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Feb 14, 2024

Cambridge Investment Research Advisors Inc. Buys 27,064 Shares of Eastman Chemical (NYSE:EMN)

Cambridge Investment Research Advisors Inc. lifted its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 56.6% during the first quarter, according to its most recent filing with the

Cambridge Investment Research Advisors Inc. lifted its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 56.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 74,897 shares of the basic materials company's stock after purchasing an additional 27,064 shares during the quarter. Cambridge Investment Research Advisors Inc. owned about 0.06% of Eastman Chemical worth $6,317,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Tucker Asset Management LLC bought a new position in shares of Eastman Chemical during the 1st quarter worth about $63,000. First Citizens Bank & Trust Co. raised its holdings in shares of Eastman Chemical by 66.4% in the 1st quarter. First Citizens Bank & Trust Co. now owns 61,291 shares of the basic materials company's stock worth $5,169,000 after acquiring an additional 24,455 shares during the last quarter. Cerity Partners LLC raised its holdings in shares of Eastman Chemical by 3.2% in the 1st quarter. Cerity Partners LLC now owns 202,607 shares of the basic materials company's stock worth $16,901,000 after acquiring an additional 6,234 shares during the last quarter. Natixis Advisors L.P. raised its holdings in shares of Eastman Chemical by 4.6% in the 1st quarter. Natixis Advisors L.P. now owns 118,712 shares of the basic materials company's stock worth $10,012,000 after acquiring an additional 5,201 shares during the last quarter. Finally, American Century Companies Inc. raised its holdings in shares of Eastman Chemical by 4.7% in the 1st quarter. American Century Companies Inc. now owns 27,010 shares of the basic materials company's stock worth $2,261,000 after acquiring an additional 1,221 shares during the last quarter. Institutional investors own 82.29% of the company's stock.

Eastman Chemical stock opened at $83.53 on Tuesday. Eastman Chemical has a twelve month low of $69.91 and a twelve month high of $96.19. The firm has a 50 day moving average price of $84.26 and a 200-day moving average price of $82.96. The company has a market capitalization of $9.90 billion, a P/E ratio of 14.25, a P/E/G ratio of 1.50 and a beta of 1.50. The company has a quick ratio of 0.61, a current ratio of 1.32 and a debt-to-equity ratio of 0.86.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its earnings results on Thursday, July 27th. The basic materials company reported $1.99 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.95 by $0.04. Eastman Chemical had a net margin of 7.21% and a return on equity of 14.82%. The business had revenue of $2.32 billion for the quarter, compared to analysts' expectations of $2.59 billion. During the same quarter in the previous year, the firm posted $2.83 EPS. The business's revenue for the quarter was down 16.5% compared to the same quarter last year. As a group, equities analysts predict that Eastman Chemical will post 6.71 EPS for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 6th. Stockholders of record on Friday, September 15th will be issued a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.78%. The ex-dividend date of this dividend is Thursday, September 14th. Eastman Chemical's payout ratio is currently 53.93%.

EMN has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Eastman Chemical from $92.00 to $86.00 in a report on Monday, June 12th. Mizuho lowered their target price on shares of Eastman Chemical from $84.00 to $78.00 and set a "neutral" rating on the stock in a report on Thursday, August 3rd. Piper Sandler lowered shares of Eastman Chemical from an "overweight" rating to a "neutral" rating and set a $96.00 target price on the stock. in a report on Tuesday, August 1st. Citigroup increased their price objective on shares of Eastman Chemical from $96.00 to $99.00 and gave the company a "buy" rating in a research note on Monday, July 31st. Finally, Royal Bank of Canada increased their price objective on shares of Eastman Chemical from $83.00 to $88.00 and gave the company a "sector perform" rating in a research note on Tuesday, August 1st. Ten research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, Eastman Chemical currently has an average rating of "Hold" and an average price target of $94.87.

Get Our Latest Report on EMN

Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Advanced Material (AM), Additives and Functional Products (AFP), Chemical Intermediates (CI), and Fibers. The AM segment produces and markets its polymers, films, and plastics with differentiated performance properties for value-added end uses in transportation, consumables, building and construction, durable goods, and health and wellness markets.

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