SeaCrest Wealth Management LLC lifted its position in shares of Eastman Chemical (NYSE:EMN) by 30.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,730 shares of the basic materials company’s stock after buying an additional 874 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Eastman Chemical were worth $290,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Zions Bancorporation N.A. bought a new position in shares of Eastman Chemical during the 1st quarter worth $27,000. SevenBridge Financial Group LLC grew its position in shares of Eastman Chemical by 62.6% during the 2nd quarter. SevenBridge Financial Group LLC now owns 709 shares of the basic materials company’s stock worth $55,000 after buying an additional 273 shares in the last quarter. Thor Advisors LLC bought a new position in shares of Eastman Chemical during the 1st quarter worth $73,000. Bremer Bank National Association bought a new position in shares of Eastman Chemical during the 1st quarter worth $79,000. Finally, Rehmann Capital Advisory Group grew its position in shares of Eastman Chemical by 205.1% during the 1st quarter. Rehmann Capital Advisory Group now owns 1,019 shares of the basic materials company’s stock worth $77,000 after buying an additional 685 shares in the last quarter. 82.47% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE EMN traded down $2.06 during mid-day trading on Friday, reaching $70.42. 1,720,392 shares of the company were exchanged, compared to its average volume of 913,336. The company has a current ratio of 1.51, a quick ratio of 0.79 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $10.44 billion, a PE ratio of 8.59, a price-to-earnings-growth ratio of 1.12 and a beta of 1.33. Eastman Chemical has a 1 year low of $64.84 and a 1 year high of $102.94. The business has a 50-day simple moving average of $76.67.
Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 25th. The basic materials company reported $1.99 EPS for the quarter, missing analysts’ consensus estimates of $2.09 by ($0.10). Eastman Chemical had a net margin of 9.45% and a return on equity of 17.77%. The business had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.55 billion. During the same quarter last year, the business posted $2.22 earnings per share. The company’s quarterly revenue was down 9.8% compared to the same quarter last year. Analysts anticipate that Eastman Chemical will post 7.68 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 4th. Shareholders of record on Monday, September 16th will be paid a $0.62 dividend. This represents a $2.48 dividend on an annualized basis and a yield of 3.52%. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.24%.
A number of brokerages recently weighed in on EMN. KeyCorp decreased their price objective on Eastman Chemical from $95.00 to $94.00 and set an “overweight” rating for the company in a research note on Friday, April 12th. Zacks Investment Research cut Eastman Chemical from a “hold” rating to a “sell” rating and set a $84.00 price objective for the company. in a research note on Tuesday, July 2nd. SunTrust Banks set a $80.00 price objective on Eastman Chemical and gave the stock a “hold” rating in a research note on Monday, July 15th. Nomura decreased their price objective on Eastman Chemical from $88.00 to $85.00 and set a “buy” rating for the company in a research note on Monday, July 29th. Finally, JPMorgan Chase & Co. cut Eastman Chemical from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $88.00 to $80.00 in a research note on Monday, July 29th. Two analysts have rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. Eastman Chemical presently has an average rating of “Hold” and an average price target of $86.50.
Eastman Chemical Company Profile
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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