Chiron Capital Management LLC Buys Shares of 3,130 Eastman Chemical (NYSE:EMN)

Chiron Capital Management LLC purchased a new position in Eastman Chemical (NYSE:EMNFree Report) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 3,130 shares of the basic materials company’s stock, valued at approximately $281,000.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Burns J W & Co. Inc. NY bought a new position in Eastman Chemical in the fourth quarter worth about $205,000. Massachusetts Financial Services Co. MA lifted its holdings in shares of Eastman Chemical by 7.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,575,783 shares of the basic materials company’s stock worth $231,357,000 after purchasing an additional 168,009 shares during the last quarter. Cetera Trust Company N.A acquired a new position in Eastman Chemical during the 4th quarter valued at approximately $812,000. Wedge Capital Management L L P NC grew its stake in Eastman Chemical by 17.6% during the 4th quarter. Wedge Capital Management L L P NC now owns 99,419 shares of the basic materials company’s stock worth $8,930,000 after buying an additional 14,898 shares during the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in Eastman Chemical in the fourth quarter worth $8,592,000. 83.65% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on EMN shares. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Citigroup upped their target price on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Bank of America dropped their price target on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a research note on Monday, April 29th. Piper Sandler boosted their price objective on Eastman Chemical from $90.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 30th. Finally, Jefferies Financial Group upgraded Eastman Chemical from a “hold” rating to a “buy” rating and raised their target price for the company from $102.00 to $125.00 in a research report on Monday, April 29th. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $106.24.

Get Our Latest Stock Analysis on Eastman Chemical

Eastman Chemical Price Performance

NYSE:EMN opened at $101.33 on Friday. 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 business’s 50-day moving average price is $99.02 and its 200 day moving average price is $90.92. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $102.71. The firm has a market cap of $11.92 billion, a P/E ratio of 13.06, a PEG ratio of 1.10 and a beta of 1.54.

Eastman Chemical (NYSE:EMNGet Free Report) last announced its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.29 billion. During the same quarter in the previous year, the company posted $1.63 EPS. The business’s revenue was down 4.2% compared to the same quarter last year. As a group, sell-side analysts predict that Eastman Chemical will post 7.75 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be given 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 dividend yield of 3.20%. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Insider Transactions at Eastman Chemical

In other news, CEO Mark J. Costa sold 102,390 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now directly owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Eastman Chemical news, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 395,699 shares in the company, valued at $39,878,545.22. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Adrian James Holt sold 3,662 shares of the business’s stock in a transaction that occurred on Friday, May 10th. The shares were sold at an average price of $101.26, for a total transaction of $370,814.12. The disclosure for this sale can be found here. Insiders sold a total of 110,787 shares of company stock valued at $11,105,175 in the last three months. 1.93% of the stock is currently owned by corporate insiders.

Eastman Chemical Company Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding EMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastman Chemical (NYSE:EMNFree Report).

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

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