Blackhawk Capital Partners LLC. Buys New Position in Eastman Chemical (NYSE:EMN)

Blackhawk Capital Partners LLC. purchased a new position in shares of Eastman Chemical (NYSE:EMN) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 2,318 shares of the basic materials company’s stock, valued at approximately $232,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in EMN. Janney Montgomery Scott LLC raised its holdings in shares of Eastman Chemical by 8.9% in the first quarter. Janney Montgomery Scott LLC now owns 23,712 shares of the basic materials company’s stock valued at $2,376,000 after buying an additional 1,940 shares during the last quarter. Prosperity Consulting Group LLC acquired a new stake in Eastman Chemical during the 1st quarter worth approximately $254,000. Diversify Advisory Services LLC purchased a new position in shares of Eastman Chemical in the 1st quarter valued at approximately $222,000. Norden Group LLC acquired a new position in shares of Eastman Chemical in the first quarter valued at approximately $300,000. Finally, Van ECK Associates Corp raised its stake in shares of Eastman Chemical by 31.5% during the first quarter. Van ECK Associates Corp now owns 48,276 shares of the basic materials company’s stock worth $4,838,000 after purchasing an additional 11,569 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the transaction, the chief executive officer now owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CEO Mark J. Costa sold 102,390 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 395,699 shares in the company, valued at $39,878,545.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Adrian James Holt sold 1,975 shares of the firm’s stock in a transaction dated 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 have sold 108,027 shares of company stock valued at $10,885,638 in the last ninety days. Insiders own 2.28% of the company’s stock.

Eastman Chemical Price Performance

EMN traded down $1.37 during midday trading on Friday, reaching $94.50. 1,550,647 shares of the company’s stock were exchanged, compared to its average volume of 873,835. The business’s 50-day moving average price is $99.20 and its 200 day moving average price is $93.48. The stock has a market capitalization of $11.12 billion, a PE ratio of 12.18, a P/E/G ratio of 1.05 and a beta of 1.46. Eastman Chemical has a 1-year low of $68.89 and a 1-year high of $105.98. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.39 and a quick ratio of 0.71.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.41 by $0.20. The firm 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 company’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.63 EPS. As a group, equities analysts anticipate that Eastman Chemical will post 7.69 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company 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 of this dividend is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a yield of 3.43%. Eastman Chemical’s dividend payout ratio (DPR) is 41.75%.

Analyst Ratings Changes

A number of research firms recently weighed in on EMN. Piper Sandler lifted their price objective on shares of Eastman Chemical from $90.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, April 30th. Jefferies Financial Group raised shares of Eastman Chemical from a “hold” rating to a “buy” rating and increased their price target for the stock from $102.00 to $125.00 in a report on Monday, April 29th. Barclays raised their price objective on shares of Eastman Chemical from $85.00 to $103.00 and gave the company an “equal weight” rating in a research report on Monday, May 6th. UBS Group upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $106.00 to $128.00 in a research report on Thursday, May 23rd. Finally, Citigroup reduced their price target on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating for the company in a report on Thursday, June 27th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.31.

About Eastman Chemical

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.