MBB Public Markets I LLC Makes New $882,000 Investment in Eastman Chemical (NYSE:EMN)

MBB Public Markets I LLC acquired a new position in shares of Eastman Chemical (NYSE:EMN) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 9,000 shares of the basic materials company’s stock, valued at approximately $882,000.

Several other large investors also recently added to or reduced their stakes in the stock. Lcnb Corp increased its stake in Eastman Chemical by 1.7% during the first 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 last quarter. Kingswood Wealth Advisors LLC grew its stake in shares of Eastman Chemical by 2.8% during the second quarter. Kingswood Wealth Advisors LLC now owns 4,026 shares of the basic materials company’s stock valued at $394,000 after buying an additional 111 shares during the last quarter. Prosperity Consulting Group LLC raised its holdings in shares of 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 worth $261,000 after buying an additional 123 shares during the period. IFG Advisory LLC lifted its stake 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 acquiring an additional 137 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in 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 valued at $60,000 after acquiring an additional 144 shares during the period. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Trading Down 0.4 %

Shares of NYSE EMN opened at $111.95 on Tuesday. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $114.50. The business has a fifty day moving average price of $100.95 and a 200 day moving average price of $99.37. The stock has a market capitalization of $13.17 billion, a P/E ratio of 14.43, a price-to-earnings-growth ratio of 0.82 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71.

Eastman Chemical (NYSE:EMN) last released its quarterly 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 business had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same period in the prior year, the firm posted $1.99 earnings per share. The company’s quarterly revenue was up 1.7% on a year-over-year basis. Equities research analysts expect that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm 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 dividend on an annualized basis and a dividend yield of 2.89%. The ex-dividend date is Monday, September 16th. Eastman Chemical’s payout ratio is presently 41.75%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on EMN. Barclays lifted their target price on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Royal Bank of Canada reissued a “sector perform” rating and issued a $100.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft upped their target price on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Mizuho boosted their price target on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Finally, StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat, 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.