Buck Wealth Strategies LLC Buys New Stake in Eastman Chemical Company (NYSE:EMN)

Buck Wealth Strategies LLC purchased a new position in Eastman Chemical Company (NYSE:EMN - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 10,281 shares of the basic materials company's stock, valued at approximately $906,000.

A number of other institutional investors also recently made changes to their positions in EMN. Private Trust Co. NA raised its holdings in Eastman Chemical by 14.0% during the fourth quarter. Private Trust Co. NA now owns 837 shares of the basic materials company's stock worth $76,000 after purchasing an additional 103 shares in the last quarter. Picton Mahoney Asset Management raised its stake in shares of Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after buying an additional 124 shares in the last quarter. Global Retirement Partners LLC lifted its holdings in shares of Eastman Chemical by 1.4% in the fourth quarter. Global Retirement Partners LLC now owns 9,268 shares of the basic materials company's stock valued at $846,000 after buying an additional 132 shares during the period. Metis Global Partners LLC boosted its stake in Eastman Chemical by 3.8% during the fourth quarter. Metis Global Partners LLC now owns 3,878 shares of the basic materials company's stock valued at $354,000 after buying an additional 143 shares in the last quarter. Finally, M&T Bank Corp grew its holdings in Eastman Chemical by 0.9% during the fourth quarter. M&T Bank Corp now owns 17,296 shares of the basic materials company's stock worth $1,580,000 after acquiring an additional 149 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Stock Down 0.7%

Shares of EMN traded down $0.54 during midday trading on Wednesday, reaching $75.92. 1,274,445 shares of the stock were exchanged, compared to its average volume of 1,191,119. The company has a market cap of $8.77 billion, a price-to-earnings ratio of 9.66, a P/E/G ratio of 1.78 and a beta of 1.25. The company has a quick ratio of 0.79, a current ratio of 1.72 and a debt-to-equity ratio of 0.80. Eastman Chemical Company has a 12-month low of $70.90 and a 12-month high of $114.50. The firm has a 50 day simple moving average of $78.58 and a 200-day simple moving average of $87.38.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.02. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. The company's revenue for the quarter was down .9% on a year-over-year basis. During the same quarter last year, the firm earned $1.61 earnings per share. Research analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.37%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical's payout ratio is 42.24%.

Analysts Set New Price Targets

EMN has been the subject of several research reports. The Goldman Sachs Group reduced their price objective on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. Piper Sandler reduced their target price on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a report on Monday, April 7th. KeyCorp dropped their price target on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. Wells Fargo & Company reduced their price objective on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Finally, Morgan Stanley cut their target price on Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $98.54.

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.