Moors & Cabot Inc. cut its holdings in shares of Eastman Chemical (NYSE:EMN) by 53.7% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 6,889 shares of the basic materials company’s stock after selling 8,004 shares during the quarter. Moors & Cabot Inc.’s holdings in Eastman Chemical were worth $523,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of the stock. Cetera Advisor Networks LLC grew its holdings in Eastman Chemical by 4.0% in the 1st quarter. Cetera Advisor Networks LLC now owns 3,265 shares of the basic materials company’s stock valued at $248,000 after buying an additional 127 shares in the last quarter. San Francisco Sentry Investment Group CA grew its holdings in Eastman Chemical by 9.0% in the 4th quarter. San Francisco Sentry Investment Group CA now owns 1,635 shares of the basic materials company’s stock valued at $120,000 after buying an additional 135 shares in the last quarter. Vectors Research Management LLC grew its holdings in Eastman Chemical by 21.2% in the 4th quarter. Vectors Research Management LLC now owns 851 shares of the basic materials company’s stock valued at $62,000 after buying an additional 149 shares in the last quarter. Private Capital Group LLC grew its holdings in Eastman Chemical by 15.3% in the 4th quarter. Private Capital Group LLC now owns 1,167 shares of the basic materials company’s stock valued at $86,000 after buying an additional 155 shares in the last quarter. Finally, Parallel Advisors LLC grew its holdings in Eastman Chemical by 34.3% in the 4th quarter. Parallel Advisors LLC now owns 615 shares of the basic materials company’s stock valued at $44,000 after buying an additional 157 shares in the last quarter. 84.25% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have commented on the company. Zacks Investment Research lowered Eastman Chemical from a “hold” rating to a “sell” rating in a report on Monday, April 15th. Citigroup set a $83.00 price objective on Eastman Chemical and gave the company a “hold” rating in a report on Friday, May 10th. KeyCorp decreased their price objective on Eastman Chemical from $95.00 to $94.00 and set an “overweight” rating on the stock in a report on Friday, April 12th. Cowen reaffirmed a “market perform” rating and issued a $84.00 price objective (down from $88.00) on shares of Eastman Chemical in a report on Tuesday, April 30th. Finally, UBS Group set a $98.00 price objective on Eastman Chemical and gave the company a “buy” rating in a report on Friday, April 26th. Two analysts have rated the stock with a sell rating, five have issued a hold rating and seven have given a buy rating to the company’s stock. Eastman Chemical currently has a consensus rating of “Hold” and a consensus price target of $91.27.
Shares of NYSE EMN opened at $71.22 on Monday. The firm has a market capitalization of $9.87 billion, a price-to-earnings ratio of 8.69, a PEG ratio of 0.95 and a beta of 1.14. The company has a current ratio of 1.51, a quick ratio of 0.79 and a debt-to-equity ratio of 0.95. Eastman Chemical has a one year low of $67.40 and a one year high of $110.17.
Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, April 25th. The basic materials company reported $1.77 earnings per share for the quarter, missing analysts’ consensus estimates of $1.91 by ($0.14). The company had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.61 billion. Eastman Chemical had a net margin of 10.07% and a return on equity of 18.60%. The business’s revenue was down 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.23 earnings per share. Equities analysts forecast that Eastman Chemical will post 8.57 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Monday, June 17th will be given a dividend of $0.62 per share. The ex-dividend date is Friday, June 14th. This represents a $2.48 dividend on an annualized basis and a dividend yield of 3.48%. Eastman Chemical’s payout ratio is 30.24%.
About Eastman Chemical
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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