Raymond James Financial Inc. Takes $150.54 Million Position in Eastman Chemical (NYSE:EMN)

Raymond James Financial Inc. bought a new position in shares of Eastman Chemical (NYSE:EMN - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 1,648,460 shares of the basic materials company's stock, valued at approximately $150,537,000. Raymond James Financial Inc. owned 1.42% of Eastman Chemical as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. PNC Financial Services Group Inc. raised its stake in Eastman Chemical by 57.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company's stock worth $104,755,000 after purchasing an additional 340,562 shares in the last quarter. Franklin Resources Inc. raised its stake in 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 purchasing an additional 282,458 shares in the last quarter. National Bank of Canada FI raised its stake in 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 worth $23,863,000 after purchasing an additional 177,207 shares in the last quarter. Victory Capital Management Inc. raised its stake in Eastman Chemical by 443.1% in the 3rd quarter. Victory Capital Management Inc. now owns 158,253 shares of the basic materials company's stock worth $17,716,000 after purchasing an additional 129,112 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its stake in Eastman Chemical by 15.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 947,473 shares of the basic materials company's stock worth $106,070,000 after purchasing an additional 126,301 shares in the last quarter. Institutional investors own 83.65% of the company's stock.

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Eastman Chemical Price Performance

Shares of Eastman Chemical stock traded up $1.99 during midday trading on Friday, hitting $98.93. 870,458 shares of the company traded hands, compared to its average volume of 1,072,315. Eastman Chemical has a 12 month low of $86.70 and a 12 month 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 $11.39 billion, a price-to-earnings ratio of 12.88, a PEG ratio of 1.22 and a beta of 1.43. The firm's fifty day moving average price is $95.39 and its 200-day moving average price is $100.31.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its earnings results 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%. As a group, sell-side analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date is Friday, March 14th. Eastman Chemical's payout ratio is 43.23%.

Analysts Set New Price Targets

Several analysts have weighed in on EMN shares. Royal Bank of Canada lifted their price objective on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a "sector perform" rating in a research note on Tuesday, February 4th. Wells Fargo & Company upgraded shares of Eastman Chemical from an "equal weight" rating to an "overweight" rating and boosted their target price for the company from $110.00 to $125.00 in a research report on Tuesday, November 26th. JPMorgan Chase & Co. boosted their target price on shares of Eastman Chemical from $110.00 to $112.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. KeyCorp boosted their target price on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Finally, Piper Sandler boosted their target price on shares of Eastman Chemical from $102.00 to $105.00 and gave the company a "neutral" rating in a research report on Thursday, February 13th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $114.08.

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.