Caprock Group LLC Buys New Stake in Eastman Chemical Company $EMN

Caprock Group LLC purchased a new stake in Eastman Chemical Company (NYSE:EMN) during the third quarter, according to its most recent filing with the SEC. The fund purchased 11,079 shares of the basic materials company’s stock, valued at approximately $699,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. MUFG Securities EMEA plc bought a new stake in shares of Eastman Chemical in the second quarter worth about $25,000. Loomis Sayles & Co. L P purchased a new position in Eastman Chemical during the 2nd quarter valued at approximately $33,000. Financial Consulate Inc. bought a new stake in Eastman Chemical in the 3rd quarter worth approximately $42,000. Heartwood Wealth Advisors LLC purchased a new stake in shares of Eastman Chemical during the 3rd quarter worth approximately $44,000. Finally, Mitsubishi UFJ Trust & Banking Corp bought a new position in shares of Eastman Chemical during the 3rd quarter valued at approximately $49,000. Institutional investors own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Wells Fargo & Company restated an “equal weight” rating and issued a $70.00 price target on shares of Eastman Chemical in a research report on Friday, December 19th. JPMorgan Chase & Co. boosted their target price on shares of Eastman Chemical from $60.00 to $70.00 and gave the stock an “overweight” rating in a report on Monday, February 2nd. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $79.00 price target on shares of Eastman Chemical in a report on Wednesday, February 4th. Bank of America boosted their price objective on Eastman Chemical from $74.00 to $79.00 and gave the stock a “buy” rating in a research note on Monday, February 2nd. Finally, Citigroup raised their price objective on Eastman Chemical from $75.00 to $78.00 and gave the company a “buy” rating in a research note on Tuesday, February 3rd. Seven analysts have rated the stock with a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $78.86.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock opened at $79.97 on Tuesday. The company has a quick ratio of 0.86, a current ratio of 1.76 and a debt-to-equity ratio of 0.82. The stock’s fifty day moving average is $68.79 and its two-hundred day moving average is $65.09. Eastman Chemical Company has a 52 week low of $56.11 and a 52 week high of $103.82. The company has a market capitalization of $9.12 billion, a PE ratio of 19.55, a price-to-earnings-growth ratio of 1.76 and a beta of 1.23.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). The company had revenue of $1.97 billion for the quarter, compared to analysts’ expectations of $2.03 billion. Eastman Chemical had a net margin of 5.42% and a return on equity of 10.63%. The firm’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.87 earnings per share. As a group, analysts expect that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 8th. Stockholders of record on Friday, March 13th will be given a dividend of $0.84 per share. The ex-dividend date of this dividend is Friday, March 13th. This represents a $3.36 dividend on an annualized basis and a dividend yield of 4.2%. Eastman Chemical’s dividend payout ratio (DPR) is 82.15%.

Eastman Chemical 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.