Econ Financial Services Corp Has $2.03 Million Stock Holdings in Eastman Chemical Company (NYSE:EMN)

Econ Financial Services Corp grew its holdings in Eastman Chemical Company (NYSE:EMN - Free Report) by 37.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 23,035 shares of the basic materials company's stock after acquiring an additional 6,330 shares during the period. Econ Financial Services Corp's holdings in Eastman Chemical were worth $2,030,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in EMN. Brighton Jones LLC bought a new stake in Eastman Chemical in the fourth quarter worth approximately $202,000. Private Advisor Group LLC boosted its holdings in shares of Eastman Chemical by 16.4% during the 4th quarter. Private Advisor Group LLC now owns 13,296 shares of the basic materials company's stock worth $1,214,000 after buying an additional 1,870 shares during the period. Concurrent Investment Advisors LLC bought a new stake in shares of Eastman Chemical during the 4th quarter worth $234,000. Fjarde AP Fonden Fourth Swedish National Pension Fund bought a new stake in shares of Eastman Chemical during the 4th quarter worth $3,023,000. Finally, Blackhawk Capital Partners LLC. boosted its holdings in shares of Eastman Chemical by 16.3% during the 4th quarter. Blackhawk Capital Partners LLC. now owns 3,001 shares of the basic materials company's stock worth $274,000 after buying an additional 421 shares during the period. 83.65% of the stock is owned by institutional investors.

Analyst Ratings Changes

EMN has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. Royal Bank Of Canada raised shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price objective for the company in a report on Wednesday, April 9th. The Goldman Sachs Group decreased their price objective on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a report on Monday, April 28th. UBS Group decreased their price objective on shares of Eastman Chemical from $111.00 to $107.00 and set a "buy" rating for the company in a report on Wednesday, May 28th. Finally, Mizuho raised shares of Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price objective for the company in a report on Thursday, April 3rd. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $98.54.

Eastman Chemical Stock Performance

NYSE:EMN traded up $0.08 during trading hours on Friday, hitting $76.23. 4,120,690 shares of the company traded hands, compared to its average volume of 1,207,691. The stock has a market capitalization of $8.80 billion, a price-to-earnings ratio of 9.70, a P/E/G ratio of 1.78 and a beta of 1.25. Eastman Chemical Company has a twelve month low of $70.90 and a twelve month high of $114.50. The firm has a 50-day moving average of $78.56 and a 200 day moving average of $86.97. 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 released its earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, beating the consensus estimate of $1.89 by $0.02. The firm had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. The business's quarterly revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the company earned $1.61 EPS. On average, analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 4.36%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical's payout ratio is currently 42.24%.

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.