85,624 Shares in Eastman Chemical (NYSE:EMN) Purchased by Albar Capital Ltd

Albar Capital Ltd acquired a new stake in shares of Eastman Chemical (NYSE:EMN - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 85,624 shares of the basic materials company's stock, valued at approximately $7,691,000. Eastman Chemical comprises 1.6% of Albar Capital Ltd's portfolio, making the stock its 21st largest holding. Albar Capital Ltd owned approximately 0.07% of Eastman Chemical as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in EMN. Turtle Creek Wealth Advisors LLC purchased a new stake in Eastman Chemical in the 4th quarter valued at approximately $26,000. Sound Income Strategies LLC raised its position in Eastman Chemical by 213.8% in the fourth quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company's stock worth $37,000 after acquiring an additional 278 shares in the last quarter. Bruce G. Allen Investments LLC acquired a new stake in Eastman Chemical in the fourth quarter valued at $38,000. Advantage Trust Co acquired a new stake in Eastman Chemical in the fourth quarter valued at $40,000. Finally, WASHINGTON TRUST Co boosted its position in shares of Eastman Chemical by 426.6% during the 4th quarter. WASHINGTON TRUST Co now owns 495 shares of the basic materials company's stock worth $44,000 after purchasing an additional 401 shares in the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently commented on the stock. UBS Group upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and raised their price objective for the company from $106.00 to $128.00 in a research note on Thursday, May 23rd. KeyCorp raised their target price on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an "overweight" rating in a report on Tuesday, April 9th. StockNews.com raised shares of Eastman Chemical from a "hold" rating to a "buy" rating in a report on Monday, May 13th. Royal Bank of Canada raised their price objective on shares of Eastman Chemical from $100.00 to $104.00 and gave the stock a "sector perform" rating in a research note on Tuesday, April 30th. Finally, Mizuho upped their target price on Eastman Chemical from $91.00 to $102.00 and gave the company a "neutral" rating in a research note on Friday, April 26th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, Eastman Chemical has a consensus rating of "Moderate Buy" and a consensus price target of $106.24.

Insider Buying and Selling at Eastman Chemical

In related news, SVP Adrian James Holt sold 1,975 shares of the company's stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total transaction of $195,959.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Mark J. Costa sold 102,390 shares of the firm's stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total value of $10,318,864.20. Following the sale, the chief executive officer now directly owns 395,699 shares in the company, valued at approximately $39,878,545.22. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, SVP Adrian James Holt sold 1,975 shares of the business's stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total value of $195,959.50. The disclosure for this sale can be found here. Insiders sold a total of 108,027 shares of company stock worth $10,885,638 over the last ninety days. Company insiders own 1.93% of the company's stock.

Eastman Chemical Stock Up 2.3 %

Shares of EMN traded up $2.29 during midday trading on Friday, reaching $103.30. 1,715,253 shares of the company were exchanged, compared to its average volume of 662,727. The company has a market cap of $12.15 billion, a price-to-earnings ratio of 13.31, a P/E/G ratio of 1.12 and a beta of 1.51. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $103.67. The stock has a 50-day moving average price of $99.05 and a 200-day moving average price of $91.56. The company has a current ratio of 1.39, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating analysts' consensus estimates of $1.41 by $0.20. The business had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.29 billion. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The business's quarterly revenue was down 4.2% on a year-over-year basis. During the same period in the previous year, the business earned $1.63 EPS. Research analysts expect that Eastman Chemical will post 7.75 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th will be issued a $0.81 dividend. The ex-dividend date is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a yield of 3.14%. Eastman Chemical's dividend payout ratio is currently 41.75%.

Eastman Chemical 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.

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