Moran Wealth Management LLC purchased a new stake in shares of Eastman Chemical (NYSE:EMN - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 54,369 shares of the basic materials company's stock, valued at approximately $4,965,000.
Several other institutional investors have also added to or reduced their stakes in the company. State Street Corp raised its stake in shares of Eastman Chemical by 1.4% during the third quarter. State Street Corp now owns 5,285,230 shares of the basic materials company's stock valued at $595,820,000 after acquiring an additional 70,692 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Eastman Chemical by 5.7% in the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company's stock worth $593,233,000 after buying an additional 282,458 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Eastman Chemical by 0.5% during the third quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company's stock valued at $310,628,000 after buying an additional 13,381 shares during the period. Massachusetts Financial Services Co. MA raised its holdings in shares of Eastman Chemical by 3.2% during the third 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 in the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in Eastman Chemical in the fourth quarter worth $150,537,000. Hedge funds and other institutional investors own 83.65% of the company's stock.
Analyst Upgrades and Downgrades
A number of brokerages have issued reports on EMN. Bank of America raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and reduced their price objective for the company from $115.00 to $109.00 in a research report on Tuesday, January 14th. UBS Group decreased their price target on shares of Eastman Chemical from $124.00 to $123.00 and set a "buy" rating for the company in a research note on Friday, January 31st. Barclays lowered their price objective on shares of Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating for the company in a report on Monday, February 3rd. KeyCorp upped their target price on Eastman Chemical from $121.00 to $128.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Finally, Royal Bank of Canada raised their target price on Eastman Chemical from $101.00 to $103.00 and gave the company a "sector perform" rating in a research note on Tuesday, February 4th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $114.08.
Check Out Our Latest Stock Analysis on Eastman Chemical
Eastman Chemical Stock Up 0.5 %
Eastman Chemical stock traded up $0.49 during mid-day trading on Friday, reaching $91.03. The stock had a trading volume of 921,512 shares, compared to its average volume of 924,738. Eastman Chemical has a one year low of $86.70 and a one year high of $114.50. The company has a 50-day moving average price of $95.64 and a two-hundred day moving average price of $100.14. The company has a market capitalization of $10.48 billion, a price-to-earnings ratio of 11.85, a PEG ratio of 1.22 and a beta of 1.43. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78.
Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping analysts' consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. On average, analysts expect that Eastman Chemical will post 8.55 EPS for the current fiscal year.
Eastman Chemical Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.65%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical's dividend payout ratio is currently 43.23%.
Eastman Chemical Company Profile
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Free Report)
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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