Atomi Financial Group Inc. Grows Stake in Eastman Chemical (NYSE:EMN)

Atomi Financial Group Inc. lifted its holdings in shares of Eastman Chemical (NYSE:EMN) by 15.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,437 shares of the basic materials company’s stock after buying an additional 1,401 shares during the quarter. Atomi Financial Group Inc.’s holdings in Eastman Chemical were worth $1,168,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in Eastman Chemical by 0.4% in 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 purchasing an additional 61,580 shares during the period. Capital Research Global Investors raised its position in shares of Eastman Chemical by 649.8% during the 1st 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 in the last quarter. Putnam Investments LLC raised its position in shares of Eastman Chemical by 4.0% during the 4th quarter. Putnam Investments LLC now owns 4,355,408 shares of the basic materials company’s stock valued at $391,203,000 after buying an additional 168,038 shares in the last quarter. Dimensional Fund Advisors LP raised its position 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 valued at $223,435,000 after buying an additional 198,645 shares in the last quarter. Finally, Earnest Partners LLC raised 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 buying an additional 40,070 shares in the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Trading Down 0.9 %

Shares of EMN opened at $108.27 on Wednesday. The firm’s 50-day moving average price is $102.13 and its 200-day moving average price is $100.03. The firm has a market capitalization of $12.74 billion, a price-to-earnings ratio of 13.95, a PEG ratio of 0.82 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 1-year low of $68.89 and a 1-year high of $114.50.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. The firm had revenue of $2.36 billion for the quarter, compared to analyst estimates of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company’s revenue for the quarter was up 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.99 EPS. Sell-side analysts anticipate that Eastman Chemical will post 7.66 EPS for the current 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 paid a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 2.99%. The ex-dividend date of this dividend was Monday, September 16th. Eastman Chemical’s payout ratio is currently 41.75%.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on EMN shares. Barclays raised their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Mizuho lifted their target price on shares of 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 reiterated a “neutral” rating and issued a $105.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. Citigroup decreased their target price on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. Finally, Royal Bank of Canada restated a “sector perform” rating and issued a $100.00 price objective on shares of Eastman Chemical in a research report on Tuesday, July 30th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $108.07.

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.