Ballentine Partners LLC Invests $239,000 in Eastman Chemical (NYSE:EMN)

Ballentine Partners LLC bought a new position in Eastman Chemical (NYSE:EMN) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 2,436 shares of the basic materials company’s stock, valued at approximately $239,000.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Caprock Group LLC purchased a new position in shares of Eastman Chemical during the 2nd quarter valued at about $227,000. Acadian Asset Management LLC increased its holdings in Eastman Chemical by 262.7% in the 2nd quarter. Acadian Asset Management LLC now owns 2,006 shares of the basic materials company’s stock worth $195,000 after acquiring an additional 1,453 shares in the last quarter. Cobblestone Capital Advisors LLC NY raised its stake in Eastman Chemical by 10.3% during the 2nd quarter. Cobblestone Capital Advisors LLC NY now owns 2,539 shares of the basic materials company’s stock worth $249,000 after acquiring an additional 238 shares during the period. Private Advisor Group LLC boosted its position in shares of Eastman Chemical by 25.5% in the second quarter. Private Advisor Group LLC now owns 10,345 shares of the basic materials company’s stock worth $1,014,000 after purchasing an additional 2,101 shares during the period. Finally, Addison Advisors LLC increased its stake in shares of Eastman Chemical by 92.3% in the second quarter. Addison Advisors LLC now owns 673 shares of the basic materials company’s stock worth $66,000 after purchasing an additional 323 shares in the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

EMN has been the subject of several recent analyst reports. Citigroup dropped their target price 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 upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Piper Sandler reissued a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Mizuho increased their price objective on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Finally, UBS Group raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $106.00 to $128.00 in a report on Thursday, May 23rd. Seven equities research 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $108.07.

Eastman Chemical Stock Up 0.8 %

Shares of NYSE EMN opened at $98.93 on Thursday. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. Eastman Chemical has a 12-month low of $68.89 and a 12-month high of $105.98. The firm’s 50-day moving average price is $98.17 and its 200-day moving average price is $97.56. The stock has a market capitalization of $11.64 billion, a price-to-earnings ratio of 12.75, a P/E/G ratio of 0.74 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last issued 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. The business had revenue of $2.36 billion for 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 period in the prior year, the business posted $1.99 earnings per share. On average, equities research analysts anticipate that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 16th will be paid a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 3.28%. The ex-dividend date is Monday, September 16th. Eastman Chemical’s payout ratio is 41.75%.

Eastman Chemical 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.