Patrick M Sweeney & Associates Inc. Acquires Shares of 3,319 Eastman Chemical (NYSE:EMN)

Patrick M Sweeney & Associates Inc. bought a new stake in Eastman Chemical (NYSE:EMN) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm bought 3,319 shares of the basic materials company’s stock, valued at approximately $298,000.

Several other large investors have also made changes to their positions in EMN. Charles Schwab Investment Management Inc. increased its holdings in Eastman Chemical by 2.7% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,108,687 shares of the basic materials company’s stock valued at $99,582,000 after purchasing an additional 29,557 shares during the period. Apollon Wealth Management LLC acquired a new position in Eastman Chemical in the fourth quarter valued at $485,000. Legacy Financial Advisors Inc. grew its holdings in Eastman Chemical by 5.0% during the 4th quarter. Legacy Financial Advisors Inc. now owns 6,722 shares of the basic materials company’s stock worth $604,000 after acquiring an additional 321 shares during the period. Axxcess Wealth Management LLC bought a new position in shares of Eastman Chemical in the 4th quarter worth about $350,000. Finally, M&T Bank Corp lifted its stake in shares of Eastman Chemical by 2.2% in the 4th quarter. M&T Bank Corp now owns 14,338 shares of the basic materials company’s stock valued at $1,288,000 after purchasing an additional 309 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Performance

Shares of EMN stock traded up $1.89 during trading hours on Tuesday, hitting $100.64. 1,100,801 shares of the company were exchanged, compared to its average volume of 1,078,508. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $102.71. The company has a current ratio of 1.39, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77. The firm has a fifty day simple moving average of $95.26 and a 200 day simple moving average of $87.55. The stock has a market capitalization of $11.84 billion, a price-to-earnings ratio of 12.73, a P/E/G ratio of 1.06 and a beta of 1.54.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.20. The firm had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.29 billion. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The business’s revenue was down 4.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.63 earnings per share. Research analysts predict that Eastman Chemical will post 7.75 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be paid a $0.81 dividend. The ex-dividend date of this dividend is Monday, June 17th. This represents a $3.24 annualized dividend and a dividend yield of 3.22%. Eastman Chemical’s payout ratio is 41.75%.

Insider Activity

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Insiders own 2.28% of the company’s stock.

Wall Street Analyst Weigh In

EMN has been the topic of a number of research analyst reports. KeyCorp increased their price target on Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Barclays raised their price target on shares of Eastman Chemical from $85.00 to $103.00 and gave the stock an “equal weight” rating in a report on Monday. Royal Bank of Canada upped their price objective on shares of Eastman Chemical from $100.00 to $104.00 and gave the company a “sector perform” rating in a report on Tuesday, April 30th. Wells Fargo & Company raised their target price on Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a research note on Thursday, April 11th. Finally, Piper Sandler boosted their target price on Eastman Chemical from $90.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, April 30th. Eight analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $104.18.

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.