DAVENPORT & Co LLC Takes $39.55 Million Position in Eastman Chemical Company $EMN

DAVENPORT & Co LLC bought a new position in shares of Eastman Chemical Company (NYSE:EMN) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 618,131 shares of the basic materials company’s stock, valued at approximately $39,545,000. DAVENPORT & Co LLC owned 0.54% of Eastman Chemical at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. First Heartland Consultants Inc. acquired a new position in shares of Eastman Chemical during the 4th quarter valued at about $249,000. SG Americas Securities LLC boosted its position in shares of Eastman Chemical by 288.4% in the fourth quarter. SG Americas Securities LLC now owns 32,525 shares of the basic materials company’s stock worth $2,076,000 after acquiring an additional 24,151 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in Eastman Chemical by 24.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 23,657 shares of the basic materials company’s stock valued at $1,616,000 after purchasing an additional 4,680 shares during the period. GAMMA Investing LLC grew its holdings in Eastman Chemical by 38.4% in the fourth quarter. GAMMA Investing LLC now owns 5,615 shares of the basic materials company’s stock valued at $358,000 after purchasing an additional 1,557 shares during the period. Finally, Advisors Management Group Inc. ADV increased its position in Eastman Chemical by 1.5% during the third quarter. Advisors Management Group Inc. ADV now owns 12,327 shares of the basic materials company’s stock worth $777,000 after purchasing an additional 181 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Stock Up 2.9%

Shares of Eastman Chemical stock opened at $69.99 on Wednesday. The company has a fifty day moving average price of $72.88 and a 200 day moving average price of $66.35. The company has a current ratio of 1.37, a quick ratio of 0.63 and a debt-to-equity ratio of 0.70. Eastman Chemical Company has a twelve month low of $56.11 and a twelve month high of $90.95. The stock has a market cap of $7.99 billion, a price-to-earnings ratio of 17.11, a price-to-earnings-growth ratio of 1.51 and a beta of 1.20.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, January 29th. The basic materials company reported $0.75 EPS for the quarter, missing the consensus estimate of $0.76 by ($0.01). The company had revenue of $1.97 billion during the quarter, compared to analysts’ expectations of $2.03 billion. Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The company’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same period last year, the business earned $1.87 earnings per share. Equities research analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 8th. Investors of record on Friday, March 13th will be issued a dividend of $0.84 per share. This represents a $3.36 annualized dividend and a dividend yield of 4.8%. The ex-dividend date is Friday, March 13th. Eastman Chemical’s dividend payout ratio (DPR) is presently 82.15%.

Wall Street Analysts Forecast Growth

EMN has been the topic of a number of research analyst reports. Citigroup lifted their price target on shares of Eastman Chemical from $78.00 to $84.00 and gave the company a “buy” rating in a report on Thursday, March 12th. KeyCorp reaffirmed an “overweight” rating on shares of Eastman Chemical in a research report on Monday, February 2nd. Deutsche Bank Aktiengesellschaft lifted their target price on Eastman Chemical from $64.00 to $72.00 and gave the company a “hold” rating in a report on Monday, February 2nd. Evercore set a $75.00 price target on Eastman Chemical in a research note on Wednesday, February 18th. Finally, Wells Fargo & Company restated an “equal weight” rating and issued a $70.00 price objective on shares of Eastman Chemical in a report on Friday, December 19th. Seven investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $79.64.

Eastman Chemical Company Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.