Eastman Chemical (NYSE:EMN) Shares Purchased by Raymond James Financial Services Advisors Inc.

Raymond James Financial Services Advisors Inc. boosted its position in Eastman Chemical (NYSE:EMNGet Rating) by 42.9% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 17,595 shares of the basic materials company’s stock after purchasing an additional 5,280 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Eastman Chemical were worth $1,250,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Kentucky Retirement Systems raised its position in shares of Eastman Chemical by 16.3% in the second quarter. Kentucky Retirement Systems now owns 9,565 shares of the basic materials company’s stock valued at $859,000 after buying an additional 1,342 shares during the last quarter. Advisory Services Network LLC lifted its stake in Eastman Chemical by 15.2% in the 2nd quarter. Advisory Services Network LLC now owns 6,789 shares of the basic materials company’s stock worth $610,000 after purchasing an additional 894 shares in the last quarter. U.S. Capital Wealth Advisors LLC boosted its holdings in shares of Eastman Chemical by 15.8% during the 2nd quarter. U.S. Capital Wealth Advisors LLC now owns 17,956 shares of the basic materials company’s stock worth $1,612,000 after purchasing an additional 2,447 shares during the last quarter. Butensky & Cohen Financial Security Inc. grew its position in shares of Eastman Chemical by 10.1% in the third quarter. Butensky & Cohen Financial Security Inc. now owns 36,386 shares of the basic materials company’s stock valued at $2,585,000 after purchasing an additional 3,328 shares in the last quarter. Finally, Forsta AP Fonden lifted its position in Eastman Chemical by 10.1% during the third quarter. Forsta AP Fonden now owns 29,400 shares of the basic materials company’s stock worth $2,089,000 after buying an additional 2,700 shares in the last quarter. 83.42% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on EMN. StockNews.com began coverage on Eastman Chemical in a research note on Wednesday, October 12th. They issued a “hold” rating for the company. UBS Group increased their price target on shares of Eastman Chemical from $96.00 to $108.00 in a research note on Wednesday, January 4th. Tudor, Pickering, Holt & Co. raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Tuesday, November 8th. Citigroup lifted their target price on Eastman Chemical from $75.00 to $90.00 and gave the company a “neutral” rating in a research report on Thursday, December 15th. Finally, Credit Suisse Group lowered their price target on Eastman Chemical from $102.00 to $95.00 and set an “outperform” rating for the company in a report on Friday, October 28th. Eleven analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $98.38.

Eastman Chemical Stock Down 1.4 %

Shares of NYSE EMN opened at $87.02 on Friday. The stock has a market cap of $10.44 billion, a P/E ratio of 9.56, a PEG ratio of 2.05 and a beta of 1.46. The business’s fifty day simple moving average is $85.57 and its 200-day simple moving average is $85.54. Eastman Chemical has a 12-month low of $69.91 and a 12-month high of $128.14. The company has a current ratio of 1.28, a quick ratio of 0.66 and a debt-to-equity ratio of 0.73.

Eastman Chemical (NYSE:EMNGet Rating) last announced its quarterly earnings data on Thursday, October 27th. The basic materials company reported $2.05 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.00 by $0.05. Eastman Chemical had a return on equity of 19.79% and a net margin of 10.73%. The business had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.57 billion. As a group, equities analysts predict that Eastman Chemical will post 8.19 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, January 6th. Investors of record on Thursday, December 15th were issued a $0.79 dividend. This represents a $3.16 annualized dividend and a yield of 3.63%. The ex-dividend date was Wednesday, December 14th. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.76. Eastman Chemical’s dividend payout ratio is 34.73%.

Eastman Chemical Company Profile

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Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.

See Also

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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