Moors & Cabot Inc. Acquires Shares of 3,043 Eastman Chemical (NYSE:EMN)

Moors & Cabot Inc. purchased a new position in Eastman Chemical (NYSE:EMNFree Report) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,043 shares of the basic materials company’s stock, valued at approximately $233,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Geode Capital Management LLC increased its position in shares of Eastman Chemical by 1.8% in the second quarter. Geode Capital Management LLC now owns 2,507,316 shares of the basic materials company’s stock worth $209,362,000 after purchasing an additional 44,183 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Eastman Chemical by 0.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,212,782 shares of the basic materials company’s stock valued at $185,250,000 after buying an additional 18,804 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Eastman Chemical by 18.7% during the 1st quarter. Bank of America Corp DE now owns 1,885,179 shares of the basic materials company’s stock worth $158,996,000 after acquiring an additional 296,610 shares during the last quarter. Earnest Partners LLC grew its position in Eastman Chemical by 31.7% in the second quarter. Earnest Partners LLC now owns 1,507,740 shares of the basic materials company’s stock worth $126,228,000 after acquiring an additional 362,607 shares in the last quarter. Finally, Norges Bank bought a new position in Eastman Chemical in the fourth quarter valued at $102,575,000. 82.29% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on EMN. The Goldman Sachs Group upped their price objective on Eastman Chemical from $82.00 to $92.00 and gave the stock a “neutral” rating in a report on Thursday, December 14th. Barclays cut their target price on Eastman Chemical from $90.00 to $85.00 and set an “equal weight” rating for the company in a research note on Wednesday, October 11th. Piper Sandler decreased their price target on shares of Eastman Chemical from $96.00 to $80.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 11th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Wednesday, December 13th. Finally, Stifel Nicolaus decreased their target price on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a research report on Monday. Seven equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus price target of $92.67.

Get Our Latest Stock Analysis on Eastman Chemical

Eastman Chemical Stock Up 0.1 %

Shares of Eastman Chemical stock opened at $82.64 on Wednesday. The company’s fifty day simple moving average is $86.65 and its two-hundred day simple moving average is $81.89. Eastman Chemical has a 12-month low of $68.89 and a 12-month high of $91.38. The company has a current ratio of 1.36, a quick ratio of 0.71 and a debt-to-equity ratio of 0.84. The company has a market cap of $9.80 billion, a P/E ratio of 11.03, a PEG ratio of 1.37 and a beta of 1.53.

Eastman Chemical (NYSE:EMNGet Free Report) last released its quarterly earnings results on Friday, February 2nd. The basic materials company reported $1.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.28 by $0.03. The company had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.21 billion. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.27%. Eastman Chemical’s revenue was down 7.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.89 earnings per share. Research analysts anticipate that Eastman Chemical will post 7.76 EPS for the current year.

Eastman Chemical Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, January 5th. Investors of record on Monday, December 18th were paid a $0.81 dividend. This represents a $3.24 annualized dividend and a yield of 3.92%. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.79. The ex-dividend date was Friday, December 15th. Eastman Chemical’s dividend payout ratio is presently 43.26%.

Eastman Chemical Company Profile

(Free Report)

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.

See Also

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

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