Planned Solutions Inc. Acquires New Position in Eastman Chemical (NYSE:EMN)

Planned Solutions Inc. bought a new stake in Eastman Chemical (NYSE:EMN) during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 1,100 shares of the basic materials company’s stock, valued at approximately $99,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in shares of Eastman Chemical by 2.3% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 17,261 shares of the basic materials company’s stock worth $1,934,000 after purchasing an additional 386 shares in the last quarter. Yousif Capital Management LLC increased its holdings in Eastman Chemical by 0.8% in the 1st quarter. Yousif Capital Management LLC now owns 18,628 shares of the basic materials company’s stock valued at $2,087,000 after buying an additional 150 shares during the period. Cibc World Market Inc. raised its position in Eastman Chemical by 10.4% in the first quarter. Cibc World Market Inc. now owns 6,098 shares of the basic materials company’s stock worth $683,000 after purchasing an additional 572 shares in the last quarter. Blair William & Co. IL grew its position in Eastman Chemical by 2.5% in the first quarter. Blair William & Co. IL now owns 4,380 shares of the basic materials company’s stock valued at $491,000 after acquiring an additional 105 shares during the period. Finally, Sei Investments Co. lifted its holdings in Eastman Chemical by 16.4% during the 1st quarter. Sei Investments Co. now owns 200,656 shares of the basic materials company’s stock valued at $22,546,000 after purchasing an additional 28,338 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, SVP Adrian James Holt sold 4,735 shares of Eastman Chemical stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. 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 insiders.

Eastman Chemical Price Performance

NYSE:EMN opened at $99.58 on Thursday. The stock has a market capitalization of $11.71 billion, a PE ratio of 13.30, a P/E/G ratio of 1.09 and a beta of 1.52. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $100.37. The firm has a fifty day simple moving average of $87.69 and a 200 day simple moving average of $83.09. The company has a current ratio of 1.35, a quick ratio of 0.70 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Friday, February 2nd. The basic materials company reported $1.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.28 by $0.03. Eastman Chemical had a return on equity of 14.15% and a net margin of 9.71%. The company had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.21 billion. During the same period last year, the firm posted $0.89 earnings per share. The business’s revenue was down 7.0% on a year-over-year basis. On average, research analysts expect that Eastman Chemical will post 7.7 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 5th. Shareholders of record on Friday, March 15th will be given a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend is Thursday, March 14th. Eastman Chemical’s payout ratio is 43.26%.

Analyst Ratings Changes

EMN has been the subject of a number of research analyst reports. UBS Group lifted their target price on shares of Eastman Chemical from $91.00 to $93.00 and gave the company a “neutral” rating in a research note on Friday, February 2nd. KeyCorp increased their price objective on shares of Eastman Chemical from $95.00 to $101.00 and gave the stock an “overweight” rating in a report on Tuesday, January 9th. Redburn Atlantic initiated coverage on shares of Eastman Chemical in a research note on Thursday, February 15th. They set a “buy” rating and a $110.00 price target on the stock. The Goldman Sachs Group upped their price objective on Eastman Chemical from $82.00 to $92.00 and gave the stock a “neutral” rating in a report on Thursday, December 14th. Finally, Stifel Nicolaus decreased their price target on Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a report on Monday, February 5th. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $93.75.

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.