Belpointe Asset Management LLC boosted its holdings in shares of Eastman Chemical (NYSE:EMN – Get Rating) by 9.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,069 shares of the basic materials company’s stock after purchasing an additional 337 shares during the period. Belpointe Asset Management LLC’s holdings in Eastman Chemical were worth $331,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Clear Street Markets LLC raised its position in shares of Eastman Chemical by 49.3% in the 3rd quarter. Clear Street Markets LLC now owns 403 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 133 shares in the last quarter. Benjamin F. Edwards & Company Inc. raised its holdings in Eastman Chemical by 593.1% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 603 shares of the basic materials company’s stock worth $49,000 after purchasing an additional 516 shares in the last quarter. Ellevest Inc. lifted its position in Eastman Chemical by 68.0% during the fourth quarter. Ellevest Inc. now owns 610 shares of the basic materials company’s stock valued at $50,000 after buying an additional 247 shares during the period. Parkside Financial Bank & Trust boosted its holdings in shares of Eastman Chemical by 98.0% during the 3rd quarter. Parkside Financial Bank & Trust now owns 705 shares of the basic materials company’s stock valued at $51,000 after buying an additional 349 shares in the last quarter. Finally, Tevis Investment Management grew its position in shares of Eastman Chemical by 33.3% in the 3rd quarter. Tevis Investment Management now owns 808 shares of the basic materials company’s stock worth $57,000 after buying an additional 202 shares during the period. Institutional investors own 83.42% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on EMN. Vertical Research cut shares of Eastman Chemical from a “buy” rating to a “hold” rating and cut their price objective for the stock from $94.00 to $92.00 in a report on Monday, January 30th. Piper Sandler raised Eastman Chemical from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $96.00 to $99.00 in a research report on Tuesday, April 11th. Mizuho lifted their price objective on Eastman Chemical from $82.00 to $84.00 in a research note on Tuesday, May 2nd. StockNews.com downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Credit Suisse Group lifted their price target on Eastman Chemical from $95.00 to $100.00 and gave the stock an “outperform” rating in a research report on Friday, January 27th. Eleven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Eastman Chemical presently has a consensus rating of “Hold” and a consensus price target of $95.31.
Eastman Chemical Stock Performance
Eastman Chemical (NYSE:EMN – Get Rating) last released its quarterly earnings results on Friday, April 28th. The basic materials company reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.41. The business had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.43 billion. Eastman Chemical had a return on equity of 17.03% and a net margin of 6.73%. The business’s quarterly revenue was down 11.1% compared to the same quarter last year. During the same period in the previous year, the company posted $2.06 EPS. As a group, sell-side analysts anticipate that Eastman Chemical will post 7.94 EPS for the current year.
Eastman Chemical Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 7th. Stockholders of record on Thursday, June 15th will be paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 4.02%. The ex-dividend date of this dividend is Wednesday, June 14th. Eastman Chemical’s dividend payout ratio is presently 56.23%.
Eastman Chemical Profile
Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Advanced Material (AM), Additives and Functional Products (AFP), Chemical Intermediates (CI), and Fibers. The AM segment produces and markets its polymers, films, and plastics with differentiated performance properties for value-added end uses in transportation, consumables, building and construction, durable goods, and health and wellness markets.
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