CCM Investment Group LLC Makes New Investment in Eastman Chemical Company (NYSE:EMN)

Key Points

• CCM Investment Group LLC has acquired a new stake in Eastman Chemical Company (NYSE:EMN), purchasing 10,956 shares valued at approximately $954,000 during the first quarter.
• Eastman Chemical reported earnings per share of $1.60 for the recent quarter, which missed analysts' expectations of $1.72, and experienced a 3.2% decline in quarterly revenue year-over-year.
• The company announced a quarterly dividend of $0.83 per share, with an anticipated annual yield of 5.4%, payable on October 7th to investors of record.

CCM Investment Group LLC bought a new position in Eastman Chemical Company (NYSE:EMN - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The fund bought 10,956 shares of the basic materials company's stock, valued at approximately $954,000.

A number of other large investors have also added to or reduced their stakes in the stock. Nuveen LLC bought a new stake in shares of Eastman Chemical during the 1st quarter valued at $26,289,000. Cooper Financial Group grew its position in shares of Eastman Chemical by 11.4% during the 1st quarter. Cooper Financial Group now owns 4,151 shares of the basic materials company's stock valued at $366,000 after acquiring an additional 426 shares during the period. Strengthening Families & Communities LLC grew its position in shares of Eastman Chemical by 12.7% during the 1st quarter. Strengthening Families & Communities LLC now owns 2,826 shares of the basic materials company's stock valued at $249,000 after acquiring an additional 319 shares during the period. Virtu Financial LLC bought a new stake in shares of Eastman Chemical during the 1st quarter valued at $572,000. Finally, Covestor Ltd grew its position in shares of Eastman Chemical by 835.1% during the 1st quarter. Covestor Ltd now owns 1,412 shares of the basic materials company's stock valued at $124,000 after acquiring an additional 1,261 shares during the period. Institutional investors own 83.65% of the company's stock.

Analyst Upgrades and Downgrades

EMN has been the subject of a number of recent research reports. Citigroup cut their price objective on shares of Eastman Chemical from $90.00 to $68.00 and set a "buy" rating for the company in a research report on Monday, August 4th. KeyCorp set a $79.00 target price on shares of Eastman Chemical and gave the company an "overweight" rating in a research note on Monday, August 4th. Wells Fargo & Company lowered their target price on shares of Eastman Chemical from $90.00 to $70.00 and set an "overweight" rating on the stock in a research note on Monday, August 4th. UBS Group decreased their price target on shares of Eastman Chemical from $107.00 to $101.00 and set a "buy" rating on the stock in a research note on Wednesday, July 9th. Finally, Mizuho reduced their target price on shares of Eastman Chemical from $92.00 to $80.00 and set an "outperform" rating on the stock in a report on Friday, August 1st. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $87.00.

Eastman Chemical Trading Down 1.1%

EMN stock traded down $0.72 during mid-day trading on Friday, reaching $65.68. The company had a trading volume of 530,098 shares, compared to its average volume of 1,566,181. The company has a debt-to-equity ratio of 0.81, a current ratio of 1.68 and a quick ratio of 0.78. The company has a market capitalization of $7.54 billion, a PE ratio of 9.23, a price-to-earnings-growth ratio of 6.21 and a beta of 1.21. The firm has a 50 day moving average of $74.54 and a 200 day moving average of $82.71. Eastman Chemical Company has a 12 month low of $56.78 and a 12 month high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The basic materials company reported $1.60 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.72 by ($0.12). Eastman Chemical had a net margin of 8.96% and a return on equity of 15.24%. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.32 billion. During the same quarter in the prior year, the business posted $2.15 earnings per share. Eastman Chemical's revenue for the quarter was down 3.2% on a year-over-year basis. On average, equities analysts predict that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 7th. Shareholders of record on Monday, September 15th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Monday, September 15th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 5.1%. Eastman Chemical's dividend payout ratio (DPR) is currently 46.63%.

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.