Eastern Bank Buys 95 Shares of Eastman Chemical (NYSE:EMN)

Eastern Bank increased its stake in shares of Eastman Chemical (NYSE:EMN) by 0.1% during the 3rd quarter, Holdings Channel.com reports. The fund owned 164,098 shares of the basic materials company’s stock after purchasing an additional 95 shares during the quarter. Eastern Bank’s holdings in Eastman Chemical were worth $18,371,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Cultivar Capital Inc. bought a new stake in shares of Eastman Chemical in the 2nd quarter worth approximately $29,000. Wolff Wiese Magana LLC lifted its stake in shares of Eastman Chemical by 238.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 200 shares during the period. Northwest Investment Counselors LLC purchased a new position in shares of Eastman Chemical in the 1st quarter valued at approximately $34,000. EntryPoint Capital LLC purchased a new position in shares of Eastman Chemical in the 1st quarter valued at approximately $38,000. Finally, Rothschild Investment LLC purchased a new position in shares of Eastman Chemical in the 2nd quarter valued at approximately $38,000. 83.65% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Citigroup lowered their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research note on Thursday, June 27th. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price objective for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Piper Sandler reiterated a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Wells Fargo & Company lifted their price objective on Eastman Chemical from $105.00 to $118.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 15th. Finally, Barclays lifted their price objective on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and a consensus target price of $110.20.

Eastman Chemical Stock Performance

NYSE:EMN traded down $0.76 during mid-day trading on Tuesday, hitting $107.06. 239,345 shares of the company traded hands, compared to its average volume of 941,731. The firm has a market cap of $12.60 billion, a price-to-earnings ratio of 13.90, a price-to-earnings-growth ratio of 0.83 and a beta of 1.44. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76. The stock’s fifty day moving average price is $104.43 and its 200-day moving average price is $100.63. Eastman Chemical has a one year low of $68.89 and a one year high of $114.50.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The firm’s revenue for the quarter was up 1.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.99 earnings per share. Research analysts anticipate that Eastman Chemical will post 7.67 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 16th were given a dividend of $0.81 per share. The ex-dividend date was Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a yield of 3.03%. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

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.