Eastman Chemical (NYSE:EMN) Position Increased by Atomi Financial Group Inc.

Atomi Financial Group Inc. raised its position in shares of Eastman Chemical (NYSE:EMN) by 98.4% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,566 shares of the basic materials company’s stock after buying an additional 3,753 shares during the quarter. Atomi Financial Group Inc.’s holdings in Eastman Chemical were worth $758,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of EMN. Turtle Creek Wealth Advisors LLC bought a new position in Eastman Chemical during the fourth quarter valued at approximately $26,000. Northwest Investment Counselors LLC bought a new position in Eastman Chemical during the first quarter valued at approximately $34,000. Sound Income Strategies LLC raised its position in Eastman Chemical by 213.8% during the fourth quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 278 shares in the last quarter. Bruce G. Allen Investments LLC bought a new position in Eastman Chemical during the fourth quarter valued at approximately $38,000. Finally, Advantage Trust Co bought a new position in Eastman Chemical during the fourth quarter valued at approximately $40,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have commented on EMN. Piper Sandler increased their price target on Eastman Chemical from $90.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, April 30th. Mizuho raised their price objective on shares of Eastman Chemical from $91.00 to $102.00 and gave the stock a “neutral” rating in a research note on Friday, April 26th. Barclays raised their price objective on shares of Eastman Chemical from $85.00 to $103.00 and gave the stock an “equal weight” rating in a research note on Monday, May 6th. Wells Fargo & Company raised their price objective on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 11th. Finally, Jefferies Financial Group upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and raised their price objective for the stock from $102.00 to $125.00 in a research note on Monday, April 29th. Seven equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $107.31.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of the firm’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total value of $195,959.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, SVP Adrian James Holt sold 1,975 shares of Eastman Chemical stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total transaction of $195,959.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Mark J. Costa sold 102,390 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the transaction, the chief executive officer now directly owns 395,699 shares in the company, valued at approximately $39,878,545.22. The disclosure for this sale can be found here. Over the last quarter, insiders sold 108,027 shares of company stock valued at $10,885,638. Company insiders own 1.93% of the company’s stock.

Eastman Chemical Trading Down 0.4 %

NYSE EMN traded down $0.36 during trading hours on Monday, hitting $98.28. 309,116 shares of the company’s stock were exchanged, compared to its average volume of 989,289. The stock has a 50-day simple moving average of $99.27 and a 200 day simple moving average of $93.79. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $105.98. The firm has a market cap of $11.56 billion, a price-to-earnings ratio of 12.66, a PEG ratio of 1.09 and a beta of 1.46. The company has a current ratio of 1.39, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, topping the consensus estimate of $1.41 by $0.20. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter last year, the firm posted $1.63 earnings per share. The firm’s revenue was down 4.2% on a year-over-year basis. On average, equities analysts forecast that Eastman Chemical will post 7.69 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th were paid a $0.81 dividend. The ex-dividend date was Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a yield of 3.30%. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Eastman Chemical Profile

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.