LVW Advisors LLC Makes New Investment in Eastman Chemical (NYSE:EMN)

LVW Advisors LLC bought a new position in shares of Eastman Chemical (NYSE:EMN) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,012 shares of the basic materials company’s stock, valued at approximately $225,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Integrated Advisors Network LLC acquired a new position in Eastman Chemical in the 4th quarter valued at $3,107,000. Tucker Asset Management LLC increased its position in shares of Eastman Chemical by 21.8% in the fourth quarter. Tucker Asset Management LLC now owns 1,060 shares of the basic materials company’s stock worth $95,000 after purchasing an additional 190 shares during the period. Vanguard Group Inc. raised its stake in Eastman Chemical by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock valued at $1,332,904,000 after purchasing an additional 61,580 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in Eastman Chemical during the fourth quarter worth about $2,804,000. Finally, Quadrature Capital Ltd grew its stake in Eastman Chemical by 52.9% during the fourth quarter. Quadrature Capital Ltd now owns 32,899 shares of the basic materials company’s stock worth $2,956,000 after buying an additional 11,376 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on EMN shares. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Mizuho raised their target price on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Citigroup reduced their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. Piper Sandler reissued a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus price target of $108.53.

Eastman Chemical Price Performance

EMN stock opened at $110.57 on Friday. The company has a market capitalization of $13.01 billion, a P/E ratio of 14.25, a PEG ratio of 0.83 and a beta of 1.44. The company has a fifty day moving average price of $102.69 and a 200-day moving average price of $100.26. 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 has a 52-week low of $68.89 and a 52-week high of $114.50.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.14. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The business had revenue of $2.36 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same period last year, the company earned $1.99 EPS. Eastman Chemical’s revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, equities analysts expect that Eastman Chemical will post 7.67 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 16th were given a $0.81 dividend. The ex-dividend date was Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 2.93%. Eastman Chemical’s dividend payout ratio (DPR) is currently 41.75%.

About Eastman Chemical

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.