Atomi Financial Group Inc. Purchases 1,470 Shares of Eastman Chemical (NYSE:EMN)

Atomi Financial Group Inc. boosted its stake in shares of Eastman Chemical (NYSE:EMN) by 19.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,036 shares of the basic materials company’s stock after purchasing an additional 1,470 shares during the period. Atomi Financial Group Inc.’s holdings in Eastman Chemical were worth $885,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Cultivar Capital Inc. acquired a new position in Eastman Chemical during the second quarter worth $29,000. Northwest Investment Counselors LLC purchased a new position in Eastman Chemical during the first quarter worth about $34,000. EntryPoint Capital LLC purchased a new position in shares of Eastman Chemical in the first quarter valued at approximately $38,000. Advantage Trust Co purchased a new position in shares of Eastman Chemical in the fourth quarter valued at approximately $40,000. Finally, Friedenthal Financial acquired a new stake in Eastman Chemical in the second quarter valued at approximately $49,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of the firm’s stock in a transaction on 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 link. 1.93% of the stock is currently owned by company insiders.

Eastman Chemical Price Performance

EMN stock traded down $0.41 during midday trading on Tuesday, reaching $100.62. 410,675 shares of the stock were exchanged, compared to its average volume of 961,206. The stock has a market capitalization of $11.84 billion, a PE ratio of 12.95, a P/E/G ratio of 1.12 and a beta of 1.46. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $105.98. 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 company has a fifty day moving average price of $97.77 and a 200 day moving average price of $96.37.

Eastman Chemical (NYSE:EMN) last announced its 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 return on equity of 13.94% and a net margin of 9.65%. The firm had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the previous year, the business earned $1.99 EPS. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. As a group, analysts expect that Eastman Chemical will post 7.67 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 16th will be given a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date of this dividend is Monday, September 16th. Eastman Chemical’s payout ratio is 41.75%.

Analyst Ratings Changes

EMN has been the topic of a number of analyst reports. UBS Group upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $106.00 to $128.00 in a research report on Thursday, May 23rd. Bank of America lowered their price objective on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating for the company in a research report on Monday, April 29th. Jefferies Financial Group raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and raised their price target for the stock from $102.00 to $125.00 in a research report on Monday, April 29th. Barclays raised their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Seven analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $108.07.

About Eastman Chemical

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.