Cambria Investment Management L.P. Takes Position in Eastman Chemical Company (EMN)

Cambria Investment Management L.P. bought a new stake in Eastman Chemical Company (NYSE:EMN) in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 10,626 shares of the basic materials company’s stock, valued at approximately $962,000.

A number of other institutional investors have also added to or reduced their stakes in EMN. Advisors Asset Management Inc. lifted its holdings in Eastman Chemical by 149.9% in the second quarter. Advisors Asset Management Inc. now owns 1,377 shares of the basic materials company’s stock valued at $116,000 after acquiring an additional 826 shares during the period. Acrospire Investment Management LLC lifted its holdings in Eastman Chemical by 1,500.0% in the second quarter. Acrospire Investment Management LLC now owns 1,600 shares of the basic materials company’s stock valued at $134,000 after acquiring an additional 1,500 shares during the period. Psagot Investment House Ltd. lifted its holdings in Eastman Chemical by 60.0% in the third quarter. Psagot Investment House Ltd. now owns 1,600 shares of the basic materials company’s stock valued at $145,000 after acquiring an additional 600 shares during the period. M&R Capital Management Inc. lifted its holdings in Eastman Chemical by 62.9% in the second quarter. M&R Capital Management Inc. now owns 1,812 shares of the basic materials company’s stock valued at $150,000 after acquiring an additional 700 shares during the period. Finally, Fiduciary Trust Co. acquired a new stake in Eastman Chemical in the second quarter valued at $160,000. 82.66% of the stock is owned by institutional investors.

EMN has been the subject of a number of research analyst reports. KeyCorp restated a “buy” rating and issued a $100.00 price target on shares of Eastman Chemical in a research report on Wednesday, October 4th. Jefferies Group restated a “buy” rating and issued a $96.00 price target on shares of Eastman Chemical in a research report on Tuesday, October 3rd. Goldman Sachs Group upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and raised their price target for the company from $81.00 to $101.00 in a research report on Thursday, September 28th. Deutsche Bank raised their price target on Eastman Chemical from $95.00 to $100.00 and gave the company a “buy” rating in a research report on Tuesday, October 10th. Finally, UBS raised their price target on Eastman Chemical from $97.00 to $103.00 and gave the company a “buy” rating in a research report on Friday, October 27th. Ten equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $96.93.

In related news, SVP Perry Stuckey sold 5,200 shares of Eastman Chemical stock in a transaction dated Tuesday, October 31st. The stock was sold at an average price of $92.12, for a total transaction of $479,024.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Company insiders own 1.14% of the company’s stock.

Eastman Chemical Company (NYSE EMN) traded up $0.62 during trading on Tuesday, reaching $92.80. The company had a trading volume of 905,100 shares, compared to its average volume of 1,148,827. The stock has a market cap of $13,249.44, a PE ratio of 12.27, a PEG ratio of 1.57 and a beta of 1.31. Eastman Chemical Company has a 1 year low of $74.78 and a 1 year high of $94.96. The company has a current ratio of 1.83, a quick ratio of 0.94 and a debt-to-equity ratio of 1.24.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, October 26th. The basic materials company reported $2.19 EPS for the quarter, topping analysts’ consensus estimates of $2.03 by $0.16. The firm had revenue of $2.47 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a return on equity of 22.77% and a net margin of 10.89%. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.86 EPS. equities research analysts predict that Eastman Chemical Company will post 7.13 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, January 5th. Investors of record on Monday, December 18th will be given a dividend of $0.56 per share. This represents a $2.24 dividend on an annualized basis and a yield of 2.41%. The ex-dividend date is Friday, December 15th. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.51. Eastman Chemical’s dividend payout ratio (DPR) is currently 29.23%.

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Eastman Chemical Company Profile

Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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