Patrick M Sweeney & Associates Inc. Increases Stock Holdings in Eastman Chemical (NYSE:EMN)

Patrick M Sweeney & Associates Inc. grew its stake in shares of Eastman Chemical (NYSE:EMN) by 3.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 3,434 shares of the basic materials company’s stock after purchasing an additional 111 shares during the quarter. Patrick M Sweeney & Associates Inc.’s holdings in Eastman Chemical were worth $384,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of EMN. Cultivar Capital Inc. acquired a new stake in Eastman Chemical during the 2nd quarter worth $29,000. Wolff Wiese Magana LLC grew its holdings in shares of Eastman Chemical by 238.1% during the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 200 shares during the last quarter. EntryPoint Capital LLC acquired a new stake in shares of Eastman Chemical during the first quarter worth about $38,000. Rothschild Investment LLC purchased a new stake in shares of Eastman Chemical in the 2nd quarter valued at about $38,000. Finally, Northwest Investment Counselors LLC acquired a new stake in shares of Eastman Chemical in the 3rd quarter valued at about $38,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Down 0.1 %

Eastman Chemical stock opened at $106.98 on Thursday. The stock’s 50 day moving average price is $104.89 and its 200 day moving average price is $100.73. The company has a market cap of $12.59 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 0.83 and a beta of 1.44. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $114.50.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The business had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same period in the prior year, the company posted $1.99 EPS. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. On average, sell-side analysts predict that Eastman Chemical will post 7.67 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 16th were given a dividend of $0.81 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.24 annualized dividend and a yield of 3.03%. Eastman Chemical’s payout ratio is currently 41.75%.

Analyst Upgrades and Downgrades

Several research analysts have commented on EMN shares. Wells Fargo & Company lifted their price target on Eastman Chemical from $105.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 15th. Mizuho upped their price target on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Piper Sandler reissued a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Royal Bank of Canada lifted their price objective on shares of Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a research note on Friday, October 11th. Finally, Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and increased their target price for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $110.20.

Eastman Chemical Company 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.