McGlone Suttner Wealth Management Inc. Takes $237,000 Position in Eastman Chemical (NYSE:EMN)

McGlone Suttner Wealth Management Inc. bought a new position in shares of Eastman Chemical (NYSE:EMN) in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,119 shares of the basic materials company’s stock, valued at approximately $237,000.

Other hedge funds have also recently bought and sold shares of the company. Bessemer Group Inc. raised its holdings in Eastman Chemical by 321.2% in the first quarter. Bessemer Group Inc. now owns 16,250 shares of the basic materials company’s stock valued at $1,628,000 after buying an additional 12,392 shares during the period. CHURCHILL MANAGEMENT Corp purchased a new position in Eastman Chemical in the first quarter valued at approximately $1,681,000. Empowered Funds LLC purchased a new position in Eastman Chemical in the first quarter valued at approximately $594,000. Dakota Wealth Management raised its holdings in Eastman Chemical by 13.5% in the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock valued at $2,183,000 after buying an additional 2,655 shares during the period. Finally, Envestnet Portfolio Solutions Inc. raised its holdings in Eastman Chemical by 11.1% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 76,969 shares of the basic materials company’s stock valued at $7,714,000 after buying an additional 7,717 shares during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on EMN shares. Citigroup lowered their price objective on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a research report on Thursday, June 27th. Barclays increased their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Piper Sandler reaffirmed a “neutral” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Royal Bank of Canada increased their price objective on shares of Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a research report on Friday. Finally, Mizuho increased their price objective on shares of Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a research report on Friday, July 26th. Seven equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $108.53.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $110.57 on Monday. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $114.50. The firm’s 50-day simple moving average is $102.69 and its 200 day simple moving average is $100.26. 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 stock has a market cap of $13.01 billion, a P/E ratio of 14.25, a P/E/G ratio of 0.83 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The business had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same period in the previous year, the business earned $1.99 earnings per share. The company’s revenue was up 1.7% on a year-over-year basis. Equities analysts expect that Eastman Chemical will post 7.67 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Monday, September 16th were issued a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 2.93%. The ex-dividend date was Monday, September 16th. Eastman Chemical’s payout ratio is currently 41.75%.

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.