Alpha DNA Investment Management LLC grew its position in Eastman Chemical (NYSE:EMN) by 28.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 419 shares of the basic materials company’s stock after purchasing an additional 94 shares during the quarter. Alpha DNA Investment Management LLC’s holdings in Eastman Chemical were worth $46,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. San Francisco Sentry Investment Group CA grew its holdings in 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 valued at $27,000 after buying an additional 190 shares in the last quarter. Arkadios Wealth Advisors acquired a new position in shares of Eastman Chemical during the 1st quarter worth approximately $35,000. Northwest Investment Counselors LLC bought a new position in shares of Eastman Chemical during the first quarter worth approximately $36,000. Ropes Wealth Advisors LLC boosted its stake in shares of Eastman Chemical by 95.5% in the fourth quarter. Ropes Wealth Advisors LLC now owns 391 shares of the basic materials company’s stock valued at $39,000 after buying an additional 191 shares during the period. Finally, Allred Capital Management LLC bought a new position in Eastman Chemical during the 1st quarter worth $42,000. Institutional investors own 84.18% of the company’s stock.
A number of research analysts recently commented on EMN shares. Tudor Pickering cut Eastman Chemical from a “buy” rating to a “hold” rating and set a $117.00 price target on the stock. in a research report on Monday, May 3rd. Morgan Stanley boosted their target price on shares of Eastman Chemical from $130.00 to $142.00 and gave the company an “overweight” rating in a research report on Wednesday, May 5th. The Goldman Sachs Group upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and set a $148.00 price target on the stock in a research report on Tuesday, May 11th. KeyCorp boosted their price objective on shares of Eastman Chemical from $126.00 to $135.00 and gave the company an “overweight” rating in a research report on Monday, May 3rd. Finally, Deutsche Bank Aktiengesellschaft raised their target price on Eastman Chemical from $115.00 to $126.00 and gave the company a “buy” rating in a report on Tuesday, March 16th. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $109.23.
Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, April 29th. The basic materials company reported $2.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.03 by $0.10. Eastman Chemical had a net margin of 5.72% and a return on equity of 13.86%. The business had revenue of $2.41 billion for the quarter, compared to analyst estimates of $2.34 billion. As a group, equities analysts expect that Eastman Chemical will post 8.66 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, July 2nd. Stockholders of record on Tuesday, June 15th will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Monday, June 14th. Eastman Chemical’s dividend payout ratio is 44.88%.
In other Eastman Chemical news, SVP Perry Stuckey sold 8,487 shares of the stock in a transaction that occurred on Tuesday, May 4th. The stock was sold at an average price of $119.24, for a total transaction of $1,011,989.88. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Lucian Boldea sold 14,028 shares of Eastman Chemical stock in a transaction on Friday, May 7th. The shares were sold at an average price of $124.89, for a total transaction of $1,751,956.92. Following the completion of the sale, the vice president now owns 33,468 shares of the company’s stock, valued at approximately $4,179,818.52. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 111,461 shares of company stock worth $13,969,529. 1.93% of the stock is owned by corporate insiders.
About Eastman Chemical
Eastman Chemical Company operates as a specialty materials company worldwide. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.
Further Reading: Price-Sales Ratio
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