IFG Advisory LLC Purchases 137 Shares of Eastman Chemical (NYSE:EMN)

IFG Advisory LLC increased its position in Eastman Chemical (NYSE:EMN) by 0.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,438 shares of the basic materials company’s stock after acquiring an additional 137 shares during the quarter. IFG Advisory LLC’s holdings in Eastman Chemical were worth $1,513,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

EMN has been the subject of several recent research reports. UBS Group raised Eastman Chemical from a “neutral” rating to a “buy” rating and upped their price target for the company from $106.00 to $128.00 in a report on Thursday, May 23rd. Piper Sandler reiterated a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. Barclays raised their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Citigroup cut their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. Finally, Mizuho upped their price target on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Seven analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus target price of $108.07.

Insider Buying and Selling at Eastman Chemical

In related news, SVP Adrian James Holt sold 1,975 shares of Eastman Chemical 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.93% of the company’s stock.

Eastman Chemical Trading Up 1.4 %

Shares of NYSE EMN traded up $1.37 during midday trading on Friday, hitting $102.37. The stock had a trading volume of 808,987 shares, compared to its average volume of 956,268. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 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 $105.98. The firm has a market cap of $12.04 billion, a P/E ratio of 13.19, a price-to-earnings-growth ratio of 1.12 and a beta of 1.46. The company’s 50-day simple moving average is $97.95 and its 200 day simple moving average is $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 the consensus estimate of $2.36 billion. During the same period in the prior year, the company posted $1.99 EPS. The company’s revenue was up 1.7% compared to the same quarter last year. Research analysts anticipate that Eastman Chemical will post 7.67 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date is Monday, September 16th. Eastman Chemical’s dividend payout ratio is presently 41.75%.

About Eastman Chemical

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.