Olstein Capital Management L.P. Buys 4,221 Shares of Eastman Chemical (NYSE:EMN)

Olstein Capital Management L.P. increased its stake in Eastman Chemical (NYSE:EMN) by 6.3% in the first quarter, Holdings Channel reports. The institutional investor owned 71,000 shares of the basic materials company’s stock after acquiring an additional 4,221 shares during the period. Olstein Capital Management L.P.’s holdings in Eastman Chemical were worth $6,256,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in EMN. Farther Finance Advisors LLC grew its stake in shares of Eastman Chemical by 12.8% during the first quarter. Farther Finance Advisors LLC now owns 1,890 shares of the basic materials company’s stock valued at $167,000 after buying an additional 214 shares during the last quarter. NewSquare Capital LLC grew its stake in Eastman Chemical by 72,067.2% in the 1st quarter. NewSquare Capital LLC now owns 41,857 shares of the basic materials company’s stock worth $3,688,000 after acquiring an additional 41,799 shares in the last quarter. Wesbanco Bank Inc. boosted its holdings in shares of Eastman Chemical by 21.6% in the first quarter. Wesbanco Bank Inc. now owns 3,979 shares of the basic materials company’s stock valued at $351,000 after purchasing an additional 706 shares during the period. First Citizens Bank & Trust Co. raised its position in Eastman Chemical by 8.3% during the 1st quarter. First Citizens Bank & Trust Co. now owns 76,219 shares of the basic materials company’s stock valued at $6,716,000 after purchasing an additional 5,847 shares in the last quarter. Finally, Wedge Capital Management L L P NC raised its holdings in shares of Eastman Chemical by 3.1% in the first quarter. Wedge Capital Management L L P NC now owns 108,918 shares of the basic materials company’s stock valued at $9,597,000 after acquiring an additional 3,252 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Up 0.7%

Eastman Chemical stock opened at $78.88 on Monday. Eastman Chemical has a 12 month low of $70.90 and a 12 month high of $114.50. The stock has a market capitalization of $9.11 billion, a PE ratio of 10.27, a price-to-earnings-growth ratio of 1.22 and a beta of 1.25. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The business has a 50 day simple moving average of $78.86 and a 200-day simple moving average of $89.60.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.02. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The company’s revenue was down .9% compared to the same quarter last year. During the same period last year, the firm posted $1.61 earnings per share. On average, analysts anticipate that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be given a dividend of $0.83 per share. The ex-dividend date is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a yield of 4.21%. Eastman Chemical’s payout ratio is presently 42.24%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Mizuho upgraded shares of Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a research note on Thursday, April 3rd. Morgan Stanley lowered their price target on shares of Eastman Chemical from $125.00 to $115.00 and set an “overweight” rating on the stock in a report on Monday, April 28th. The Goldman Sachs Group decreased their target price on shares of Eastman Chemical from $112.00 to $87.00 and set a “neutral” rating for the company in a research report on Monday, April 28th. Barclays lowered their target price 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, Piper Sandler reduced their price target on Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating on the stock in a research report on Monday, April 7th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus price target of $98.54.

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.