Moran Wealth Management LLC Makes New Investment in Eastman Chemical (NYSE:EMN)

Moran Wealth Management LLC acquired a new position in Eastman Chemical (NYSE:EMN) during the fourth quarter, Holdings Channel.com reports. The firm acquired 54,369 shares of the basic materials company’s stock, valued at approximately $4,965,000.

Other institutional investors have also recently added to or reduced their stakes in the company. James J. Burns & Company LLC acquired a new stake in shares of Eastman Chemical in the 4th quarter valued at about $741,000. Goelzer Investment Management Inc. acquired a new stake in shares of Eastman Chemical in the 4th quarter valued at about $3,319,000. National Bank of Canada FI raised its stake in shares of 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 valued at $23,863,000 after purchasing an additional 177,207 shares in the last quarter. KBC Group NV raised its stake in shares of Eastman Chemical by 21.8% in the 3rd quarter. KBC Group NV now owns 110,610 shares of the basic materials company’s stock valued at $12,383,000 after purchasing an additional 19,809 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in shares of Eastman Chemical by 6.8% in 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 purchasing an additional 9,447 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on EMN. JPMorgan Chase & Co. boosted their price objective 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. Royal Bank of Canada boosted their price objective on shares of Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 4th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Saturday, January 18th. KeyCorp boosted their price objective 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, Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Eastman Chemical presently has a consensus rating of “Moderate Buy” and an average target price of $114.08.

Eastman Chemical Trading Down 1.8 %

Shares of NYSE:EMN opened at $97.05 on Tuesday. The stock has a market capitalization of $11.18 billion, a price-to-earnings ratio of 12.64, a PEG ratio of 1.22 and a beta of 1.43. Eastman Chemical has a 1-year low of $86.70 and a 1-year 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 company has a 50 day moving average price of $95.39 and a 200 day moving average price of $100.32.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 EPS 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, research analysts anticipate 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. Shareholders of record on Friday, March 14th will be paid a $0.83 dividend. The ex-dividend date is Friday, March 14th. This represents a $3.32 annualized dividend and a yield of 3.42%. Eastman Chemical’s dividend payout ratio is presently 43.23%.

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.