3,613 Shares in Eastman Chemical (NYSE:EMN) Purchased by Fort Washington Investment Advisors Inc. OH

Fort Washington Investment Advisors Inc. OH acquired a new stake in shares of Eastman Chemical (NYSE:EMN) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 3,613 shares of the basic materials company’s stock, valued at approximately $354,000.

A number of other hedge funds also recently added to or reduced their stakes in EMN. International Assets Investment Management LLC acquired a new stake in shares of Eastman Chemical during the fourth quarter worth $8,592,000. CWM LLC lifted its stake in shares of Eastman Chemical by 7.6% in the 4th quarter. CWM LLC now owns 4,039 shares of the basic materials company’s stock worth $363,000 after acquiring an additional 286 shares during the period. Atria Wealth Solutions Inc. boosted its holdings in shares of Eastman Chemical by 4.6% in the fourth quarter. Atria Wealth Solutions Inc. now owns 3,452 shares of the basic materials company’s stock valued at $310,000 after acquiring an additional 151 shares in the last quarter. Gilbert & Cook Inc. increased its stake in shares of Eastman Chemical by 5.0% during the fourth quarter. Gilbert & Cook Inc. now owns 4,457 shares of the basic materials company’s stock worth $400,000 after acquiring an additional 212 shares during the period. Finally, Van ECK Associates Corp raised its holdings in Eastman Chemical by 133.8% during the fourth quarter. Van ECK Associates Corp now owns 36,707 shares of the basic materials company’s stock worth $3,297,000 after purchasing an additional 21,006 shares in the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on EMN shares. Piper Sandler reaffirmed a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a report on Tuesday, July 30th. Mizuho raised their target price on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Barclays increased their price target 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. Citigroup reduced their price objective on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research note on Thursday, June 27th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Seven research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $108.07.

Insider Buying and Selling at Eastman Chemical

In other news, SVP Adrian James Holt sold 1,975 shares of the firm’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total transaction of $195,959.50. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.93% of the stock is currently owned by insiders.

Eastman Chemical Price Performance

Shares of NYSE:EMN traded up $1.37 on Friday, hitting $102.37. The company had a trading volume of 780,160 shares, compared to its average volume of 956,268. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. The company has a market cap of $12.04 billion, a PE ratio of 13.19, a PEG ratio of 1.12 and a beta of 1.46. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $105.98. The business has a 50 day moving average of $97.95 and a 200 day moving average of $96.69.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period in the prior year, the firm earned $1.99 EPS. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. As a group, equities analysts anticipate that Eastman Chemical will post 7.67 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 16th will be paid a $0.81 dividend. The ex-dividend date of this dividend is Monday, September 16th. This represents a $3.24 annualized dividend and a yield of 3.16%. Eastman Chemical’s payout ratio is currently 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.