Prudent Man Advisors LLC Trims Position in Eastman Chemical (NYSE:EMN)

Prudent Man Advisors LLC lessened its position in shares of Eastman Chemical (NYSE:EMNGet Rating) by 1.6% in the first quarter, Holdings Channel reports. The fund owned 7,354 shares of the basic materials company’s stock after selling 123 shares during the quarter. Prudent Man Advisors LLC’s holdings in Eastman Chemical were worth $824,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Commonwealth Equity Services LLC increased its position in Eastman Chemical by 3.7% during the first quarter. Commonwealth Equity Services LLC now owns 50,308 shares of the basic materials company’s stock valued at $5,637,000 after acquiring an additional 1,816 shares during the last quarter. Chesapeake Wealth Management increased its position in Eastman Chemical by 4.3% in the first quarter. Chesapeake Wealth Management now owns 3,990 shares of the basic materials company’s stock worth $447,000 after buying an additional 164 shares in the last quarter. AdvisorNet Financial Inc increased its position in Eastman Chemical by 22.1% in the first quarter. AdvisorNet Financial Inc now owns 1,140 shares of the basic materials company’s stock worth $128,000 after buying an additional 206 shares in the last quarter. Yousif Capital Management LLC purchased a new stake in Eastman Chemical in the fourth quarter worth about $2,234,000. Finally, Xponance Inc. increased its position in Eastman Chemical by 22.4% in the fourth quarter. Xponance Inc. now owns 8,496 shares of the basic materials company’s stock worth $1,027,000 after buying an additional 1,555 shares in the last quarter. Hedge funds and other institutional investors own 87.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on EMN shares. Deutsche Bank Aktiengesellschaft reduced their price target on Eastman Chemical from $125.00 to $115.00 in a research report on Monday, August 1st. Bank of America reduced their price target on Eastman Chemical from $123.00 to $115.00 and set a “neutral” rating for the company in a research report on Wednesday, July 13th. Royal Bank of Canada upped their price target on Eastman Chemical from $94.00 to $97.00 and gave the stock a “sector perform” rating in a research report on Tuesday. Citigroup cut Eastman Chemical from a “buy” rating to a “neutral” rating and set a $102.00 price target for the company. in a research report on Monday, August 1st. Finally, Credit Suisse Group assumed coverage on Eastman Chemical in a research report on Tuesday, May 31st. They set an “outperform” rating and a $130.00 target price for the company. Nine research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $118.07.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $95.13 on Friday. The stock has a 50 day moving average of $95.05 and a 200 day moving average of $105.88. Eastman Chemical has a 12 month low of $84.95 and a 12 month high of $129.48. The firm has a market cap of $11.68 billion, a PE ratio of 10.33, a PEG ratio of 1.29 and a beta of 1.43. The company has a current ratio of 1.27, a quick ratio of 1.04 and a debt-to-equity ratio of 0.74.

Eastman Chemical (NYSE:EMNGet Rating) last announced its quarterly earnings results on Thursday, July 28th. The basic materials company reported $2.83 EPS for the quarter, beating analysts’ consensus estimates of $2.69 by $0.14. Eastman Chemical had a return on equity of 20.67% and a net margin of 11.18%. The company had revenue of $2.78 billion during the quarter, compared to analyst estimates of $2.79 billion. During the same period in the prior year, the company earned $2.46 earnings per share. The firm’s revenue was up 4.9% on a year-over-year basis. On average, research analysts expect that Eastman Chemical will post 9.7 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, October 7th. Investors of record on Thursday, September 15th will be paid a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 3.20%. The ex-dividend date is Wednesday, September 14th. Eastman Chemical’s payout ratio is presently 33.01%.

Eastman Chemical Profile

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Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.

Further Reading

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

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