Frank Rimerman Advisors LLC Grows Stake in Eastman Chemical (NYSE:EMN)

Frank Rimerman Advisors LLC boosted its position in shares of Eastman Chemical (NYSE:EMN) by 24.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,457 shares of the basic materials company’s stock after purchasing an additional 488 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Eastman Chemical were worth $224,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. James J. Burns & Company LLC purchased a new position in Eastman Chemical during the 4th quarter worth $741,000. Goelzer Investment Management Inc. purchased a new position in shares of Eastman Chemical in the 4th quarter valued at $3,319,000. National Bank of Canada FI increased its holdings in shares of Eastman Chemical by 492.9% in the 3rd quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock valued at $23,863,000 after acquiring an additional 177,207 shares during the period. Dakota Wealth Management increased its holdings in shares of Eastman Chemical by 14.6% in the 4th quarter. Dakota Wealth Management now owns 44,675 shares of the basic materials company’s stock valued at $4,081,000 after acquiring an additional 5,700 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Eastman Chemical by 3.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock valued at $306,093,000 after acquiring an additional 83,504 shares during the period. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

EMN has been the topic of a number of analyst reports. Piper Sandler lifted their price target on Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Citigroup downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and cut their price target for the company from $118.00 to $104.00 in a report on Wednesday, December 18th. KeyCorp lifted their price target on Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Mizuho boosted their target price on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Finally, StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Saturday, January 18th. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $114.08.

Eastman Chemical Stock Performance

Shares of EMN opened at $91.23 on Tuesday. The stock has a 50-day moving average of $95.74 and a two-hundred day moving average of $100.00. Eastman Chemical has a one year low of $86.70 and a one year high of $114.50. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. The stock has a market cap of $10.51 billion, a P/E ratio of 11.88, a P/E/G ratio of 1.22 and a beta of 1.43.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. As a group, research analysts predict that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.64%. Eastman Chemical’s dividend payout ratio (DPR) is presently 43.23%.

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.