Weaver C. Barksdale & Associates Inc. Reduces Holdings in Eastman Chemical (NYSE:EMN)

Weaver C. Barksdale & Associates Inc. lessened its position in shares of Eastman Chemical (NYSE:EMN) by 1.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 14,833 shares of the basic materials company’s stock after selling 227 shares during the quarter. Weaver C. Barksdale & Associates Inc.’s holdings in Eastman Chemical were worth $1,453,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in EMN. Lcnb Corp increased its stake in Eastman Chemical by 1.7% during the first quarter. Lcnb Corp now owns 6,275 shares of the basic materials company’s stock worth $629,000 after acquiring an additional 103 shares during the last quarter. Kingswood Wealth Advisors LLC increased its position in shares of Eastman Chemical by 2.8% during the 2nd quarter. Kingswood Wealth Advisors LLC now owns 4,026 shares of the basic materials company’s stock worth $394,000 after purchasing an additional 111 shares during the last quarter. Prosperity Consulting Group LLC raised its holdings in Eastman Chemical by 4.8% in the 2nd quarter. Prosperity Consulting Group LLC now owns 2,662 shares of the basic materials company’s stock valued at $261,000 after buying an additional 123 shares during the period. Quadrant Capital Group LLC lifted its position in Eastman Chemical by 8.5% in the fourth quarter. Quadrant Capital Group LLC now owns 1,639 shares of the basic materials company’s stock valued at $147,000 after buying an additional 128 shares during the last quarter. Finally, IFG Advisory LLC boosted its stake in Eastman Chemical by 0.9% during the second quarter. IFG Advisory LLC now owns 15,438 shares of the basic materials company’s stock worth $1,513,000 after buying an additional 137 shares during the period. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on EMN shares. Piper Sandler reissued a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Royal Bank of Canada reissued a “sector perform” rating and issued a $100.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft raised their price target on Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. Barclays boosted their price objective on Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a report on Monday, July 29th. Finally, Mizuho raised their target price on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Seven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat, Eastman Chemical has a consensus rating of “Moderate Buy” and an average price target of $108.07.

Eastman Chemical Stock Up 1.8 %

Shares of NYSE:EMN opened at $108.26 on Friday. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $108.81. The firm’s 50 day moving average price is $99.30 and its 200 day moving average price is $98.24. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76. The stock has a market cap of $12.74 billion, a price-to-earnings ratio of 13.95, a price-to-earnings-growth ratio of 0.75 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data 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 business had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company’s revenue was up 1.7% on a year-over-year basis. During the same period last year, the business earned $1.99 EPS. As a group, equities research analysts predict that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be issued a $0.81 dividend. The ex-dividend date is Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 2.99%. Eastman Chemical’s payout ratio is currently 41.75%.

Eastman Chemical Company Profile

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.