Community Trust & Investment Co. Acquires 429 Shares of Eastman Chemical (NYSE:EMN)

Community Trust & Investment Co. raised its position in shares of Eastman Chemical (NYSE:EMN) by 1.3% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 34,141 shares of the basic materials company’s stock after acquiring an additional 429 shares during the period. Community Trust & Investment Co.’s holdings in Eastman Chemical were worth $2,858,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. Retirement Group LLC bought a new stake in shares of Eastman Chemical during the first quarter worth $27,000. Massmutual Trust Co. FSB ADV increased its holdings in shares of Eastman Chemical by 71.5% during the first quarter. Massmutual Trust Co. FSB ADV now owns 391 shares of the basic materials company’s stock valued at $33,000 after acquiring an additional 163 shares in the last quarter. Money Concepts Capital Corp increased its stake in Eastman Chemical by 435.0% during the 4th quarter. Money Concepts Capital Corp now owns 428 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 348 shares in the last quarter. Point72 Asset Management L.P. acquired a new position in shares of Eastman Chemical in the 4th quarter valued at $37,000. Finally, Harbour Investments Inc. increased its holdings in shares of Eastman Chemical by 164.6% in the fourth quarter. Harbour Investments Inc. now owns 463 shares of the basic materials company’s stock valued at $38,000 after purchasing an additional 288 shares during the period. Hedge funds and other institutional investors own 82.29% of the company’s stock.

Eastman Chemical Stock Down 0.3 %

Shares of NYSE EMN traded down $0.20 during mid-day trading on Tuesday, reaching $78.25. The company had a trading volume of 77,413 shares, compared to its average volume of 949,939. The company has a current ratio of 1.32, a quick ratio of 0.61 and a debt-to-equity ratio of 0.86. Eastman Chemical has a 52-week low of $69.91 and a 52-week high of $92.21. The stock has a market cap of $9.28 billion, a P/E ratio of 13.39, a PEG ratio of 1.45 and a beta of 1.51. The firm has a 50 day simple moving average of $84.09 and a two-hundred day simple moving average of $82.49.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, July 27th. The basic materials company reported $1.99 earnings per share for the quarter, beating the consensus estimate of $1.95 by $0.04. The business had revenue of $2.32 billion during the quarter, compared to the consensus estimate of $2.59 billion. Eastman Chemical had a return on equity of 14.82% and a net margin of 7.21%. The company’s revenue was down 16.5% compared to the same quarter last year. During the same period in the prior year, the company earned $2.83 earnings per share. Sell-side analysts predict that Eastman Chemical will post 6.7 earnings per share for the current year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 6th. Investors of record on Friday, September 15th will be given a $0.79 dividend. The ex-dividend date is Thursday, September 14th. This represents a $3.16 dividend on an annualized basis and a yield of 4.04%. Eastman Chemical’s payout ratio is currently 53.93%.

Wall Street Analyst Weigh In

EMN has been the topic of a number of research reports. Credit Suisse Group increased their price objective on shares of Eastman Chemical from $95.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, July 28th. Morgan Stanley restated an “overweight” rating and issued a $115.00 target price on shares of Eastman Chemical in a report on Monday, July 31st. Deutsche Bank Aktiengesellschaft lowered their price objective on Eastman Chemical from $92.00 to $86.00 in a research report on Monday, June 12th. Mizuho decreased their price objective on shares of Eastman Chemical from $84.00 to $78.00 and set a “neutral” rating on the stock in a report on Thursday, August 3rd. Finally, Piper Sandler lowered Eastman Chemical from an “overweight” rating to a “neutral” rating and set a $96.00 target price on the stock. in a research note on Tuesday, August 1st. Ten research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $94.87.

Eastman Chemical Company Profile

Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon 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.