First Heartland Consultants Inc. bought a new position in Eastman Chemical (NYSE:EMN) during the 1st quarter, Holdings Channel reports. The institutional investor bought 1,960 shares of the basic materials company’s stock, valued at approximately $216,000.
Several other institutional investors and hedge funds have also recently modified their holdings of EMN. E Fund Management Co. Ltd. purchased a new position in shares of Eastman Chemical in the 1st quarter worth $26,000. San Francisco Sentry Investment Group CA raised its position in shares of Eastman Chemical by 351.9% in the 1st quarter. San Francisco Sentry Investment Group CA now owns 244 shares of the basic materials company’s stock worth $27,000 after buying an additional 190 shares during the period. Alpha DNA Investment Management LLC purchased a new position in shares of Eastman Chemical in the 4th quarter worth $32,000. Arkadios Wealth Advisors purchased a new position in Eastman Chemical in the first quarter valued at about $35,000. Finally, Northwest Investment Counselors LLC purchased a new position in Eastman Chemical in the first quarter valued at about $36,000. 84.13% of the stock is currently owned by institutional investors and hedge funds.
Shares of Eastman Chemical stock opened at $109.84 on Thursday. The firm’s 50-day simple moving average is $120.21. The company has a quick ratio of 1.14, a current ratio of 1.88 and a debt-to-equity ratio of 0.82. The firm has a market capitalization of $14.97 billion, a P/E ratio of 30.51, a PEG ratio of 0.68 and a beta of 1.49. Eastman Chemical has a 1-year low of $69.64 and a 1-year high of $130.47.
The company also recently declared a quarterly dividend, which was paid on Friday, July 2nd. Investors of record on Tuesday, June 15th were paid a $0.69 dividend. The ex-dividend date was Monday, June 14th. This represents a $2.76 dividend on an annualized basis and a yield of 2.51%. Eastman Chemical’s dividend payout ratio (DPR) is 44.88%.
In related news, SVP Perry Stuckey sold 12,231 shares of Eastman Chemical stock in a transaction dated Monday, May 17th. The stock was sold at an average price of $130.01, for a total value of $1,590,152.31. Following the completion of the transaction, the senior vice president now directly owns 48,627 shares in the company, valued at $6,321,996.27. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Scott V. King sold 12,588 shares of the firm’s stock in a transaction dated Thursday, May 13th. The stock was sold at an average price of $126.00, for a total transaction of $1,586,088.00. Following the completion of the transaction, the chief accounting officer now directly owns 7,827 shares in the company, valued at approximately $986,202. The disclosure for this sale can be found here. Insiders sold 111,461 shares of company stock valued at $13,969,529 over the last quarter. Insiders own 1.93% of the company’s stock.
Several research analysts have commented on EMN shares. Deutsche Bank Aktiengesellschaft raised their price objective on Eastman Chemical from $132.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, June 14th. Wells Fargo & Company raised their price objective on Eastman Chemical from $130.00 to $142.00 and gave the company an “overweight” rating in a research report on Tuesday, June 22nd. Tudor Pickering lowered Eastman Chemical from a “buy” rating to a “hold” rating and set a $117.00 price objective on the stock. in a research report on Monday, May 3rd. Wolfe Research started coverage on Eastman Chemical in a research report on Wednesday, June 9th. They issued an “outperform” rating on the stock. Finally, Scotiabank raised Eastman Chemical from a “sector perform” rating to a “sector outperform” rating and set a $145.00 price objective on the stock in a research report on Monday, June 21st. Four research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $123.27.
Eastman Chemical Profile
Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Additives and Functional Products, Advanced Materials, Chemical Intermediates and Fibers. The Additives and Functional Products segment includes chemicals for products in the transportation, consumables, building and construction, animal nutrition, crop protection, energy, personal and home care, and other markets.
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