DAVENPORT & Co LLC Invests $39.55 Million in Eastman Chemical Company $EMN

DAVENPORT & Co LLC bought a new stake in Eastman Chemical Company (NYSE:EMN) in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 618,131 shares of the basic materials company’s stock, valued at approximately $39,545,000.

A number of other large investors have also added to or reduced their stakes in EMN. Advisors Management Group Inc. ADV increased its position in shares of Eastman Chemical by 1.5% during the third quarter. Advisors Management Group Inc. ADV now owns 12,327 shares of the basic materials company’s stock worth $777,000 after acquiring an additional 181 shares during the last quarter. NewEdge Advisors LLC grew its stake in Eastman Chemical by 2.6% during the 1st quarter. NewEdge Advisors LLC now owns 7,310 shares of the basic materials company’s stock valued at $644,000 after purchasing an additional 183 shares in the last quarter. Provident Investment Management Inc. grew its stake in Eastman Chemical by 2.2% during the 3rd quarter. Provident Investment Management Inc. now owns 9,210 shares of the basic materials company’s stock valued at $581,000 after purchasing an additional 200 shares in the last quarter. Concorde Financial Corp increased its holdings in Eastman Chemical by 0.9% during the 2nd quarter. Concorde Financial Corp now owns 22,561 shares of the basic materials company’s stock worth $1,684,000 after purchasing an additional 211 shares during the last quarter. Finally, Aldebaran Financial Inc. raised its position in shares of Eastman Chemical by 3.0% in the 2nd quarter. Aldebaran Financial Inc. now owns 7,887 shares of the basic materials company’s stock valued at $589,000 after purchasing an additional 226 shares in the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Stock Performance

Shares of EMN opened at $69.99 on Wednesday. The stock has a market capitalization of $7.99 billion, a PE ratio of 17.11, a price-to-earnings-growth ratio of 1.51 and a beta of 1.20. The business’s fifty day moving average price is $72.88 and its 200 day moving average price is $66.35. The company has a debt-to-equity ratio of 0.70, a current ratio of 1.37 and a quick ratio of 0.63. Eastman Chemical Company has a 12-month low of $56.11 and a 12-month high of $90.95.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share for the quarter, missing the consensus estimate of $0.76 by ($0.01). The business had revenue of $1.97 billion for the quarter, compared to the consensus estimate of $2.03 billion. Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. During the same quarter in the previous year, the firm earned $1.87 EPS. The firm’s revenue for the quarter was down 12.1% on a year-over-year basis. Equities research analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Investors of record on Friday, March 13th will be paid a dividend of $0.84 per share. The ex-dividend date is Friday, March 13th. This represents a $3.36 annualized dividend and a yield of 4.8%. Eastman Chemical’s dividend payout ratio is 82.15%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on EMN. Citigroup lifted their price target on shares of Eastman Chemical from $78.00 to $84.00 and gave the stock a “buy” rating in a research note on Thursday, March 12th. Royal Bank Of Canada reissued a “sector perform” rating and set a $79.00 price objective on shares of Eastman Chemical in a report on Wednesday, February 4th. Wells Fargo & Company reissued an “equal weight” rating and issued a $70.00 target price on shares of Eastman Chemical in a research report on Friday, December 19th. KeyCorp restated an “overweight” rating on shares of Eastman Chemical in a research note on Monday, February 2nd. Finally, JPMorgan Chase & Co. lifted their price target on Eastman Chemical from $60.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, February 2nd. Seven equities research analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $79.64.

Eastman Chemical Company Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.