Garrison Point Advisors LLC Takes $217,000 Position in Eastman Chemical (NYSE:EMN)

Garrison Point Advisors LLC bought a new position in shares of Eastman Chemical (NYSE:EMN) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,940 shares of the basic materials company’s stock, valued at approximately $217,000.

Several other institutional investors have also modified their holdings of the business. Capital Research Global Investors increased its holdings in 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 worth $452,139,000 after purchasing an additional 3,909,740 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Eastman Chemical by 9.5% in the second quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock worth $223,435,000 after buying an additional 198,645 shares during the last quarter. Earnest Partners LLC raised its holdings in Eastman Chemical by 1.8% in the second 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 in the last quarter. Bank of New York Mellon Corp boosted its stake in Eastman Chemical by 0.6% during the 2nd 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 acquiring an additional 7,847 shares during the last quarter. Finally, Clearbridge Investments LLC grew its holdings in Eastman Chemical by 18.1% during the 1st quarter. Clearbridge Investments LLC now owns 1,120,604 shares of the basic materials company’s stock worth $112,307,000 after acquiring an additional 171,945 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Down 0.2 %

Eastman Chemical stock opened at $106.72 on Friday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. Eastman Chemical has a one year low of $68.89 and a one year high of $114.50. The company has a 50-day simple moving average of $105.06 and a 200-day simple moving average of $100.77. The firm has a market capitalization of $12.56 billion, a P/E ratio of 13.75, a P/E/G ratio of 0.83 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, topping the consensus estimate of $2.01 by $0.14. The firm had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. Eastman Chemical’s quarterly revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.99 EPS. As a group, equities analysts expect that Eastman Chemical will post 7.67 earnings per share 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 issued a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 3.04%. The ex-dividend date was Monday, September 16th. Eastman Chemical’s dividend payout ratio (DPR) is 41.75%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and upped their target price for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Citigroup cut their price objective on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Wells Fargo & Company boosted their price target on Eastman Chemical from $105.00 to $118.00 and gave the company an “equal weight” rating in a report on Tuesday, October 15th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research report on Monday, July 29th. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $110.20.

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.