Sells 110 Shares of Eastman Chemical (NYSE:EMN)

Mackenzie Financial Corp cut its position in shares of Eastman Chemical (NYSE:EMN) by 0.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 98,833 shares of the basic materials company’s stock after selling 110 shares during the quarter. Mackenzie Financial Corp’s holdings in Eastman Chemical were worth $9,683,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the company. Lcnb Corp grew its holdings in Eastman Chemical by 1.7% during the 1st quarter. Lcnb Corp now owns 6,275 shares of the basic materials company’s stock worth $629,000 after acquiring an additional 103 shares during the period. Kingswood Wealth Advisors LLC increased its holdings in Eastman Chemical by 2.8% in the second quarter. Kingswood Wealth Advisors LLC now owns 4,026 shares of the basic materials company’s stock worth $394,000 after purchasing an additional 111 shares in the last quarter. Prosperity Consulting Group LLC lifted its stake in Eastman Chemical by 4.8% in the second quarter. Prosperity Consulting Group LLC now owns 2,662 shares of the basic materials company’s stock valued at $261,000 after buying an additional 123 shares during the period. IFG Advisory LLC boosted its holdings in shares of Eastman Chemical by 0.9% during the 2nd quarter. IFG Advisory LLC now owns 15,438 shares of the basic materials company’s stock worth $1,513,000 after buying an additional 137 shares in the last quarter. Finally, Benjamin F. Edwards & Company Inc. grew its position in shares of Eastman Chemical by 30.9% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 610 shares of the basic materials company’s stock worth $60,000 after buying an additional 144 shares during the period. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Trading Down 0.4 %

NYSE EMN opened at $111.95 on Tuesday. 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 business has a fifty day simple moving average of $100.95 and a 200 day simple moving average of $99.37. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $114.50. The firm has a market capitalization of $13.17 billion, a P/E ratio of 14.43, a PEG ratio of 0.82 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last announced its 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. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the company posted $1.99 earnings per share. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, analysts predict that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be paid a $0.81 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 2.89%. Eastman Chemical’s payout ratio is presently 41.75%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on EMN. Barclays boosted their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Piper Sandler reissued a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Mizuho boosted their target price on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $100.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Finally, StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat.com, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus 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.