Wells Fargo & Company MN Purchases 28,317 Shares of Eastman Chemical (NYSE:EMN)

Wells Fargo & Company MN lifted its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 10.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 293,246 shares of the basic materials company's stock after buying an additional 28,317 shares during the period. Wells Fargo & Company MN owned about 0.25% of Eastman Chemical worth $26,779,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of EMN. Raymond James Financial Inc. acquired a new position in shares of Eastman Chemical in the 4th quarter worth approximately $150,537,000. Norges Bank bought a new position in shares of Eastman Chemical during the 4th quarter worth approximately $137,416,000. Wealthfront Advisers LLC increased its stake in shares of Eastman Chemical by 3,136.8% in the 4th quarter. Wealthfront Advisers LLC now owns 736,011 shares of the basic materials company's stock valued at $67,213,000 after acquiring an additional 713,272 shares in the last quarter. Franklin Resources Inc. grew its holdings in Eastman Chemical by 10.8% in the fourth quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company's stock worth $528,310,000 after purchasing an additional 565,821 shares during the period. Finally, Clearbridge Investments LLC boosted its position in shares of Eastman Chemical by 20.5% during the 4th quarter. Clearbridge Investments LLC now owns 1,229,707 shares of the basic materials company's stock worth $112,297,000 after purchasing an additional 209,075 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company's stock.

Eastman Chemical Trading Up 0.1 %

Shares of NYSE:EMN traded up $0.08 on Thursday, hitting $76.87. The company had a trading volume of 276,279 shares, compared to its average volume of 1,012,915. The firm's 50-day simple moving average is $90.65 and its two-hundred day simple moving average is $96.63. Eastman Chemical has a 1 year low of $70.90 and a 1 year high of $114.50. The firm has a market capitalization of $8.85 billion, a price-to-earnings ratio of 10.01, a P/E/G ratio of 1.22 and a beta of 1.38. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating 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%. Equities analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 14th were paid a $0.83 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.32%. Eastman Chemical's payout ratio is currently 43.23%.

Analysts Set New Price Targets

EMN has been the topic of a number of recent research reports. Wells Fargo & Company cut their target price on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Bank of America upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their price objective for the company from $115.00 to $109.00 in a research note on Tuesday, January 14th. StockNews.com upgraded Eastman Chemical from a "hold" rating to a "buy" rating in a research note on Saturday, January 18th. Royal Bank of Canada raised shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price target on the stock in a research report on Wednesday, April 9th. Finally, Citigroup upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $105.00 to $101.00 in a research report on Friday, April 4th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $107.08.

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.