Ritholtz Wealth Management Boosts Holdings in Eastman Chemical (NYSE:EMN)

Ritholtz Wealth Management boosted its position in Eastman Chemical (NYSE:EMN) by 40.7% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,837 shares of the basic materials company’s stock after buying an additional 1,399 shares during the period. Ritholtz Wealth Management’s holdings in Eastman Chemical were worth $533,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. E Fund Management Co. Ltd. purchased a new stake in shares of Eastman Chemical during the 1st quarter worth $26,000. San Francisco Sentry Investment Group CA raised its stake in shares of Eastman Chemical by 351.9% during the 1st quarter. San Francisco Sentry Investment Group CA now owns 244 shares of the basic materials company’s stock worth $27,000 after buying an additional 190 shares during the last quarter. Arkadios Wealth Advisors acquired a new position in shares of Eastman Chemical during the 1st quarter worth $35,000. Alpha DNA Investment Management LLC acquired a new position in shares of Eastman Chemical during the 4th quarter worth $32,000. Finally, Northwest Investment Counselors LLC acquired a new position in shares of Eastman Chemical during the 1st quarter worth $36,000. Institutional investors own 84.18% of the company’s stock.

NYSE EMN opened at $124.97 on Friday. The stock has a market cap of $17.04 billion, a PE ratio of 34.71, a PEG ratio of 0.83 and a beta of 1.50. Eastman Chemical has a fifty-two week low of $65.86 and a fifty-two week high of $130.47. The business has a 50 day moving average of $120.62. The company has a debt-to-equity ratio of 0.82, a quick ratio of 1.14 and a current ratio of 1.88.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, April 29th. The basic materials company reported $2.13 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $2.03 by $0.10. The company had revenue of $2.41 billion during the quarter, compared to analysts’ expectations of $2.34 billion. Eastman Chemical had a return on equity of 13.86% and a net margin of 5.72%. Equities analysts anticipate that Eastman Chemical will post 8.66 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 2nd. Stockholders of record on Tuesday, June 15th will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 2.21%. The ex-dividend date is Monday, June 14th. Eastman Chemical’s dividend payout ratio (DPR) is currently 44.88%.

Several research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Eastman Chemical from $115.00 to $126.00 and gave the company a “buy” rating in a research note on Tuesday, March 16th. Morgan Stanley boosted their target price on shares of Eastman Chemical from $130.00 to $142.00 and gave the company an “overweight” rating in a research note on Wednesday, May 5th. Tudor Pickering downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating and set a $117.00 target price for the company. in a research note on Monday, May 3rd. KeyCorp boosted their target price on shares of Eastman Chemical from $126.00 to $135.00 and gave the company an “overweight” rating in a research note on Monday, May 3rd. Finally, The Goldman Sachs Group raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and set a $148.00 price objective for the company in a research note on Tuesday, May 11th. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $109.23.

In related news, SVP Perry Stuckey sold 12,231 shares of the company’s stock in a transaction that occurred on Monday, May 17th. The stock was sold at an average price of $130.01, for a total transaction of $1,590,152.31. Following the sale, the senior vice president now directly owns 48,627 shares of the company’s stock, valued at approximately $6,321,996.27. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Lucian Boldea sold 14,028 shares of the company’s stock in a transaction that occurred on Friday, May 7th. The shares were sold at an average price of $124.89, for a total value of $1,751,956.92. Following the sale, the vice president now directly owns 33,468 shares in the company, valued at $4,179,818.52. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 111,461 shares of company stock valued at $13,969,529. Company insiders own 1.93% of the company’s stock.

About Eastman Chemical

Eastman Chemical Company operates as a specialty materials company worldwide. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.

Further Reading: Insider Trading

Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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