Tucker Asset Management LLC Buys 190 Shares of Eastman Chemical (NYSE:EMN)

Tucker Asset Management LLC lifted its stake in Eastman Chemical (NYSE:EMN) by 21.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,060 shares of the basic materials company’s stock after purchasing an additional 190 shares during the quarter. Tucker Asset Management LLC’s holdings in Eastman Chemical were worth $95,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Atria Wealth Solutions Inc. purchased a new stake in Eastman Chemical during the 3rd quarter valued at $253,000. Pathstone Family Office LLC boosted its stake in Eastman Chemical by 101.8% during the 3rd quarter. Pathstone Family Office LLC now owns 6,338 shares of the basic materials company’s stock valued at $487,000 after purchasing an additional 3,197 shares during the last quarter. DekaBank Deutsche Girozentrale boosted its stake in Eastman Chemical by 33.4% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 175,842 shares of the basic materials company’s stock valued at $13,493,000 after purchasing an additional 44,036 shares during the last quarter. Aviva PLC boosted its stake in Eastman Chemical by 516.3% during the 3rd quarter. Aviva PLC now owns 50,520 shares of the basic materials company’s stock valued at $3,876,000 after purchasing an additional 42,323 shares during the last quarter. Finally, Johnson Investment Counsel Inc. boosted its stake in Eastman Chemical by 11.5% during the 3rd quarter. Johnson Investment Counsel Inc. now owns 3,096 shares of the basic materials company’s stock valued at $238,000 after purchasing an additional 319 shares during the last quarter. 83.65% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on EMN. Royal Bank of Canada increased their target price on Eastman Chemical from $100.00 to $104.00 and gave the company a “sector perform” rating in a research note on Tuesday, April 30th. Bank of America lowered their price target on Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a report on Monday, April 29th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Jefferies Financial Group raised Eastman Chemical from a “hold” rating to a “buy” rating and increased their price target for the company from $102.00 to $125.00 in a report on Monday, April 29th. Finally, Citigroup increased their price target on Eastman Chemical from $95.00 to $114.00 and gave the company a “buy” rating in a report on Wednesday, April 10th. Six equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Eastman Chemical has a consensus rating of “Moderate Buy” and an average price target of $107.50.

Insider Buying and Selling at Eastman Chemical

In other news, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the transaction, the chief executive officer now owns 395,699 shares in the company, valued at $39,878,545.22. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the transaction, the chief executive officer now owns 395,699 shares in the company, valued at $39,878,545.22. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Adrian James Holt sold 3,662 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $101.26, for a total value of $370,814.12. The disclosure for this sale can be found here. Insiders have sold a total of 108,027 shares of company stock valued at $10,885,638 over the last ninety days. 1.93% of the stock is currently owned by company insiders.

Eastman Chemical Price Performance

NYSE:EMN traded down $3.06 on Friday, reaching $99.51. 746,452 shares of the company’s stock traded hands, compared to its average volume of 791,101. The company has a quick ratio of 0.71, a current ratio of 1.39 and a debt-to-equity ratio of 0.77. The stock has a 50-day simple moving average of $99.25 and a 200-day simple moving average of $92.28. The firm has a market cap of $11.71 billion, a PE ratio of 12.82, a P/E/G ratio of 1.08 and a beta of 1.51. 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 quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. The business had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.29 billion. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The business’s quarterly revenue was down 4.2% on a year-over-year basis. During the same period last year, the firm earned $1.63 earnings per share. Equities research analysts forecast that Eastman Chemical will post 7.75 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th will be issued a dividend of $0.81 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a yield of 3.26%. Eastman Chemical’s dividend payout ratio is presently 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.