Klein Pavlis & Peasley Financial Inc. Sells 306 Shares of Eastman Chemical (NYSE:EMN)

Klein Pavlis & Peasley Financial Inc. lessened its holdings in shares of Eastman Chemical (NYSE:EMN) by 3.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 9,498 shares of the basic materials company’s stock after selling 306 shares during the quarter. Klein Pavlis & Peasley Financial Inc.’s holdings in Eastman Chemical were worth $1,063,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Bessemer Group Inc. raised its position in shares of Eastman Chemical by 321.2% in the first quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock valued at $1,628,000 after purchasing an additional 12,392 shares during the period. Empowered Funds LLC bought a new position in shares of Eastman Chemical in the first quarter valued at approximately $594,000. Dakota Wealth Management raised its position in shares of Eastman Chemical by 13.5% in the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after purchasing an additional 2,655 shares during the period. Envestnet Portfolio Solutions Inc. raised its position in shares of Eastman Chemical by 11.1% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock valued at $7,714,000 after purchasing an additional 7,717 shares during the period. Finally, Van ECK Associates Corp raised its position in shares of Eastman Chemical by 31.5% in the first quarter. Van ECK Associates Corp now owns 48,276 shares of the basic materials company’s stock valued at $4,838,000 after purchasing an additional 11,569 shares during the period. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Down 1.2 %

Shares of NYSE EMN opened at $105.43 on Monday. The stock has a market cap of $12.32 billion, a PE ratio of 14.19, a PEG ratio of 0.81 and a beta of 1.44. The business has a fifty day moving average of $105.21 and a two-hundred day moving average of $100.80. Eastman Chemical has a 52-week low of $69.25 and a 52-week 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 released its quarterly 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 return on equity of 13.94% and a net margin of 9.65%. The business had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same period in the previous year, the business posted $1.99 earnings per share. The firm’s revenue for the quarter was up 1.7% compared to the same quarter last year. As a group, equities research analysts expect that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Monday, September 16th were issued a $0.81 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.07%. Eastman Chemical’s dividend payout ratio is 43.61%.

Analyst Ratings Changes

EMN has been the topic of a number of recent analyst reports. Barclays lifted their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and raised their price objective for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Mizuho raised their price objective 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. Piper Sandler restated a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Finally, Royal Bank of Canada raised their price objective on shares of Eastman Chemical from $100.00 to $107.00 and gave the stock a “sector perform” rating in a research note on Friday, October 11th. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Eastman Chemical has a consensus rating of “Moderate Buy” and an average target price of $110.20.

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.