Garrison Point Advisors LLC Invests $217,000 in Eastman Chemical (NYSE:EMN)

Garrison Point Advisors LLC acquired a new stake in Eastman Chemical (NYSE:EMN) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,940 shares of the basic materials company’s stock, valued at approximately $217,000.

Other hedge funds also recently added to or reduced their stakes in the company. Capital Research Global Investors boosted its stake in Eastman Chemical by 649.8% during the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock worth $452,139,000 after buying an additional 3,909,740 shares during the period. Dimensional Fund Advisors LP increased its holdings in Eastman Chemical by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock valued at $223,435,000 after purchasing an additional 198,645 shares during the last quarter. Earnest Partners LLC raised its position in Eastman Chemical by 1.8% in the second quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company’s stock valued at $219,454,000 after purchasing an additional 40,070 shares during the period. Bank of New York Mellon Corp lifted its stake in Eastman Chemical by 0.6% during the second quarter. Bank of New York Mellon Corp now owns 1,220,463 shares of the basic materials company’s stock worth $119,569,000 after purchasing an additional 7,847 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its position in shares of Eastman Chemical by 18.1% during the first quarter. Clearbridge Investments LLC now owns 1,120,604 shares of the basic materials company’s stock worth $112,307,000 after buying an additional 171,945 shares during the period. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Price Performance

EMN stock opened at $106.72 on Friday. The stock has a 50-day moving average price of $105.06 and a two-hundred day moving average price of $100.77. The company has a market cap of $12.56 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 0.83 and a beta of 1.44. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. Eastman Chemical has a 12-month low of $68.89 and a 12-month high of $114.50.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. The firm had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company’s revenue was up 1.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.99 EPS. As a group, research analysts predict that Eastman Chemical will post 7.67 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 16th were paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.04%. The ex-dividend date of this dividend was Monday, September 16th. Eastman Chemical’s dividend payout ratio is presently 41.75%.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Deutsche Bank Aktiengesellschaft increased their target price on Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Citigroup dropped their price objective on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, June 27th. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Piper Sandler restated a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a research note on Tuesday, July 30th. Finally, Wells Fargo & Company increased their price objective on Eastman Chemical from $105.00 to $118.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 15th. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Eastman Chemical has an average rating of “Moderate Buy” and a consensus price target of $110.20.

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.