Eastman Chemical (NYSE:EMN) Stock Holdings Lifted by Moors & Cabot Inc.

Moors & Cabot Inc. grew its position in Eastman Chemical (NYSE:EMN) by 8.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 6,777 shares of the basic materials company’s stock after purchasing an additional 508 shares during the period. Moors & Cabot Inc.’s holdings in Eastman Chemical were worth $791,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the business. CIBC Private Wealth Group LLC increased its position in Eastman Chemical by 1.4% in the 1st quarter. CIBC Private Wealth Group LLC now owns 6,018 shares of the basic materials company’s stock worth $663,000 after purchasing an additional 82 shares during the last quarter. Alpha DNA Investment Management LLC increased its position in Eastman Chemical by 28.9% in the 1st quarter. Alpha DNA Investment Management LLC now owns 419 shares of the basic materials company’s stock worth $46,000 after purchasing an additional 94 shares during the last quarter. Westpac Banking Corp increased its position in Eastman Chemical by 0.6% in the 1st quarter. Westpac Banking Corp now owns 16,164 shares of the basic materials company’s stock worth $1,780,000 after purchasing an additional 100 shares during the last quarter. Securian Asset Management Inc increased its position in Eastman Chemical by 0.9% in the 2nd quarter. Securian Asset Management Inc now owns 11,449 shares of the basic materials company’s stock worth $1,337,000 after purchasing an additional 100 shares during the last quarter. Finally, Capital Analysts LLC increased its position in Eastman Chemical by 15.4% in the 1st quarter. Capital Analysts LLC now owns 854 shares of the basic materials company’s stock worth $94,000 after purchasing an additional 114 shares during the last quarter. 83.59% of the stock is currently owned by institutional investors.

In other news, CEO Mark J. Costa sold 45,000 shares of the stock in a transaction that occurred on Thursday, August 12th. The stock was sold at an average price of $115.30, for a total value of $5,188,500.00. Following the completion of the transaction, the chief executive officer now directly owns 265,381 shares of the company’s stock, valued at approximately $30,598,429.30. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Brad A. Lich sold 26,496 shares of the stock in a transaction that occurred on Thursday, August 26th. The stock was sold at an average price of $113.19, for a total value of $2,999,082.24. The disclosure for this sale can be found here. 1.93% of the stock is currently owned by company insiders.

Several research analysts have weighed in on the company. Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and set a $140.00 target price on the stock in a research report on Thursday, August 5th. Royal Bank of Canada reiterated a “sector perform” rating and set a $109.44 price target (down previously from $119.00) on shares of Eastman Chemical in a research note on Tuesday, July 27th. Wolfe Research started coverage on Eastman Chemical in a research note on Wednesday, June 9th. They set an “outperform” rating for the company. Deutsche Bank Aktiengesellschaft upped their price target on Eastman Chemical from $132.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, June 14th. Finally, TheStreet downgraded Eastman Chemical from a “b-” rating to a “c+” rating in a research note on Monday, August 23rd. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $128.77.

Shares of NYSE:EMN opened at $103.09 on Friday. The business has a 50 day moving average price of $111.39 and a 200 day moving average price of $115.68. Eastman Chemical has a twelve month low of $74.84 and a twelve month high of $130.47. The company has a market cap of $14.00 billion, a price-to-earnings ratio of 44.24, a PEG ratio of 0.62 and a beta of 1.50. The company has a quick ratio of 1.41, a current ratio of 2.06 and a debt-to-equity ratio of 0.87.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Sunday, August 1st. The basic materials company reported $2.46 earnings per share for the quarter, beating the consensus estimate of $2.33 by $0.13. Eastman Chemical had a return on equity of 17.52% and a net margin of 3.43%. The firm had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.40 billion. During the same quarter in the prior year, the company earned $0.85 EPS. The firm’s revenue for the quarter was up 37.9% compared to the same quarter last year. Analysts anticipate that Eastman Chemical will post 9.23 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 1st. Shareholders of record on Wednesday, September 15th will be given a $0.69 dividend. The ex-dividend date is Tuesday, September 14th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.68%. Eastman Chemical’s dividend payout ratio is currently 44.88%.

Eastman Chemical Profile

Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Additives and Functional Products, Advanced Materials, Chemical Intermediates and Fibers. The Additives and Functional Products segment includes chemicals for products in the transportation, consumables, building and construction, animal nutrition, crop protection, energy, personal and home care, and other markets.

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

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