Brookstone Capital Management raised its stake in shares of Eastman Chemical (NYSE:EMN – Free Report) by 3.6% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 168,548 shares of the basic materials company’s stock after purchasing an additional 5,882 shares during the period. Brookstone Capital Management owned 0.14% of Eastman Chemical worth $14,320,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of EMN. Retirement Group LLC acquired a new stake in Eastman Chemical during the 1st quarter worth approximately $27,000. Massmutual Trust Co. FSB ADV increased its position in shares of Eastman Chemical by 71.5% in the first quarter. Massmutual Trust Co. FSB ADV now owns 391 shares of the basic materials company’s stock worth $33,000 after acquiring an additional 163 shares in the last quarter. Money Concepts Capital Corp lifted its holdings in shares of Eastman Chemical by 435.0% during the 4th quarter. Money Concepts Capital Corp now owns 428 shares of the basic materials company’s stock valued at $35,000 after acquiring an additional 348 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Eastman Chemical during the 4th quarter valued at $37,000. Finally, WealthPLAN Partners LLC purchased a new stake in Eastman Chemical during the 1st quarter worth $39,000. Hedge funds and other institutional investors own 82.29% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have commented on EMN shares. Citigroup boosted their price objective on Eastman Chemical from $96.00 to $99.00 and gave the stock a “buy” rating in a research note on Monday, July 31st. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Eastman Chemical from $92.00 to $86.00 in a research report on Monday, June 12th. Morgan Stanley reissued an “overweight” rating and set a $115.00 target price on shares of Eastman Chemical in a research report on Monday, July 31st. Credit Suisse Group raised their price target on shares of Eastman Chemical from $95.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, July 28th. Finally, Mizuho cut their price objective on shares of Eastman Chemical from $84.00 to $78.00 and set a “neutral” rating on the stock in a report on Thursday, August 3rd. Ten research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical currently has a consensus rating of “Hold” and a consensus price target of $94.87.
Eastman Chemical Stock Performance
EMN traded down $0.63 during trading hours on Friday, hitting $79.00. 1,164,369 shares of the stock were exchanged, compared to its average volume of 957,815. The stock has a market cap of $9.37 billion, a price-to-earnings ratio of 13.48, a price-to-earnings-growth ratio of 1.43 and a beta of 1.51. Eastman Chemical has a 12 month low of $69.91 and a 12 month high of $92.21. The stock has a 50-day simple moving average of $84.20 and a 200-day simple moving average of $82.58. The company has a debt-to-equity ratio of 0.86, a current ratio of 1.32 and a quick ratio of 0.61.
Eastman Chemical (NYSE:EMN – Get Free Report) last announced its quarterly earnings results on Thursday, July 27th. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.95 by $0.04. Eastman Chemical had a return on equity of 14.82% and a net margin of 7.21%. The business had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.59 billion. During the same quarter last year, the business posted $2.83 EPS. The business’s revenue was down 16.5% on a year-over-year basis. Analysts anticipate that Eastman Chemical will post 6.71 earnings per share for the current year.
Eastman Chemical Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, October 6th. Shareholders of record on Friday, September 15th will be given a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 4.00%. The ex-dividend date is Thursday, September 14th. Eastman Chemical’s dividend payout ratio (DPR) is 53.93%.
Eastman Chemical Company Profile
Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.
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