Thurston Springer Miller Herd & Titak Inc. Acquires 217 Shares of Eastman Chemical (NYSE:EMN)

Thurston Springer Miller Herd & Titak Inc. raised its holdings in Eastman Chemical (NYSE:EMN) by 47.7% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 672 shares of the basic materials company’s stock after acquiring an additional 217 shares during the quarter. Thurston Springer Miller Herd & Titak Inc.’s holdings in Eastman Chemical were worth $59,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new stake in shares of Eastman Chemical during the fourth quarter valued at $150,537,000. Capital World Investors purchased a new stake in Eastman Chemical in the 4th quarter valued at about $137,848,000. Norges Bank bought a new position in Eastman Chemical in the 4th quarter worth about $137,416,000. Wealthfront Advisers LLC grew its stake in Eastman Chemical by 3,136.8% in the 4th quarter. Wealthfront Advisers LLC now owns 736,011 shares of the basic materials company’s stock worth $67,213,000 after acquiring an additional 713,272 shares in the last quarter. Finally, Capital Research Global Investors increased its position in shares of Eastman Chemical by 13.4% during the fourth quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company’s stock worth $537,561,000 after acquiring an additional 697,388 shares during the period. Institutional investors own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. UBS Group dropped their price objective on Eastman Chemical from $111.00 to $107.00 and set a “buy” rating on the stock in a research note on Wednesday, May 28th. The Goldman Sachs Group dropped their price target on Eastman Chemical from $112.00 to $87.00 and set a “neutral” rating on the stock in a research report on Monday, April 28th. Morgan Stanley decreased their price objective on Eastman Chemical from $125.00 to $115.00 and set an “overweight” rating for the company in a report on Monday, April 28th. Barclays lowered their price objective on shares of Eastman Chemical from $108.00 to $85.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 29th. Finally, Royal Bank of Canada raised shares of Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 target price on the stock in a research report on Wednesday, April 9th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $98.54.

Eastman Chemical Stock Up 0.7%

Shares of Eastman Chemical stock opened at $78.88 on Friday. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The company has a market cap of $9.11 billion, a P/E ratio of 10.27, a PEG ratio of 1.22 and a beta of 1.25. The firm’s 50 day moving average price is $78.86 and its 200-day moving average price is $89.69. Eastman Chemical has a 52-week low of $70.90 and a 52-week high of $114.50.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.02. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period in the previous year, the company earned $1.61 earnings per share. The business’s revenue for the quarter was down .9% on a year-over-year basis. On average, sell-side analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 annualized dividend and a dividend yield of 4.21%. Eastman Chemical’s dividend payout ratio (DPR) is currently 42.24%.

Eastman Chemical Company 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.