NuWave Investment Management LLC Boosts Holdings in Eastman Chemical (NYSE:EMN)
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NuWave Investment Management LLC lifted its holdings in Eastman Chemical (NYSE:EMN) by 226.7% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,993 shares of the basic materials company’s stock after purchasing an additional 1,383 shares during the period. NuWave Investment Management LLC’s holdings in Eastman Chemical were worth $200,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. First American Bank acquired a new stake in Eastman Chemical during the 4th quarter worth approximately $918,000. WFA of San Diego LLC acquired a new position in Eastman Chemical during the 2nd quarter worth approximately $228,000. Carroll Financial Associates Inc. increased its position in shares of Eastman Chemical by 25.4% in the 4th quarter. Carroll Financial Associates Inc. now owns 883 shares of the basic materials company’s stock valued at $88,000 after purchasing an additional 179 shares during the last quarter. DekaBank Deutsche Girozentrale raised its holdings in shares of Eastman Chemical by 19.6% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 91,451 shares of the basic materials company’s stock valued at $6,965,000 after purchasing an additional 14,967 shares in the last quarter. Finally, Captrust Financial Advisors lifted its position in shares of Eastman Chemical by 3.9% during the 3rd quarter. Captrust Financial Advisors now owns 7,936 shares of the basic materials company’s stock worth $611,000 after purchasing an additional 297 shares during the last quarter. 76.60% of the stock is currently owned by hedge funds and other institutional investors.
In related news, VP Lucian Boldea sold 500 shares of the company’s stock in a transaction that occurred on Wednesday, November 4th. The stock was sold at an average price of $82.14, for a total value of $41,070.00. Following the sale, the vice president now owns 13,684 shares in the company, valued at approximately $1,124,003.76. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Scott V. King sold 18,000 shares of the firm’s stock in a transaction that occurred on Tuesday, November 24th. The shares were sold at an average price of $102.80, for a total value of $1,850,400.00. Following the completion of the transaction, the chief accounting officer now directly owns 11,560 shares of the company’s stock, valued at $1,188,368. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 65,462 shares of company stock valued at $6,026,824. 1.66% of the stock is currently owned by corporate insiders.
Eastman Chemical stock opened at $107.17 on Tuesday. Eastman Chemical has a 12 month low of $34.44 and a 12 month high of $109.20. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.98 and a quick ratio of 1.23. The business has a 50 day simple moving average of $101.54 and a 200-day simple moving average of $84.57. The stock has a market capitalization of $14.52 billion, a PE ratio of 30.97, a price-to-earnings-growth ratio of 4.60 and a beta of 1.54.
Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, October 29th. The basic materials company reported $1.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.37 by $0.20. The business had revenue of $2.12 billion for the quarter, compared to analysts’ expectations of $2.07 billion. Eastman Chemical had a net margin of 5.56% and a return on equity of 13.12%. The business’s revenue for the quarter was down 8.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.94 EPS. As a group, equities research analysts anticipate that Eastman Chemical will post 5.93 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Friday, January 8th. Shareholders of record on Tuesday, December 15th were given a dividend of $0.69 per share. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.66. This represents a $2.76 annualized dividend and a yield of 2.58%. The ex-dividend date was Monday, December 14th. Eastman Chemical’s dividend payout ratio is presently 38.71%.
A number of analysts have weighed in on the company. Wells Fargo & Company raised their price target on Eastman Chemical from $95.00 to $114.00 and gave the company an “overweight” rating in a research note on Monday, December 14th. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Eastman Chemical from $95.00 to $114.00 and gave the company a “buy” rating in a research report on Wednesday, December 2nd. Truist raised their price objective on Eastman Chemical from $75.00 to $90.00 in a report on Friday, September 18th. KeyCorp boosted their target price on Eastman Chemical from $92.00 to $96.00 and gave the company an “overweight” rating in a report on Monday, November 2nd. Finally, Zacks Investment Research downgraded Eastman Chemical from a “buy” rating to a “hold” rating and set a $87.00 price target on the stock. in a research note on Tuesday, November 3rd. Eight investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Eastman Chemical currently has a consensus rating of “Buy” and a consensus target price of $83.06.
About Eastman Chemical
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company’s Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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