Anchor Investment Management LLC Sells 150 Shares of Eastman Chemical (NYSE:EMN)

Anchor Investment Management LLC lowered its stake in shares of Eastman Chemical (NYSE:EMN) by 8.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,720 shares of the basic materials company’s stock after selling 150 shares during the quarter. Anchor Investment Management LLC’s holdings in Eastman Chemical were worth $169,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of EMN. Cultivar Capital Inc. bought a new stake in Eastman Chemical in the 2nd quarter valued at $29,000. Northwest Investment Counselors LLC bought a new stake in Eastman Chemical in the 1st quarter valued at $34,000. EntryPoint Capital LLC bought a new stake in Eastman Chemical in the 1st quarter valued at $38,000. Rothschild Investment LLC bought a new stake in Eastman Chemical in the 2nd quarter valued at $38,000. Finally, Friedenthal Financial bought a new stake in Eastman Chemical in the 2nd quarter valued at $49,000. Institutional investors own 83.65% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Royal Bank of Canada reissued a “sector perform” rating and issued a $100.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. Citigroup lowered their target price on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report 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 report on Friday, July 26th. Finally, Piper Sandler reaffirmed a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $108.07.

Eastman Chemical Stock Up 1.0 %

Shares of NYSE EMN opened at $109.00 on Friday. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76. Eastman Chemical has a 12-month low of $68.89 and a 12-month high of $114.50. The company has a market cap of $12.82 billion, a price-to-earnings ratio of 14.05, a price-to-earnings-growth ratio of 0.82 and a beta of 1.44. The firm’s 50-day simple moving average is $101.87 and its 200 day simple moving average is $99.75.

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

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be given a $0.81 dividend. The ex-dividend date is Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 2.97%. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Eastman Chemical 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.