Patrick M Sweeney & Associates Inc. Purchases Shares of 3,319 Eastman Chemical (NYSE:EMN)

Patrick M Sweeney & Associates Inc. purchased a new position in shares of Eastman Chemical (NYSE:EMN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 3,319 shares of the basic materials company’s stock, valued at approximately $298,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Invesco Ltd. lifted its holdings in shares of Eastman Chemical by 37.4% during the third quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock worth $214,496,000 after purchasing an additional 760,974 shares during the period. Mackenzie Financial Corp boosted its holdings in Eastman Chemical by 274.5% in the fourth quarter. Mackenzie Financial Corp now owns 249,104 shares of the basic materials company’s stock valued at $22,375,000 after purchasing an additional 391,848 shares during the last quarter. Schonfeld Strategic Advisors LLC lifted its holdings in shares of Eastman Chemical by 1,031.0% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 333,655 shares of the basic materials company’s stock valued at $25,598,000 after buying an additional 304,155 shares during the period. Earnest Partners LLC lifted its stake in shares of Eastman Chemical by 19.9% in the 3rd quarter. Earnest Partners LLC now owns 1,807,691 shares of the basic materials company’s stock valued at $138,686,000 after purchasing an additional 299,951 shares during the period. Finally, Sei Investments Co. boosted its holdings in Eastman Chemical by 40.8% during the third quarter. Sei Investments Co. now owns 575,256 shares of the basic materials company’s stock worth $44,133,000 after buying an additional 166,629 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Trading Up 1.9 %

Shares of EMN stock traded up $1.89 during trading hours on Tuesday, hitting $100.64. The company had a trading volume of 1,100,801 shares, compared to its average volume of 1,078,508. The stock has a market capitalization of $11.84 billion, a PE ratio of 12.73, a price-to-earnings-growth ratio of 1.06 and a beta of 1.54. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.39 and a quick ratio of 0.71. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $102.71. The company’s fifty day moving average is $95.26 and its 200 day moving average is $87.55.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.20. The firm had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.29 billion. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.63 EPS. Research analysts expect that Eastman Chemical will post 7.75 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be paid a dividend of $0.81 per share. The ex-dividend date is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.22%. Eastman Chemical’s payout ratio is currently 41.75%.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of Eastman Chemical stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.28% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on EMN shares. Mizuho raised their target price on Eastman Chemical from $91.00 to $102.00 and gave the company a “neutral” rating in a research report on Friday, April 26th. Barclays increased their target price on Eastman Chemical from $85.00 to $103.00 and gave the company an “equal weight” rating in a research report on Monday. Jefferies Financial Group raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and boosted their price target for the stock from $102.00 to $125.00 in a report on Monday, April 29th. Stifel Nicolaus dropped their target price on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a research report on Monday, February 5th. Finally, Piper Sandler boosted their target price on shares of Eastman Chemical from $90.00 to $105.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 30th. Eight equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, Eastman Chemical has a consensus rating of “Moderate Buy” and an average target price of $104.18.

Eastman Chemical Company Profile

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.