WealthPLAN Partners LLC Takes Position in Eastman Chemical (NYSE:EMN)

Posted by Defense World Staff on Aug 22nd, 2023

WealthPLAN Partners LLC purchased a new position in shares of Eastman Chemical (NYSE:EMN – Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 459 shares of the basic materials company’s stock, valued at approximately $39,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in shares of Eastman Chemical by 2.3% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,261 shares of the basic materials company’s stock worth $1,934,000 after buying an additional 386 shares during the last quarter. Yousif Capital Management LLC grew its position in Eastman Chemical by 0.8% in the 1st quarter. Yousif Capital Management LLC now owns 18,628 shares of the basic materials company’s stock valued at $2,087,000 after buying an additional 150 shares during the last quarter. Cibc World Market Inc. increased its stake in Eastman Chemical by 10.4% in the 1st quarter. Cibc World Market Inc. now owns 6,098 shares of the basic materials company’s stock valued at $683,000 after buying an additional 572 shares during the period. Blair William & Co. IL increased its holdings in shares of Eastman Chemical by 2.5% in the 1st quarter. Blair William & Co. IL now owns 4,380 shares of the basic materials company’s stock valued at $491,000 after purchasing an additional 105 shares in the last quarter. Finally, Sei Investments Co. boosted its holdings in Eastman Chemical by 16.4% during the first quarter. Sei Investments Co. now owns 200,656 shares of the basic materials company’s stock worth $22,546,000 after buying an additional 28,338 shares in the last quarter. 82.13% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms have recently issued reports on EMN. Bank of America reduced their price target on shares of Eastman Chemical from $109.00 to $102.00 in a research report on Thursday, June 22nd. Deutsche Bank Aktiengesellschaft decreased their target price on Eastman Chemical from $92.00 to $86.00 in a research report on Monday, June 12th. Barclays increased their price target on shares of Eastman Chemical from $87.00 to $90.00 in a research report on Monday, May 1st. Mizuho cut their price objective on Eastman Chemical from $84.00 to $78.00 and set a “neutral” rating for the company in a research report on Thursday, August 3rd. Finally, Credit Suisse Group raised their price target on Eastman Chemical from $95.00 to $98.00 and gave the stock an “outperform” rating in a research report on Friday, July 28th. Ten investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $94.87.

Check Out Our Latest Stock Analysis on EMN

Eastman Chemical Stock Performance

Shares of EMN stock opened at $83.38 on Tuesday. The company’s fifty day simple moving average is $84.29 and its 200-day simple moving average is $83.21. The company has a current ratio of 1.32, a quick ratio of 0.61 and a debt-to-equity ratio of 0.86. Eastman Chemical has a 52 week low of $69.91 and a 52 week high of $99.56. The company has a market cap of $9.89 billion, a PE ratio of 14.23, a P/E/G ratio of 1.53 and a beta of 1.50.

Eastman Chemical (NYSE:EMN – Get Free Report) last issued its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.99 EPS for the quarter, topping analysts’ consensus estimates of $1.95 by $0.04. The company had revenue of $2.32 billion for the quarter, compared to analysts’ expectations of $2.59 billion. Eastman Chemical had a return on equity of 14.82% and a net margin of 7.21%. The firm’s quarterly revenue was down 16.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.83 earnings per share. As a group, equities research analysts anticipate that Eastman Chemical will post 6.71 EPS for the current year.

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 6th. Stockholders of record on Friday, September 15th will be given a dividend of $0.79 per share. The ex-dividend date is Thursday, September 14th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.79%. Eastman Chemical’s payout ratio is currently 53.93%.

Eastman Chemical Profile

(Free Report)

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.