Thurston Springer Miller Herd & Titak Inc. Takes Position in Eastman Chemical (NYSE:EMN)

Thurston Springer Miller Herd & Titak Inc. bought a new stake in shares of Eastman Chemical (NYSE:EMN) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 795 shares of the basic materials company’s stock, valued at approximately $78,000.

A number of other large investors have also modified their holdings of EMN. Turtle Creek Wealth Advisors LLC purchased a new stake in Eastman Chemical during the 4th quarter worth approximately $26,000. Northwest Investment Counselors LLC acquired a new stake in Eastman Chemical during the 1st quarter worth about $34,000. EntryPoint Capital LLC purchased a new stake in Eastman Chemical during the 1st quarter valued at about $38,000. Advantage Trust Co acquired a new stake in shares of Eastman Chemical during the fourth quarter worth about $40,000. Finally, Abich Financial Wealth Management LLC boosted its position in Eastman Chemical by 47.2% in the first quarter. Abich Financial Wealth Management LLC now owns 870 shares of the basic materials company’s stock valued at $87,000 after buying an additional 279 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Insider Buying and Selling

In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total value of $195,959.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.93% of the stock is currently owned by company insiders.

Eastman Chemical Price Performance

NYSE EMN traded up $0.52 during mid-day trading on Wednesday, hitting $95.96. The stock had a trading volume of 120,138 shares, compared to its average volume of 985,365. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $105.98. The stock has a market capitalization of $11.29 billion, a price-to-earnings ratio of 12.30, a PEG ratio of 1.12 and a beta of 1.46. The firm’s 50 day moving average is $98.78 and its 200 day moving average is $95.09. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The firm had revenue of $2.36 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period last year, the firm posted $1.99 earnings per share. The company’s revenue for the quarter was up 1.7% on a year-over-year basis. Equities research analysts forecast that Eastman Chemical will post 7.67 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, October 7th. Investors of record on Monday, September 16th will be issued a $0.81 dividend. The ex-dividend date is Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 3.38%. Eastman Chemical’s dividend payout ratio is presently 41.75%.

Analyst Ratings Changes

EMN has been the subject of several research reports. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Citigroup cut their price target on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. Mizuho boosted their price objective on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Jefferies Financial Group raised Eastman Chemical from a “hold” rating to a “buy” rating and raised their target price for the stock from $102.00 to $125.00 in a report on Monday, April 29th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $105.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $108.07.

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.