Forum Financial Management LP Has $309,000 Position in Eastman Chemical (NYSE:EMN)

Forum Financial Management LP raised its stake in Eastman Chemical (NYSE:EMN) by 74.8% during the 4th quarter, Holdings Channel.com reports. The firm owned 3,383 shares of the basic materials company’s stock after buying an additional 1,448 shares during the period. Forum Financial Management LP’s holdings in Eastman Chemical were worth $309,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also modified their holdings of the company. James J. Burns & Company LLC acquired a new position in shares of Eastman Chemical in the fourth quarter valued at about $741,000. Barclays PLC grew its stake in shares of Eastman Chemical by 3.5% in the third quarter. Barclays PLC now owns 315,044 shares of the basic materials company’s stock valued at $35,268,000 after acquiring an additional 10,695 shares in the last quarter. U.S. Capital Wealth Advisors LLC grew its stake in shares of Eastman Chemical by 4.3% in the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 3,919 shares of the basic materials company’s stock valued at $358,000 after acquiring an additional 162 shares in the last quarter. Caprock Group LLC grew its stake in shares of Eastman Chemical by 4.2% in the fourth quarter. Caprock Group LLC now owns 3,196 shares of the basic materials company’s stock valued at $295,000 after acquiring an additional 128 shares in the last quarter. Finally, Empowered Funds LLC grew its stake in shares of Eastman Chemical by 24.4% in the fourth quarter. Empowered Funds LLC now owns 17,379 shares of the basic materials company’s stock valued at $1,587,000 after acquiring an additional 3,412 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

EMN has been the topic of several research reports. Piper Sandler decreased their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating on the stock in a research note on Monday, April 7th. Mizuho upgraded shares of Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research note on Thursday, April 3rd. UBS Group decreased their price target on shares of Eastman Chemical from $123.00 to $115.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Citigroup upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $105.00 to $101.00 in a research note on Friday, April 4th. Finally, Wall Street Zen downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday, April 28th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $99.15.

Eastman Chemical Stock Up 2.3%

EMN stock opened at $82.41 on Wednesday. The stock has a market capitalization of $9.52 billion, a P/E ratio of 10.73, a price-to-earnings-growth ratio of 1.22 and a beta of 1.29. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 12 month low of $70.90 and a 12 month high of $114.50. The firm has a 50-day moving average price of $80.30 and a 200-day moving average price of $90.91.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.02. The firm had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The business’s revenue for the quarter was down .9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.61 earnings per share. As a group, equities research analysts anticipate that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th will be issued a $0.83 dividend. The ex-dividend date is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.03%. Eastman Chemical’s dividend payout ratio (DPR) is currently 42.24%.

About Eastman Chemical

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.