Crestmont Private Wealth LLC Invests $214,000 in Eastman Chemical (NYSE:EMN)

Crestmont Private Wealth LLC purchased a new stake in shares of Eastman Chemical (NYSE:EMN) during the 3rd quarter, Holdings Channel reports. The fund purchased 1,908 shares of the basic materials company’s stock, valued at approximately $214,000.

Several other hedge funds have also recently bought and sold shares of the business. Integrated Advisors Network LLC acquired a new stake in shares of Eastman Chemical during the fourth quarter worth approximately $3,107,000. Tucker Asset Management LLC boosted its stake in shares of Eastman Chemical by 21.8% during the 4th quarter. Tucker Asset Management LLC now owns 1,060 shares of the basic materials company’s stock valued at $95,000 after buying an additional 190 shares during the period. Vanguard Group Inc. grew its holdings in shares of Eastman Chemical by 0.4% during the 4th quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock valued at $1,332,904,000 after acquiring an additional 61,580 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Eastman Chemical in the fourth quarter worth $2,804,000. Finally, Quadrature Capital Ltd boosted its position in Eastman Chemical by 52.9% during the fourth quarter. Quadrature Capital Ltd now owns 32,899 shares of the basic materials company’s stock valued at $2,956,000 after purchasing an additional 11,376 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Price Performance

NYSE EMN opened at $110.57 on Friday. The stock has a market capitalization of $13.01 billion, a PE ratio of 14.25, a P/E/G ratio of 0.83 and a beta of 1.44. The stock has a 50-day simple moving average of $102.69 and a 200 day simple moving average of $100.26. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $114.50.

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

Eastman Chemical Dividend Announcement

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

Analyst Ratings Changes

Several research analysts have weighed in on EMN shares. Mizuho upped their target price on Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research report on Monday, July 29th. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Finally, Barclays upped their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Seven research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $108.53.

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.