DAVENPORT & Co LLC Purchases New Position in Eastman Chemical (NYSE:EMN)

DAVENPORT & Co LLC purchased a new stake in Eastman Chemical (NYSE:EMN) during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,331 shares of the basic materials company’s stock, valued at approximately $209,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Blair William & Co. IL grew its position in shares of Eastman Chemical by 2.5% during the 1st quarter. Blair William & Co. IL now owns 4,380 shares of the basic materials company’s stock worth $491,000 after purchasing an additional 105 shares in the last quarter. Sunbelt Securities Inc. grew its position in shares of Eastman Chemical by 4.1% during the 2nd 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 in the last quarter. Tucker Asset Management LLC grew its position in shares of Eastman Chemical by 19.5% during 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 grew 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 purchasing an additional 150 shares in the last quarter. Finally, BOKF NA grew its position in shares of Eastman Chemical by 3.8% during the 2nd quarter. BOKF NA now owns 4,259 shares of the basic materials company’s stock worth $357,000 after purchasing an additional 154 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have issued reports on EMN. Redburn Atlantic began coverage on shares of Eastman Chemical in a research report on Thursday, February 15th. They set a “buy” rating and a $110.00 target price on the stock. Citigroup increased their target price on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a research report on Wednesday. UBS Group upped their price target on shares of Eastman Chemical from $91.00 to $93.00 and gave the stock a “neutral” rating in a report on Friday, February 2nd. The Goldman Sachs Group upped their price target on shares of Eastman Chemical from $82.00 to $92.00 and gave the stock a “neutral” rating in a report on Thursday, December 14th. Finally, Stifel Nicolaus cut their price target on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating for the company in a report on Monday, February 5th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Eastman Chemical presently has a consensus rating of “Moderate Buy” and a consensus target price of $97.13.

Insiders Place Their Bets

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of Eastman Chemical stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 2.28% of the company’s stock.

Eastman Chemical Trading Down 0.6 %

NYSE EMN opened at $100.02 on Friday. The company has a quick ratio of 0.70, a current ratio of 1.35 and a debt-to-equity ratio of 0.78. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $102.71. The company has a market cap of $11.76 billion, a price-to-earnings ratio of 13.35, a price-to-earnings-growth ratio of 1.11 and a beta of 1.54. The business’s fifty day moving average is $91.04 and its 200 day moving average is $84.75.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Friday, February 2nd. The basic materials company reported $1.31 earnings per share for the quarter, beating the consensus estimate of $1.28 by $0.03. Eastman Chemical had a return on equity of 14.15% and a net margin of 9.71%. The company had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.21 billion. During the same quarter last year, the business posted $0.89 EPS. Eastman Chemical’s revenue for the quarter was down 7.0% on a year-over-year basis. As a group, sell-side analysts expect that Eastman Chemical will post 7.7 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 3.24%. The ex-dividend date was Thursday, March 14th. Eastman Chemical’s payout ratio is presently 43.26%.

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.