Oppenheimer Asset Management Inc. Buys 5,369 Shares of Eastman Chemical (NYSE:EMN)

Oppenheimer Asset Management Inc. increased its stake in Eastman Chemical (NYSE:EMN) by 41.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,453 shares of the basic materials company’s stock after buying an additional 5,369 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Eastman Chemical were worth $1,808,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Bessemer Group Inc. grew its position in shares of Eastman Chemical by 321.2% in the 1st quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock worth $1,628,000 after buying an additional 12,392 shares during the period. CHURCHILL MANAGEMENT Corp purchased a new stake in Eastman Chemical in the first quarter worth about $1,681,000. Empowered Funds LLC bought a new position in shares of Eastman Chemical during the first quarter valued at approximately $594,000. Dakota Wealth Management lifted its holdings in shares of Eastman Chemical by 13.5% during the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after purchasing an additional 2,655 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. boosted its position in shares of Eastman Chemical by 11.1% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock worth $7,714,000 after purchasing an additional 7,717 shares in the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Price Performance

NYSE EMN opened at $106.38 on Thursday. The stock has a market capitalization of $12.52 billion, a price-to-earnings ratio of 13.71, a PEG ratio of 0.75 and a beta of 1.44. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $108.04. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. The business’s fifty day moving average price is $98.89 and its 200-day moving average price is $98.11.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. Eastman Chemical’s revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.99 earnings per share. On average, equities analysts predict that Eastman Chemical will post 7.66 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Shareholders of record on Monday, September 16th will be issued a dividend of $0.81 per share. The ex-dividend date is Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a yield of 3.05%. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on EMN shares. Piper Sandler reiterated a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Barclays raised their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Mizuho upped their target price on shares of Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Finally, Citigroup reduced their price target on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $108.07.

About Eastman Chemical

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.