Concurrent Investment Advisors LLC Buys Shares of 2,562 Eastman Chemical (NYSE:EMN)

Concurrent Investment Advisors LLC purchased a new position in Eastman Chemical (NYSE:EMN) during the fourth quarter, Holdings Channel reports. The fund purchased 2,562 shares of the basic materials company’s stock, valued at approximately $234,000.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Crews Bank & Trust purchased a new position in Eastman Chemical in the 4th quarter worth $27,000. Dunhill Financial LLC grew its stake in shares of Eastman Chemical by 94.7% during the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after buying an additional 162 shares during the last quarter. Stonebridge Financial Group LLC purchased a new position in shares of Eastman Chemical in the fourth quarter worth about $37,000. Ashton Thomas Securities LLC bought a new stake in shares of Eastman Chemical in the 3rd quarter valued at about $89,000. Finally, Versant Capital Management Inc boosted its holdings in Eastman Chemical by 32.4% during the 4th quarter. Versant Capital Management Inc now owns 916 shares of the basic materials company’s stock valued at $84,000 after acquiring an additional 224 shares during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Up 0.7 %

Shares of EMN stock opened at $98.88 on Wednesday. The stock has a market cap of $11.39 billion, a P/E ratio of 12.88, a PEG ratio of 1.22 and a beta of 1.44. The company’s fifty day simple moving average is $94.52 and its two-hundred day simple moving average is $100.33. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 52 week low of $85.28 and a 52 week high of $114.50.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results 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%. Analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be paid a $0.83 dividend. 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 currently 43.23%.

Wall Street Analyst Weigh In

A number of brokerages have commented on EMN. JPMorgan Chase & Co. lifted their price target on Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Citigroup lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lowered their price target for the company from $118.00 to $104.00 in a report on Wednesday, December 18th. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and cut their price target for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research report on Monday, November 4th. Finally, Royal Bank of Canada increased their target price on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 4th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.