TCM Advisors LLC bought a new position in shares of Eastman Chemical Company (NYSE:EMN – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 9,818 shares of the basic materials company’s stock, valued at approximately $658,000.
Several other institutional investors and hedge funds also recently modified their holdings of EMN. MUFG Securities EMEA plc acquired a new stake in shares of Eastman Chemical in the second quarter valued at approximately $25,000. Altshuler Shaham Ltd acquired a new position in shares of Eastman Chemical during the 4th quarter worth approximately $25,000. Garton & Associates Financial Advisors LLC purchased a new stake in Eastman Chemical in the 4th quarter valued at approximately $27,000. Los Angeles Capital Management LLC purchased a new stake in Eastman Chemical in the 4th quarter valued at approximately $27,000. Finally, McMillan Office Inc. acquired a new stake in Eastman Chemical during the 4th quarter valued at $29,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.
Eastman Chemical Stock Performance
Eastman Chemical stock opened at $74.20 on Monday. The stock’s 50-day moving average is $70.56 and its 200-day moving average is $72.68. The company has a market cap of $8.49 billion, a price-to-earnings ratio of 19.32, a price-to-earnings-growth ratio of 0.91 and a beta of 1.06. The company has a debt-to-equity ratio of 0.72, a current ratio of 1.50 and a quick ratio of 0.76. Eastman Chemical Company has a 12 month low of $56.11 and a 12 month high of $83.47.
Eastman Chemical Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 7th. Shareholders of record on Tuesday, September 15th will be given a $0.84 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $3.36 annualized dividend and a yield of 4.5%. Eastman Chemical’s dividend payout ratio (DPR) is 87.50%.
Wall Street Analyst Weigh In
A number of equities analysts have recently weighed in on the company. Mizuho set a $85.00 price target on Eastman Chemical in a report on Friday, May 1st. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $75.00 price objective on shares of Eastman Chemical in a research note on Thursday, July 16th. JPMorgan Chase & Co. lifted their price objective on Eastman Chemical from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Monday, May 4th. Weiss Ratings reissued a “hold (c)” rating on shares of Eastman Chemical in a research note on Thursday, August 13th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $74.00 target price on shares of Eastman Chemical in a report on Monday, August 3rd. Seven research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $79.17.
Check Out Our Latest Analysis on EMN
About Eastman Chemical
Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.
The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.
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