Eastman Chemical (NYSE:EMN) Shares Sold by Sigma Planning Corp

Posted by Defense World Staff on Feb 24th, 2023

Sigma Planning Corp decreased its position in Eastman Chemical (NYSE:EMN – Get Rating) by 68.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,048 shares of the basic materials company’s stock after selling 6,578 shares during the quarter. Sigma Planning Corp’s holdings in Eastman Chemical were worth $217,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in EMN. Addison Advisors LLC acquired a new stake in Eastman Chemical in the third quarter valued at approximately $25,000. Clear Street Markets LLC increased its stake in Eastman Chemical by 49.3% in the third quarter. Clear Street Markets LLC now owns 403 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 133 shares during the last quarter. First Command Bank purchased a new position in Eastman Chemical in the second quarter valued at approximately $30,000. Twin Lakes Capital Management LLC purchased a new position in Eastman Chemical in the third quarter valued at approximately $36,000. Finally, Householder Group Estate & Retirement Specialist LLC purchased a new position in Eastman Chemical in the third quarter valued at approximately $37,000. Institutional investors and hedge funds own 83.42% of the company’s stock.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $83.91 on Friday. Eastman Chemical has a one year low of $69.91 and a one year high of $121.35. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.58 and a current ratio of 1.16. The business has a fifty day moving average of $86.75 and a two-hundred day moving average of $84.94. The company has a market cap of $9.97 billion, a P/E ratio of 13.32, a price-to-earnings-growth ratio of 2.12 and a beta of 1.46.

Eastman Chemical (NYSE:EMN – Get Rating) last released its earnings results on Friday, January 27th. The basic materials company reported $0.89 EPS for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.37). Eastman Chemical had a net margin of 7.50% and a return on equity of 17.82%. The business had revenue of $2.37 billion during the quarter, compared to analyst estimates of $2.42 billion. During the same period last year, the business posted $1.81 EPS. Eastman Chemical’s revenue was down 11.9% compared to the same quarter last year. As a group, analysts predict that Eastman Chemical will post 7.77 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, April 10th. Shareholders of record on Wednesday, March 15th will be issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date of this dividend is Tuesday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is currently 50.16%.

Wall Street Analyst Weigh In

Several equities analysts have commented on EMN shares. Barclays increased their price target on shares of Eastman Chemical from $82.00 to $87.00 and gave the company an “equal weight” rating in a research note on Monday, January 30th. Vertical Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating and dropped their price target for the company from $94.00 to $92.00 in a research note on Monday, January 30th. Citigroup increased their price target on shares of Eastman Chemical from $75.00 to $90.00 and gave the company a “neutral” rating in a research note on Thursday, December 15th. Mizuho lowered their target price on shares of Eastman Chemical from $85.00 to $82.00 and set a “neutral” rating on the stock in a research report on Monday, January 30th. Finally, The Goldman Sachs Group raised their target price on shares of Eastman Chemical from $78.00 to $89.00 and gave the stock a “neutral” rating in a research report on Thursday, December 15th. Thirteen equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $98.78.

Eastman Chemical Company Profile

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Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Additives and Functional Products, Advanced Materials, Chemical Intermediates and Fibers. The Additives and Functional Products segment includes chemicals for products in the transportation, consumables, building and construction, animal nutrition, crop protection, energy, personal and home care, and other markets.