Cullinan Associates Inc. Buys Shares of 1,900 Eastman Chemical (NYSE:EMN)

Cullinan Associates Inc. bought a new stake in Eastman Chemical (NYSE:EMN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,900 shares of the basic materials company’s stock, valued at approximately $205,000.

Several other hedge funds have also recently added to or reduced their stakes in EMN. Kingswood Wealth Advisors LLC lifted its stake in Eastman Chemical by 19.0% in the first quarter. Kingswood Wealth Advisors LLC now owns 3,915 shares of the basic materials company’s stock valued at $392,000 after buying an additional 626 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in shares of Eastman Chemical by 25.6% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 15,699 shares of the basic materials company’s stock worth $1,573,000 after purchasing an additional 3,196 shares during the period. Atlantic Union Bankshares Corp acquired a new stake in shares of Eastman Chemical during the first quarter worth about $219,000. Miracle Mile Advisors LLC acquired a new stake in shares of Eastman Chemical during the first quarter worth about $276,000. Finally, Stewart & Patten Co. LLC raised its position in shares of Eastman Chemical by 3.8% during the first quarter. Stewart & Patten Co. LLC now owns 185,323 shares of the basic materials company’s stock worth $18,573,000 after purchasing an additional 6,769 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on EMN shares. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Barclays increased their price objective on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Deutsche Bank Aktiengesellschaft increased their price objective on Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Royal Bank of Canada increased their price objective on Eastman Chemical from $100.00 to $107.00 and gave the stock a “sector perform” rating in a report on Friday, October 11th. Finally, Bank of America downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and raised their price target for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Eight investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $110.20.

Eastman Chemical Stock Performance

NYSE:EMN opened at $105.41 on Friday. The stock has a market cap of $12.40 billion, a P/E ratio of 13.58, a PEG ratio of 0.83 and a beta of 1.44. The stock has a 50 day simple moving average of $105.21 and a 200 day simple moving average of $100.80. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. Eastman Chemical has a 1-year low of $69.25 and a 1-year high of $114.50.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.14. The business had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same period last year, the firm posted $1.99 EPS. Research analysts anticipate that Eastman Chemical will post 7.67 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 16th were issued a $0.81 dividend. The ex-dividend date was Monday, September 16th. This represents a $3.24 annualized dividend and a yield of 3.07%. Eastman Chemical’s dividend payout ratio is presently 41.75%.

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.