Aristides Capital LLC Acquires New Shares in Eastman Chemical (NYSE:EMN)

Aristides Capital LLC bought a new position in shares of Eastman Chemical (NYSE:EMN) during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 3,321 shares of the basic materials company’s stock, valued at approximately $303,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Crews Bank & Trust acquired a new position in Eastman Chemical during the fourth quarter valued at approximately $27,000. Picton Mahoney Asset Management grew its holdings in shares of Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock valued at $29,000 after buying an additional 124 shares during the period. Assetmark Inc. increased its position in shares of Eastman Chemical by 384.4% in the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock valued at $34,000 after buying an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC acquired a new stake in Eastman Chemical during the 4th quarter worth $35,000. Finally, Dunhill Financial LLC lifted its holdings in Eastman Chemical by 94.7% during the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after acquiring an additional 162 shares in the last quarter. 83.65% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

EMN has been the subject of several recent analyst reports. KeyCorp increased their price target on Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Citigroup raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and cut their price target for the company from $105.00 to $101.00 in a research note on Friday. Piper Sandler boosted their price objective on shares of Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. UBS Group lowered their target price on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a report on Friday, January 31st. Finally, Royal Bank of Canada boosted their price target on Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a report on Tuesday, February 4th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $112.83.

Eastman Chemical Price Performance

NYSE:EMN opened at $75.48 on Monday. The stock has a market capitalization of $8.69 billion, a PE ratio of 9.83, a P/E/G ratio of 1.22 and a beta of 1.43. Eastman Chemical has a 1-year low of $73.78 and a 1-year high of $114.50. The firm has a fifty day simple moving average of $94.76 and a 200 day simple moving average of $98.67. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78.

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

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 4.40%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 43.23%.

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.