Eastman Chemical (NYSE:EMN) Shares Purchased by Patrick M Sweeney & Associates Inc.

Patrick M Sweeney & Associates Inc. increased its position in shares of Eastman Chemical (NYSE:EMN) by 3.3% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,434 shares of the basic materials company’s stock after purchasing an additional 111 shares during the period. Patrick M Sweeney & Associates Inc.’s holdings in Eastman Chemical were worth $384,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of EMN. Wolff Wiese Magana LLC increased its holdings in shares of Eastman Chemical by 238.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after buying an additional 200 shares during the last quarter. Cultivar Capital Inc. acquired a new stake in Eastman Chemical during the second quarter worth $29,000. Northwest Investment Counselors LLC purchased a new stake in Eastman Chemical in the third quarter valued at $38,000. EntryPoint Capital LLC acquired a new position in shares of Eastman Chemical in the 1st quarter valued at $38,000. Finally, Rothschild Investment LLC purchased a new position in shares of Eastman Chemical during the 2nd quarter worth $38,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

EMN has been the topic of several research analyst reports. Barclays boosted their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a report on Monday, July 29th. Wells Fargo & Company upped their price target on Eastman Chemical from $105.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. Finally, Royal Bank of Canada raised their price target on Eastman Chemical from $100.00 to $107.00 and gave the stock a “sector perform” rating in a research report on Friday, October 11th. Eight research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $110.20.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock opened at $106.98 on Thursday. The business has a 50-day simple moving average of $104.89 and a 200-day simple moving average of $100.73. The company has a market cap of $12.59 billion, a PE ratio of 13.79, a P/E/G ratio of 0.83 and a beta of 1.44. Eastman Chemical has a one year low of $68.89 and a one year high of $114.50. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.99 EPS. On average, equities research analysts forecast that Eastman Chemical will post 7.67 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 16th were paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 3.03%. The ex-dividend date was Monday, September 16th. Eastman Chemical’s dividend payout ratio is presently 41.75%.

Eastman Chemical 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.