Beverly Hills Private Wealth LLC Reduces Position in Eastman Chemical (NYSE:EMN)

Beverly Hills Private Wealth LLC lowered its position in Eastman Chemical (NYSE:EMN) by 3.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,373 shares of the basic materials company’s stock after selling 138 shares during the quarter. Beverly Hills Private Wealth LLC’s holdings in Eastman Chemical were worth $428,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Lcnb Corp raised its position in Eastman Chemical by 1.7% in the 1st quarter. Lcnb Corp now owns 6,275 shares of the basic materials company’s stock valued at $629,000 after purchasing an additional 103 shares during the last quarter. Kingswood Wealth Advisors LLC raised its holdings in shares of Eastman Chemical by 2.8% in the second quarter. Kingswood Wealth Advisors LLC now owns 4,026 shares of the basic materials company’s stock valued at $394,000 after buying an additional 111 shares during the last quarter. Quadrant Capital Group LLC boosted its stake in shares of Eastman Chemical by 8.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,639 shares of the basic materials company’s stock worth $147,000 after buying an additional 128 shares during the period. IFG Advisory LLC grew its holdings in shares of Eastman Chemical by 0.9% during the second quarter. IFG Advisory LLC now owns 15,438 shares of the basic materials company’s stock worth $1,513,000 after buying an additional 137 shares during the last quarter. Finally, Empirical Finance LLC increased its position in Eastman Chemical by 3.3% in the 1st quarter. Empirical Finance LLC now owns 4,525 shares of the basic materials company’s stock valued at $453,000 after acquiring an additional 145 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Royal Bank of Canada reiterated a “sector perform” rating and issued a $100.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Citigroup lowered their price objective on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. UBS Group raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $106.00 to $128.00 in a research note on Thursday, May 23rd. Deutsche Bank Aktiengesellschaft raised their target price on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Finally, Mizuho boosted their price target on shares of Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Seven investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $108.07.

Eastman Chemical Price Performance

Shares of NYSE:EMN opened at $99.57 on Friday. The firm has a market capitalization of $11.71 billion, a price-to-earnings ratio of 12.83, a price-to-earnings-growth ratio of 0.74 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. The business’s 50 day simple moving average is $98.31 and its 200-day simple moving average is $97.58. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $105.98.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. 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 previous year, the business earned $1.99 earnings per share. Eastman Chemical’s quarterly revenue was up 1.7% compared to the same quarter last year. As a group, equities analysts forecast that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

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. The ex-dividend date is Monday, September 16th. This represents a $3.24 annualized dividend and a yield of 3.25%. Eastman Chemical’s dividend payout ratio (DPR) is currently 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.