Private Advisor Group LLC Boosts Position in Eastman Chemical (NYSE:EMN)

Private Advisor Group LLC boosted its position in shares of Eastman Chemical (NYSE:EMN) by 25.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,345 shares of the basic materials company’s stock after buying an additional 2,101 shares during the period. Private Advisor Group LLC’s holdings in Eastman Chemical were worth $1,014,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in EMN. Gilbert & Cook Inc. increased its position in Eastman Chemical by 5.0% during the fourth quarter. Gilbert & Cook Inc. now owns 4,457 shares of the basic materials company’s stock worth $400,000 after buying an additional 212 shares during the period. Principal Securities Inc. acquired a new position in Eastman Chemical during the fourth quarter worth approximately $94,000. BNP Paribas Financial Markets increased its holdings in shares of Eastman Chemical by 22.6% in the fourth quarter. BNP Paribas Financial Markets now owns 83,611 shares of the basic materials company’s stock valued at $7,510,000 after purchasing an additional 15,397 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in shares of Eastman Chemical by 0.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 121,556 shares of the basic materials company’s stock valued at $10,698,000 after purchasing an additional 480 shares during the period. Finally, Vanguard Personalized Indexing Management LLC increased its holdings in shares of Eastman Chemical by 8.9% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 11,481 shares of the basic materials company’s stock valued at $1,031,000 after purchasing an additional 939 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Trading Up 3.5 %

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

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. The company 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%. Eastman Chemical’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same quarter last year, the business posted $1.99 EPS. Sell-side analysts forecast that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on EMN. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a 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 report on Friday, July 26th. UBS Group raised Eastman Chemical from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $106.00 to $128.00 in a report on Thursday, May 23rd. 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 report on Monday, July 29th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a 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’s stock. According to MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus price target of $108.07.

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.