Nemes Rush Group LLC Trims Stock Position in Eastman Chemical (NYSE:EMN)

Nemes Rush Group LLC cut its position in Eastman Chemical (NYSE:EMN) by 17.4% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,311 shares of the basic materials company’s stock after selling 277 shares during the quarter. Nemes Rush Group LLC’s holdings in Eastman Chemical were worth $128,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of the company. Gilbert & Cook Inc. increased its holdings in shares of Eastman Chemical by 5.0% in the fourth quarter. Gilbert & Cook Inc. now owns 4,457 shares of the basic materials company’s stock worth $400,000 after purchasing an additional 212 shares during the period. Hsbc Holdings PLC increased its stake in Eastman Chemical by 7.9% in the 4th quarter. Hsbc Holdings PLC now owns 198,298 shares of the basic materials company’s stock worth $17,826,000 after acquiring an additional 14,438 shares during the last quarter. TD Asset Management Inc raised its holdings in shares of Eastman Chemical by 3.6% in the 4th quarter. TD Asset Management Inc now owns 65,396 shares of the basic materials company’s stock valued at $5,874,000 after acquiring an additional 2,262 shares in the last quarter. Allianz Asset Management GmbH purchased a new stake in shares of Eastman Chemical in the 4th quarter valued at about $4,265,000. Finally, Treasurer of the State of North Carolina boosted its position in shares of Eastman Chemical by 16.4% during the 4th quarter. Treasurer of the State of North Carolina now owns 60,621 shares of the basic materials company’s stock valued at $5,445,000 after acquiring an additional 8,540 shares during the last quarter. 83.65% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on EMN shares. Barclays raised 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 note on Monday, July 29th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Piper Sandler reissued a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Citigroup dropped their price target on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research note on Thursday, June 27th. Finally, Mizuho increased their price objective on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Seven 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.com, the company currently has an average rating of “Moderate Buy” and an average target price of $108.07.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $112.38 on Monday. The company has a market capitalization of $13.22 billion, a P/E ratio of 14.48, a PEG ratio of 0.82 and a beta of 1.44. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $114.50. 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 $100.66 and a two-hundred day moving average price of $99.22.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. The company had revenue of $2.36 billion during 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 firm’s 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 EPS. Analysts expect that Eastman Chemical will post 7.66 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Investors 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 annualized dividend and a dividend yield of 2.88%. Eastman Chemical’s 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.