Econ Financial Services Corp Grows Holdings in Eastman Chemical Company (NYSE:EMN)

Econ Financial Services Corp boosted its holdings in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 37.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,035 shares of the basic materials company's stock after acquiring an additional 6,330 shares during the quarter. Econ Financial Services Corp's holdings in Eastman Chemical were worth $2,030,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Picton Mahoney Asset Management lifted its holdings in shares of Eastman Chemical by 62.3% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after purchasing an additional 124 shares during the period. Assetmark Inc. raised its position 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 purchasing an additional 296 shares during the last quarter. Bradley & Co. Private Wealth Management LLC acquired a new position in Eastman Chemical during the 4th quarter worth about $35,000. Headlands Technologies LLC acquired a new position in Eastman Chemical during the 4th quarter worth about $43,000. Finally, Orion Capital Management LLC bought a new stake in shares of Eastman Chemical in the 4th quarter valued at about $47,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Stock Up 0.5%

Shares of EMN stock traded up $0.36 on Thursday, reaching $76.23. 1,482,406 shares of the company were exchanged, compared to its average volume of 1,192,279. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.72 and a quick ratio of 0.79. The company has a 50-day moving average of $78.58 and a 200-day moving average of $87.38. The company has a market cap of $8.80 billion, a price-to-earnings ratio of 9.70, a PEG ratio of 1.78 and a beta of 1.25. Eastman Chemical Company has a one year low of $70.90 and a one year high of $114.50.

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

Eastman Chemical Dividend Announcement

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

Analyst Upgrades and Downgrades

EMN has been the subject of a number of analyst reports. Piper Sandler lowered their price objective on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. The Goldman Sachs Group decreased their target price 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. JPMorgan Chase & Co. restated a "neutral" rating and issued a $76.00 price target (down previously from $112.00) on shares of Eastman Chemical in a research report on Monday, April 28th. Citigroup upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and decreased their price objective for the stock from $105.00 to $101.00 in a research report on Friday, April 4th. Finally, UBS Group lowered their target price on shares of Eastman Chemical from $111.00 to $107.00 and set a "buy" rating for the company in a research note on Wednesday, May 28th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus 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.