Hantz Financial Services Inc. Invests $3.88 Million in Eastman Chemical (NYSE:EMN)

Hantz Financial Services Inc. acquired a new position in Eastman Chemical (NYSE:EMN) in the second quarter, Holdings Channel.com reports. The fund acquired 39,601 shares of the basic materials company’s stock, valued at approximately $3,880,000.

A number of other institutional investors have also recently made changes to their positions in EMN. Cultivar Capital Inc. acquired a new stake in shares of Eastman Chemical in the 2nd quarter worth $29,000. Northwest Investment Counselors LLC purchased a new position in Eastman Chemical in the 1st quarter worth $34,000. EntryPoint Capital LLC purchased a new position in Eastman Chemical in the 1st quarter worth $38,000. Advantage Trust Co purchased a new position in Eastman Chemical in the 4th quarter worth $40,000. Finally, Friedenthal Financial purchased a new position in Eastman Chemical in the 2nd quarter worth $49,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analysts Set New Price Targets

EMN has been the subject of a number of research analyst reports. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Mizuho raised their target price on Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Citigroup reduced their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research note on Thursday, June 27th. Royal Bank of Canada reiterated a “sector perform” rating and set a $100.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Finally, Piper Sandler reiterated a “neutral” rating and set a $105.00 price objective 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 assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $108.07.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $102.37 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 twelve month low of $68.89 and a twelve month high of $105.98. The business has a 50-day moving average price of $97.95 and a 200 day moving average price of $96.69. The firm has a market cap of $12.04 billion, a PE ratio of 13.19, a P/E/G ratio of 1.12 and a beta of 1.46.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate 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 return on equity of 13.94% and a net margin of 9.65%. Eastman Chemical’s revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.99 EPS. Sell-side analysts predict that Eastman Chemical will post 7.67 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 3.16%. The ex-dividend date is Monday, September 16th. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Insider Activity at Eastman Chemical

In related news, SVP Adrian James Holt sold 1,975 shares of the company’s stock in a transaction that occurred 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 legal filing with the SEC, which is available through this link. 1.93% of the stock is currently owned by insiders.

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.