Legacy Financial Advisors Inc. Has $604,000 Stake in Eastman Chemical (NYSE:EMN)

Legacy Financial Advisors Inc. grew its holdings in shares of Eastman Chemical (NYSE:EMN) by 5.0% in the fourth quarter, HoldingsChannel.com reports. The fund owned 6,722 shares of the basic materials company’s stock after acquiring an additional 321 shares during the quarter. Legacy Financial Advisors Inc.’s holdings in Eastman Chemical were worth $604,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in EMN. Commonwealth Equity Services LLC lifted its stake in shares of Eastman Chemical by 6.4% in the third quarter. Commonwealth Equity Services LLC now owns 76,744 shares of the basic materials company’s stock valued at $5,888,000 after buying an additional 4,626 shares in the last quarter. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Eastman Chemical by 9.3% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 65,941 shares of the basic materials company’s stock valued at $5,059,000 after purchasing an additional 5,608 shares in the last quarter. Xponance Inc. grew its holdings in Eastman Chemical by 3.4% during the third quarter. Xponance Inc. now owns 17,330 shares of the basic materials company’s stock worth $1,330,000 after buying an additional 562 shares in the last quarter. Pinnacle Associates Ltd. raised its position in Eastman Chemical by 5.2% in the 3rd quarter. Pinnacle Associates Ltd. now owns 7,558 shares of the basic materials company’s stock valued at $580,000 after buying an additional 376 shares during the last quarter. Finally, FinTrust Capital Advisors LLC boosted its holdings in Eastman Chemical by 107.3% during the third quarter. FinTrust Capital Advisors LLC now owns 1,171 shares of the basic materials company’s stock worth $90,000 after purchasing an additional 606 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Redburn Atlantic initiated coverage on shares of Eastman Chemical in a research report on Thursday, February 15th. They set a “buy” rating and a $110.00 target price on the stock. UBS Group lifted their price target on Eastman Chemical from $91.00 to $93.00 and gave the stock a “neutral” rating in a report on Friday, February 2nd. Bank of America decreased their target price on Eastman Chemical from $113.00 to $112.00 and set a “buy” rating for the company in a research report on Monday, April 29th. Piper Sandler lifted their target price on Eastman Chemical from $90.00 to $105.00 and gave the stock a “neutral” rating in a research note on Tuesday. Finally, Jefferies Financial Group upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and increased their price target for the company from $102.00 to $125.00 in a research report on Monday, April 29th. Eight analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $103.12.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock traded up $1.58 during trading on Friday, hitting $97.50. The stock had a trading volume of 859,678 shares, compared to its average volume of 928,148. The firm has a market cap of $11.47 billion, a price-to-earnings ratio of 12.56, a P/E/G ratio of 1.04 and a beta of 1.54. The company has a current ratio of 1.39, a quick ratio of 0.70 and a debt-to-equity ratio of 0.77. The business’s 50-day moving average is $95.01 and its 200 day moving average is $87.17. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $102.71.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.20. The company had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. Eastman Chemical’s revenue for the quarter was down 4.2% compared to the same quarter last year. During the same period in the prior year, the business earned $1.63 earnings per share. As a group, sell-side analysts anticipate that Eastman Chemical will post 7.75 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be issued a dividend of $0.81 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.32%. Eastman Chemical’s dividend payout ratio is 41.75%.

Insiders Place Their Bets

In other news, SVP Adrian James Holt sold 4,735 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.93% of the stock is owned by insiders.

Eastman Chemical 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.