Concurrent Investment Advisors LLC Increases Stake in Eastman Chemical Company (NYSE:EMN)

Concurrent Investment Advisors LLC increased its holdings in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 327.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,939 shares of the basic materials company's stock after purchasing an additional 8,377 shares during the period. Concurrent Investment Advisors LLC's holdings in Eastman Chemical were worth $964,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of EMN. Brighton Jones LLC acquired a new position in Eastman Chemical in the 4th quarter worth about $202,000. Proficio Capital Partners LLC acquired a new position in Eastman Chemical during the fourth quarter worth $75,000. Jones Financial Companies Lllp grew its position in shares of Eastman Chemical by 168.6% in the fourth quarter. Jones Financial Companies Lllp now owns 3,693 shares of the basic materials company's stock valued at $337,000 after purchasing an additional 2,318 shares during the period. Victory Capital Management Inc. raised its position in shares of Eastman Chemical by 61.1% during the 4th quarter. Victory Capital Management Inc. now owns 254,916 shares of the basic materials company's stock worth $23,279,000 after purchasing an additional 96,663 shares during the last quarter. Finally, Assetmark Inc. increased its stake in 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 buying an additional 296 shares in the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Trading Down 1.6%

NYSE EMN traded down $1.27 during trading hours on Friday, reaching $80.29. The company had a trading volume of 818,507 shares, compared to its average volume of 1,244,236. The stock has a 50-day moving average of $78.89 and a 200 day moving average of $86.09. The stock has a market capitalization of $9.27 billion, a P/E ratio of 10.22, a price-to-earnings-growth ratio of 1.92 and a beta of 1.22. Eastman Chemical Company has a 1-year low of $70.90 and a 1-year high of $114.50. The company has a current ratio of 1.72, a quick ratio of 0.79 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) 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 the consensus estimate of $2.35 billion. Eastman Chemical had a return on equity of 16.59% and a net margin of 9.85%. The company's quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.61 EPS. As a group, research analysts anticipate that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th were issued a dividend of $0.83 per share. The ex-dividend date was Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a yield of 4.14%. Eastman Chemical's dividend payout ratio (DPR) is presently 42.24%.

Analyst Upgrades and Downgrades

Several brokerages recently commented on EMN. Wells Fargo & Company dropped their price target on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Morgan Stanley lowered their price target on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. Piper Sandler cut their price objective 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. The Goldman Sachs Group lowered their target price on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Finally, KeyCorp cut their price target on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $98.08.

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.