Summit Financial LLC Makes New Investment in Eastman Chemical (NYSE:EMN)

Summit Financial LLC acquired a new stake in shares of Eastman Chemical (NYSE:EMN) in the 4th quarter, HoldingsChannel.com reports. The fund acquired 2,464 shares of the basic materials company’s stock, valued at approximately $227,000.

Other hedge funds also recently made changes to their positions in the company. Crews Bank & Trust acquired a new stake in Eastman Chemical during the fourth quarter valued at approximately $27,000. Picton Mahoney Asset Management lifted its position in shares of Eastman Chemical by 62.3% during the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 124 shares during the last quarter. Assetmark Inc. boosted its stake in shares of Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock worth $34,000 after acquiring an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of Eastman Chemical during the fourth quarter worth $35,000. Finally, Dunhill Financial LLC increased its stake in Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 162 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Down 5.6 %

Shares of EMN opened at $75.48 on Friday. The firm has a market cap of $8.69 billion, a P/E ratio of 9.83, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. Eastman Chemical has a 52 week low of $73.78 and a 52 week high of $114.50. The firm’s 50-day simple moving average is $94.76 and its 200 day simple moving average is $98.77.

Eastman Chemical (NYSE:EMN) last released its 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%. On average, analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently disclosed 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 4.40%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s dividend payout ratio is currently 43.23%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on EMN shares. Citigroup upgraded 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 report on Friday. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and decreased their target price for the company from $115.00 to $109.00 in a research note on Tuesday, January 14th. JPMorgan Chase & Co. increased their price objective on Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. UBS Group lowered their price objective on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a report on Friday, January 31st. Finally, KeyCorp lifted their target price on shares of Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $112.83.

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.