Anchor Investment Management LLC Has $169,000 Stock Holdings in Eastman Chemical (NYSE:EMN)

Anchor Investment Management LLC lowered its stake in Eastman Chemical (NYSE:EMN) by 8.0% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,720 shares of the basic materials company’s stock after selling 150 shares during the quarter. Anchor Investment Management LLC’s holdings in Eastman Chemical were worth $169,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Cultivar Capital Inc. bought a new stake in Eastman Chemical in the 2nd quarter valued at $29,000. Northwest Investment Counselors LLC acquired a new stake in shares of Eastman Chemical in the 1st quarter valued at about $34,000. EntryPoint Capital LLC bought a new stake in shares of Eastman Chemical in the first quarter valued at about $38,000. Rothschild Investment LLC acquired a new position in shares of Eastman Chemical during the second quarter worth about $38,000. Finally, Friedenthal Financial acquired a new position in shares of Eastman Chemical during the second quarter worth about $49,000. Institutional investors own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on EMN. Deutsche Bank Aktiengesellschaft upped their price objective on Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Citigroup reduced their price objective on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Mizuho upped their price objective on Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $105.00 price objective 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 given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $108.07.

Eastman Chemical Stock Performance

Shares of NYSE EMN opened at $109.00 on Friday. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $114.50. The stock has a market capitalization of $12.82 billion, a PE ratio of 14.05, a price-to-earnings-growth ratio of 0.82 and a beta of 1.44. The stock has a 50 day moving average price of $101.87 and a 200 day moving average price of $99.75. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The company had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same period last year, the firm posted $1.99 earnings per share. The business’s revenue was up 1.7% on a year-over-year basis. Analysts predict that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be given 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 2.97%. Eastman Chemical’s payout ratio is 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.