Ackerman Capital Advisors LLC Takes Position in Eastman Chemical (NYSE:EMN)

Ackerman Capital Advisors LLC bought a new position in shares of Eastman Chemical (NYSE:EMN) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,819 shares of the basic materials company’s stock, valued at approximately $204,000.

Other institutional investors also recently bought and sold shares of the company. Capital Research Global Investors boosted its stake in Eastman Chemical by 649.8% during the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after buying an additional 3,909,740 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Eastman Chemical by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock worth $223,435,000 after acquiring an additional 198,645 shares in the last quarter. Earnest Partners LLC boosted its position in shares of Eastman Chemical by 1.8% during the 2nd quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company’s stock valued at $219,454,000 after acquiring an additional 40,070 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Eastman Chemical by 0.6% in the second quarter. Bank of New York Mellon Corp now owns 1,220,463 shares of the basic materials company’s stock valued at $119,569,000 after purchasing an additional 7,847 shares in the last quarter. Finally, Clearbridge Investments LLC increased its position in Eastman Chemical by 18.1% in the first quarter. Clearbridge Investments LLC now owns 1,120,604 shares of the basic materials company’s stock worth $112,307,000 after purchasing an additional 171,945 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Price Performance

EMN opened at $105.43 on Friday. The company has a market capitalization of $12.32 billion, a price-to-earnings ratio of 14.19, a PEG ratio of 0.81 and a beta of 1.44. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. Eastman Chemical has a 12-month low of $69.25 and a 12-month high of $114.50. The business’s fifty day simple moving average is $105.21 and its 200-day simple moving average is $100.79.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same period in the prior year, the business earned $1.99 EPS. The firm’s quarterly revenue was up 1.7% on a year-over-year basis. On average, equities research analysts anticipate that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently disclosed 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 annualized dividend and a yield of 3.07%. The ex-dividend date was Monday, September 16th. Eastman Chemical’s payout ratio is 43.61%.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. 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. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price target for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Wells Fargo & Company boosted their price objective on Eastman Chemical from $105.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. Deutsche Bank Aktiengesellschaft raised their price objective on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Finally, StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Eight analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Eastman Chemical has an average rating of “Moderate Buy” and a consensus price target of $110.20.

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.