Pallas Capital Advisors LLC Takes $660,000 Position in Eastman Chemical (NYSE:EMN)

Pallas Capital Advisors LLC bought a new position in Eastman Chemical (NYSE:EMNFree Report) during the fourth quarter, according to its most recent filing with the SEC. The firm bought 7,353 shares of the basic materials company’s stock, valued at approximately $660,000.

Several other hedge funds have also bought and sold shares of the business. Blair William & Co. IL raised its position in Eastman Chemical by 2.5% in the 1st quarter. Blair William & Co. IL now owns 4,380 shares of the basic materials company’s stock valued at $491,000 after buying an additional 105 shares during the last quarter. Sunbelt Securities Inc. boosted its holdings in Eastman Chemical by 4.1% during the second quarter. Sunbelt Securities Inc. now owns 3,107 shares of the basic materials company’s stock worth $260,000 after purchasing an additional 122 shares during the last quarter. Tucker Asset Management LLC grew its position in Eastman Chemical by 19.5% in the 3rd quarter. Tucker Asset Management LLC now owns 870 shares of the basic materials company’s stock worth $67,000 after purchasing an additional 142 shares in the last quarter. Yousif Capital Management LLC lifted its position in shares of Eastman Chemical by 0.8% during the 1st quarter. Yousif Capital Management LLC now owns 18,628 shares of the basic materials company’s stock worth $2,087,000 after buying an additional 150 shares in the last quarter. Finally, BOKF NA boosted its stake in shares of Eastman Chemical by 3.8% in the 2nd quarter. BOKF NA now owns 4,259 shares of the basic materials company’s stock worth $357,000 after buying an additional 154 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Insider Transactions at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of Eastman Chemical stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 2.28% of the company’s stock.

Wall Street Analyst Weigh In

EMN has been the subject of a number of recent analyst reports. The Goldman Sachs Group upped their price objective on Eastman Chemical from $82.00 to $92.00 and gave the company a “neutral” rating in a research note on Thursday, December 14th. KeyCorp raised their price objective on shares of Eastman Chemical from $95.00 to $101.00 and gave the stock an “overweight” rating in a report on Tuesday, January 9th. Redburn Atlantic initiated coverage on shares of Eastman Chemical in a research report on Thursday, February 15th. They issued a “buy” rating and a $110.00 price objective on the stock. Stifel Nicolaus decreased their price target on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating for the company in a research note on Monday, February 5th. Finally, Royal Bank of Canada lowered their target price on Eastman Chemical from $91.00 to $89.00 and set a “sector perform” rating on the stock in a research note on Tuesday, February 6th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $93.75.

Check Out Our Latest Stock Report on EMN

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $100.32 on Tuesday. The firm has a market capitalization of $11.80 billion, a PE ratio of 13.39, a price-to-earnings-growth ratio of 1.11 and a beta of 1.54. The company has a current ratio of 1.35, a quick ratio of 0.70 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $100.61. The business’s 50-day moving average price is $88.48 and its 200-day moving average price is $83.56.

Eastman Chemical (NYSE:EMNGet Free Report) last issued its quarterly earnings results on Friday, February 2nd. The basic materials company reported $1.31 EPS for the quarter, beating analysts’ consensus estimates of $1.28 by $0.03. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.15%. The business had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.21 billion. During the same period last year, the business earned $0.89 earnings per share. The business’s quarterly revenue was down 7.0% on a year-over-year basis. Sell-side analysts forecast that Eastman Chemical will post 7.7 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 5th. Shareholders of record on Friday, March 15th will be given a dividend of $0.81 per share. The ex-dividend date of this dividend is Thursday, March 14th. This represents a $3.24 annualized dividend and a yield of 3.23%. Eastman Chemical’s payout ratio is 43.26%.

Eastman Chemical Profile

(Free Report)

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.

Further Reading

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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