Ackerman Capital Advisors LLC Buys Shares of 1,819 Eastman Chemical (NYSE:EMN)

Ackerman Capital Advisors LLC purchased a new stake in shares of Eastman Chemical (NYSE:EMN) in the 3rd quarter, HoldingsChannel reports. The fund purchased 1,819 shares of the basic materials company’s stock, valued at approximately $204,000.

Other institutional investors have also modified their holdings of the company. Frank Rimerman Advisors LLC purchased a new stake in Eastman Chemical during the third quarter valued at approximately $220,000. Modera Wealth Management LLC purchased a new position in Eastman Chemical during the 3rd quarter worth $221,000. Pathway Financial Advisers LLC acquired a new position in Eastman Chemical during the 3rd quarter valued at about $632,000. Arkadios Wealth Advisors purchased a new stake in Eastman Chemical in the third quarter valued at about $523,000. Finally, Forsta AP Fonden grew its stake in shares of Eastman Chemical by 13.3% during the third quarter. Forsta AP Fonden now owns 37,600 shares of the basic materials company’s stock worth $4,209,000 after acquiring an additional 4,400 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

EMN has been the subject of several research analyst reports. Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and increased their price objective for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a report on Monday, July 29th. Wells Fargo & Company boosted their price objective on shares of Eastman Chemical from $105.00 to $118.00 and gave the company an “equal weight” rating in a report on Tuesday, October 15th. Barclays raised their target price on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Finally, Mizuho lifted their target price on Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a report on Friday, July 26th. Eight equities 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.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $110.20.

Eastman Chemical Trading Down 1.2 %

EMN stock opened at $105.43 on Friday. Eastman Chemical has a 52-week low of $69.25 and a 52-week high of $114.50. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76. The firm has a market cap of $12.32 billion, a P/E ratio of 14.19, a PEG ratio of 0.81 and a beta of 1.44. The company’s 50-day simple moving average is $105.21 and its 200-day simple moving average is $100.79.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. The company had revenue of $2.36 billion for the quarter, compared to the consensus estimate 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 for the quarter was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.99 earnings per share. As a group, equities analysts forecast that Eastman Chemical will post 7.66 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 16th were given a dividend of $0.81 per share. The ex-dividend date was Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.07%. Eastman Chemical’s dividend payout ratio (DPR) is 43.61%.

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.