Concurrent Investment Advisors LLC Purchases New Shares in Eastman Chemical (NYSE:EMN)

Concurrent Investment Advisors LLC acquired a new position in Eastman Chemical (NYSE:EMN) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 2,562 shares of the basic materials company’s stock, valued at approximately $234,000.

A number of other institutional investors have also recently bought and sold shares of EMN. Cumberland Partners Ltd increased its holdings in shares of Eastman Chemical by 22.5% during the fourth quarter. Cumberland Partners Ltd now owns 63,125 shares of the basic materials company’s stock worth $5,765,000 after purchasing an additional 11,590 shares during the period. Private Advisor Group LLC grew its position in Eastman Chemical by 16.4% during the fourth quarter. Private Advisor Group LLC now owns 13,296 shares of the basic materials company’s stock worth $1,214,000 after buying an additional 1,870 shares in the last quarter. Global Retirement Partners LLC increased its stake in Eastman Chemical by 1.4% during the 4th quarter. Global Retirement Partners LLC now owns 9,268 shares of the basic materials company’s stock worth $846,000 after acquiring an additional 132 shares during the period. Kentucky Retirement Systems Insurance Trust Fund raised its holdings in Eastman Chemical by 57.5% in the 4th quarter. Kentucky Retirement Systems Insurance Trust Fund now owns 5,451 shares of the basic materials company’s stock valued at $498,000 after acquiring an additional 1,990 shares in the last quarter. Finally, Atria Wealth Solutions Inc. bought a new stake in shares of Eastman Chemical during the 4th quarter valued at $1,409,000. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Trading Up 0.7 %

EMN opened at $98.88 on Wednesday. Eastman Chemical has a fifty-two week low of $85.28 and a fifty-two week high of $114.50. The firm has a market capitalization of $11.39 billion, a PE ratio of 12.88, a P/E/G ratio of 1.22 and a beta of 1.44. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The company’s 50-day moving average is $94.52 and its 200 day moving average is $100.33.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. As a group, research analysts predict that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.36%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s dividend payout ratio is presently 43.23%.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on EMN shares. Barclays dropped their price target on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Citigroup cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their target price for the company from $118.00 to $104.00 in a research report on Wednesday, December 18th. Royal Bank of Canada increased their price target on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 4th. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $115.00 to $109.00 in a research report on Tuesday, January 14th. Finally, UBS Group reduced their target price on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a report on Friday, January 31st. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $114.08.

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.