Thurston Springer Miller Herd & Titak Inc. Invests $78,000 in Eastman Chemical (NYSE:EMN)

Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of Eastman Chemical (NYSE:EMN) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 795 shares of the basic materials company’s stock, valued at approximately $78,000.

Several other hedge funds and other institutional investors have also bought and sold shares of EMN. Bessemer Group Inc. lifted its stake in Eastman Chemical by 321.2% in the first quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock valued at $1,628,000 after purchasing an additional 12,392 shares during the last quarter. CHURCHILL MANAGEMENT Corp bought a new stake in Eastman Chemical during the 1st quarter worth approximately $1,681,000. Massachusetts Financial Services Co. MA lifted its stake in Eastman Chemical by 7.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,575,783 shares of the basic materials company’s stock worth $231,357,000 after purchasing an additional 168,009 shares in the last quarter. Empowered Funds LLC bought a new position in Eastman Chemical in the 1st quarter valued at $594,000. Finally, Envestnet Portfolio Solutions Inc. increased its holdings in shares of Eastman Chemical by 11.1% in the first 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 during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Insider Buying and Selling

In related news, SVP Adrian James Holt sold 1,975 shares of Eastman Chemical stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $99.22, for a total value of $195,959.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.93% of the stock is owned by company insiders.

Eastman Chemical Stock Up 0.5 %

EMN stock traded up $0.52 on Wednesday, reaching $95.96. 120,138 shares of the company traded hands, compared to its average volume of 985,365. 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 firm has a fifty day simple moving average of $98.78 and a 200-day simple moving average of $95.09. Eastman Chemical has a one year low of $68.89 and a one year high of $105.98. The company has a market cap of $11.29 billion, a P/E ratio of 12.30, a price-to-earnings-growth ratio of 1.12 and a beta of 1.46.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. The company had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. Eastman Chemical’s revenue was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.99 EPS. Research analysts anticipate that Eastman Chemical will post 7.67 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Investors 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 yield of 3.38%. Eastman Chemical’s payout ratio is currently 41.75%.

Analysts Set New Price Targets

Several research firms recently commented on EMN. Piper Sandler restated a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. Jefferies Financial Group raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and raised their target price for the company from $102.00 to $125.00 in a research note on Monday, April 29th. Bank of America decreased their price target on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a report on Monday, April 29th. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Finally, Barclays boosted their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. 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.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $108.07.

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.