Wealthfront Advisers LLC Has $67.21 Million Holdings in Eastman Chemical (NYSE:EMN)

Wealthfront Advisers LLC grew its holdings in Eastman Chemical (NYSE:EMN - Free Report) by 3,136.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 736,011 shares of the basic materials company's stock after purchasing an additional 713,272 shares during the period. Wealthfront Advisers LLC owned about 0.63% of Eastman Chemical worth $67,213,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in EMN. James J. Burns & Company LLC acquired a new position in Eastman Chemical in the 4th quarter valued at approximately $741,000. Goelzer Investment Management Inc. purchased a new position in shares of Eastman Chemical during the 4th quarter valued at $3,319,000. National Bank of Canada FI grew its holdings in shares of Eastman Chemical by 492.9% during the 3rd quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company's stock valued at $23,863,000 after acquiring an additional 177,207 shares in the last quarter. KBC Group NV grew its holdings in shares of Eastman Chemical by 21.8% during the 3rd quarter. KBC Group NV now owns 110,610 shares of the basic materials company's stock valued at $12,383,000 after acquiring an additional 19,809 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in shares of Eastman Chemical by 6.8% during the 3rd quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company's stock valued at $16,588,000 after acquiring an additional 9,447 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on EMN. Bank of America upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and lowered their price target for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. JPMorgan Chase & Co. boosted their price target on shares of Eastman Chemical from $110.00 to $112.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Wells Fargo & Company upgraded shares of Eastman Chemical from an "equal weight" rating to an "overweight" rating and boosted their price target for the company from $110.00 to $125.00 in a report on Tuesday, November 26th. Citigroup cut shares of Eastman Chemical from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $118.00 to $104.00 in a report on Wednesday, December 18th. Finally, Piper Sandler upped their price objective on shares of Eastman Chemical from $102.00 to $105.00 and gave the stock a "neutral" rating in a report on Thursday, February 13th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $114.08.

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Eastman Chemical Price Performance

Shares of NYSE:EMN opened at $97.05 on Tuesday. The firm has a 50 day moving average of $95.39 and a 200-day moving average of $100.32. The stock has a market capitalization of $11.18 billion, a PE ratio of 12.64, a PEG ratio of 1.22 and a beta of 1.43. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 12 month low of $86.70 and a 12 month high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating the consensus estimate 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, equities research analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date is Friday, March 14th. Eastman Chemical's dividend payout ratio is 43.23%.

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.

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