Balter Liquid Alternatives LLC raised its holdings in shares of Eastman Chemical (NYSE:EMN) by 39.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,884 shares of the basic materials company’s stock after acquiring an additional 1,953 shares during the period. Balter Liquid Alternatives LLC’s holdings in Eastman Chemical were worth $685,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. HL Financial Services LLC lifted its position in shares of Eastman Chemical by 339.3% in the 1st quarter. HL Financial Services LLC now owns 53,138 shares of the basic materials company’s stock worth $5,610,000 after acquiring an additional 41,042 shares during the period. FDx Advisors Inc. lifted its position in shares of Eastman Chemical by 30.0% in the 1st quarter. FDx Advisors Inc. now owns 6,135 shares of the basic materials company’s stock worth $648,000 after acquiring an additional 1,415 shares during the period. Hennessy Advisors Inc. bought a new stake in shares of Eastman Chemical in the 1st quarter worth approximately $3,284,000. Wells Fargo & Company MN lifted its position in shares of Eastman Chemical by 23.5% in the 1st quarter. Wells Fargo & Company MN now owns 635,346 shares of the basic materials company’s stock worth $67,079,000 after acquiring an additional 120,767 shares during the period. Finally, Daiwa Securities Group Inc. lifted its position in shares of Eastman Chemical by 15.5% in the 1st quarter. Daiwa Securities Group Inc. now owns 4,886 shares of the basic materials company’s stock worth $516,000 after acquiring an additional 656 shares during the period. Institutional investors and hedge funds own 84.61% of the company’s stock.

In related news, CEO Mark J. Costa sold 20,000 shares of the firm’s stock in a transaction on Friday, August 3rd. The stock was sold at an average price of $100.00, for a total transaction of $2,000,000.00. Following the completion of the sale, the chief executive officer now directly owns 190,584 shares of the company’s stock, valued at approximately $19,058,400. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Lucian Boldea sold 3,523 shares of the firm’s stock in a transaction on Tuesday, July 31st. The shares were sold at an average price of $103.58, for a total value of $364,912.34. The disclosure for this sale can be found here. Insiders have sold a total of 39,715 shares of company stock valued at $4,005,972 in the last 90 days. 1.18% of the stock is owned by corporate insiders.

A number of analysts have commented on EMN shares. Morgan Stanley raised their price objective on Eastman Chemical from $98.00 to $107.00 and gave the stock an “equal weight” rating in a research report on Tuesday, July 31st. KeyCorp raised their price objective on Eastman Chemical from $118.00 to $122.00 and gave the stock an “overweight” rating in a research report on Monday, April 30th. Zacks Investment Research upgraded Eastman Chemical from a “hold” rating to a “buy” rating and set a $114.00 price objective for the company in a research report on Wednesday, May 2nd. Royal Bank of Canada raised their price objective on Eastman Chemical to $107.00 and gave the stock a “sector perform” rating in a research report on Monday, April 30th. They noted that the move was a valuation call. Finally, Citigroup raised their price objective on Eastman Chemical from $103.00 to $108.00 and gave the stock a “neutral” rating in a research report on Monday, April 30th. Ten investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $105.31.

Eastman Chemical stock opened at $97.69 on Friday. The company has a quick ratio of 0.95, a current ratio of 1.69 and a debt-to-equity ratio of 1.04. The company has a market cap of $14.11 billion, a P/E ratio of 12.84, a P/E/G ratio of 1.29 and a beta of 1.13. Eastman Chemical has a one year low of $82.40 and a one year high of $112.45.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 26th. The basic materials company reported $2.22 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $2.20 by $0.02. The business had revenue of $2.62 billion during the quarter, compared to the consensus estimate of $2.59 billion. Eastman Chemical had a return on equity of 21.79% and a net margin of 15.30%. Eastman Chemical’s revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the company earned $1.98 EPS. equities research analysts forecast that Eastman Chemical will post 8.57 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 5th. Investors of record on Friday, September 14th will be given a dividend of $0.56 per share. The ex-dividend date of this dividend is Thursday, September 13th. This represents a $2.24 annualized dividend and a dividend yield of 2.29%. Eastman Chemical’s dividend payout ratio (DPR) is presently 29.43%.

Eastman Chemical Company Profile

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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