Avantax Advisory Services Inc. Boosts Stock Position in Eastman Chemical (NYSE:EMN)

Avantax Advisory Services Inc. increased its holdings in Eastman Chemical (NYSE:EMNFree Report) by 6.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 5,614 shares of the basic materials company’s stock after acquiring an additional 325 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Eastman Chemical were worth $431,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the company. Oppenheimer & Co. Inc. increased its stake in shares of Eastman Chemical by 14.6% in the second quarter. Oppenheimer & Co. Inc. now owns 27,029 shares of the basic materials company’s stock valued at $2,263,000 after purchasing an additional 3,450 shares during the period. Mackenzie Financial Corp boosted its position in Eastman Chemical by 1.3% during the 2nd quarter. Mackenzie Financial Corp now owns 151,248 shares of the basic materials company’s stock worth $12,971,000 after acquiring an additional 1,999 shares during the period. ExodusPoint Capital Management LP acquired a new position in shares of Eastman Chemical during the second quarter valued at $403,000. Oppenheimer Asset Management Inc. raised its stake in shares of Eastman Chemical by 2.1% during the second quarter. Oppenheimer Asset Management Inc. now owns 14,906 shares of the basic materials company’s stock valued at $1,248,000 after purchasing an additional 306 shares in the last quarter. Finally, KBC Group NV lifted its holdings in Eastman Chemical by 241.7% in the second quarter. KBC Group NV now owns 135,312 shares of the basic materials company’s stock worth $11,328,000 after purchasing an additional 95,708 shares during the period. Institutional investors and hedge funds own 82.29% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on EMN. The Goldman Sachs Group boosted their price target on shares of Eastman Chemical from $82.00 to $92.00 and gave the stock a “neutral” rating in a research report on Thursday, December 14th. KeyCorp upped their target price on Eastman Chemical from $95.00 to $101.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 9th. Royal Bank of Canada lowered their price target on Eastman Chemical from $91.00 to $89.00 and set a “sector perform” rating on the stock in a research report on Tuesday, February 6th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Wednesday, December 13th. Finally, Stifel Nicolaus dropped their price target on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a research report on Monday, February 5th. Seven research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus target price of $92.67.

Get Our Latest Stock Report on EMN

Eastman Chemical Stock Performance

Eastman Chemical stock opened at $82.34 on Monday. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $91.38. The firm’s 50 day simple moving average is $86.57 and its 200-day simple moving average is $81.78. The company has a debt-to-equity ratio of 0.84, a current ratio of 1.36 and a quick ratio of 0.71. The company has a market cap of $9.76 billion, a P/E ratio of 10.99, a price-to-earnings-growth ratio of 0.91 and a beta of 1.53.

Eastman Chemical (NYSE:EMNGet Free Report) last announced its earnings results on Friday, February 2nd. The basic materials company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.03. The company had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.21 billion. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.27%. The company’s revenue was down 7.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.89 EPS. As a group, equities research analysts predict that Eastman Chemical will post 7.69 EPS for the current year.

Eastman Chemical Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 5th. Shareholders of record on Monday, December 18th were given a dividend of $0.81 per share. The ex-dividend date was Friday, December 15th. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.79. This represents a $3.24 dividend on an annualized basis and a yield of 3.93%. Eastman Chemical’s dividend payout ratio (DPR) is presently 43.26%.

Eastman Chemical Profile

(Free Report)

Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon 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.

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

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