Perbak Capital Partners LLP Acquires 11,047 Shares of Eastman Chemical Company $EMN

Perbak Capital Partners LLP grew its stake in Eastman Chemical Company (NYSE:EMN) by 99.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 22,178 shares of the basic materials company’s stock after buying an additional 11,047 shares during the period. Perbak Capital Partners LLP’s holdings in Eastman Chemical were worth $1,398,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. MUFG Securities EMEA plc acquired a new position in shares of Eastman Chemical in the 2nd quarter valued at about $25,000. Loomis Sayles & Co. L P acquired a new position in Eastman Chemical during the second quarter worth $33,000. Rothschild Investment LLC increased its position in shares of Eastman Chemical by 65.6% during the third quarter. Rothschild Investment LLC now owns 578 shares of the basic materials company’s stock worth $36,000 after acquiring an additional 229 shares in the last quarter. Financial Consulate Inc. purchased a new stake in shares of Eastman Chemical in the third quarter worth approximately $42,000. Finally, Heartwood Wealth Advisors LLC purchased a new stake in Eastman Chemical in the 3rd quarter valued at $44,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Wells Fargo & Company reissued an “equal weight” rating and set a $70.00 target price on shares of Eastman Chemical in a research report on Friday, December 19th. KeyCorp reiterated an “overweight” rating on shares of Eastman Chemical in a research note on Monday, February 2nd. Zacks Research raised shares of Eastman Chemical from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 4th. Bank of America upped their target price on shares of Eastman Chemical from $74.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Eastman Chemical from $64.00 to $72.00 and gave the company a “hold” rating in a research report on Monday, February 2nd. Seven analysts have rated the stock with a Buy rating and nine have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $79.64.

Eastman Chemical Stock Down 1.9%

EMN stock opened at $69.23 on Friday. The company has a 50 day moving average price of $72.71 and a two-hundred day moving average price of $66.39. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.63 and a current ratio of 1.37. The stock has a market capitalization of $7.90 billion, a P/E ratio of 16.93, a PEG ratio of 1.56 and a beta of 1.20. Eastman Chemical Company has a one year low of $56.11 and a one year high of $92.19.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). Eastman Chemical had a return on equity of 10.57% and a net margin of 5.42%.The business had revenue of $1.97 billion for the quarter, compared to analysts’ expectations of $2.03 billion. During the same period in the prior year, the company earned $1.87 EPS. The company’s revenue for the quarter was down 12.1% compared to the same quarter last year. As a group, sell-side analysts expect that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 8th. Investors of record on Friday, March 13th will be given 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 4.9%. Eastman Chemical’s dividend payout ratio is 82.15%.

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.