Brookstone Capital Management purchased a new stake in shares of Eastman Chemical (NYSE:EMN) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 2,653 shares of the basic materials company’s stock, valued at approximately $207,000.
Several other institutional investors also recently made changes to their positions in EMN. Smith Asset Management Group LP boosted its position in Eastman Chemical by 60.5% during the 2nd quarter. Smith Asset Management Group LP now owns 398 shares of the basic materials company’s stock worth $28,000 after buying an additional 150 shares during the period. Global Retirement Partners LLC boosted its position in Eastman Chemical by 277.5% during the 2nd quarter. Global Retirement Partners LLC now owns 419 shares of the basic materials company’s stock worth $29,000 after buying an additional 308 shares during the period. Creative Financial Designs Inc. ADV acquired a new stake in Eastman Chemical during the 2nd quarter worth approximately $38,000. Ameritas Investment Company LLC boosted its position in Eastman Chemical by 294.9% during the 1st quarter. Ameritas Investment Company LLC now owns 853 shares of the basic materials company’s stock worth $39,000 after buying an additional 637 shares during the period. Finally, Twin Tree Management LP acquired a new stake in Eastman Chemical during the 2nd quarter worth approximately $52,000. 82.43% of the stock is currently owned by institutional investors.
Eastman Chemical stock opened at $86.49 on Friday. Eastman Chemical has a 52 week low of $34.44 and a 52 week high of $87.21. The company’s 50 day moving average price is $79.93 and its two-hundred day moving average price is $69.88. The company has a quick ratio of 1.12, a current ratio of 1.88 and a debt-to-equity ratio of 0.89. The stock has a market cap of $11.71 billion, a P/E ratio of 20.54, a P/E/G ratio of 3.48 and a beta of 1.53.
Eastman Chemical (NYSE:EMN) last posted its earnings results on Monday, August 3rd. The basic materials company reported $0.85 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.05 by ($0.20). Eastman Chemical had a return on equity of 14.02% and a net margin of 6.64%. The firm had revenue of $1.92 billion for the quarter, compared to the consensus estimate of $1.82 billion. During the same period in the prior year, the business earned $1.99 EPS. Eastman Chemical’s quarterly revenue was down 18.6% compared to the same quarter last year. On average, equities analysts anticipate that Eastman Chemical will post 5.7 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, October 2nd. Shareholders of record on Tuesday, September 15th were given a dividend of $0.66 per share. The ex-dividend date of this dividend was Monday, September 14th. This represents a $2.64 annualized dividend and a dividend yield of 3.05%. Eastman Chemical’s dividend payout ratio is currently 37.03%.
A number of research analysts have recently issued reports on the stock. BofA Securities downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and set a $75.00 price target on the stock. in a research report on Wednesday, August 5th. Truist boosted their price target on shares of Eastman Chemical from $75.00 to $90.00 in a research report on Friday, September 18th. KeyCorp boosted their price target on shares of Eastman Chemical from $83.00 to $92.00 and gave the stock an “overweight” rating in a research report on Monday, July 13th. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and set a $75.00 price target on the stock. in a research report on Wednesday, August 5th. Finally, Jefferies Financial Group boosted their target price on shares of Eastman Chemical from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, June 26th. Ten investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $76.74.
In related news, SVP Mark K. Cox sold 3,290 shares of Eastman Chemical stock in a transaction that occurred on Thursday, August 13th. The shares were sold at an average price of $73.22, for a total value of $240,893.80. Following the sale, the senior vice president now owns 18,031 shares of the company’s stock, valued at approximately $1,320,229.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.66% of the stock is owned by company insiders.
About Eastman Chemical
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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