Axxcess Wealth Management LLC Acquires Shares of 3,898 Eastman Chemical (NYSE:EMN)

Axxcess Wealth Management LLC bought a new position in shares of Eastman Chemical (NYSE:EMN) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 3,898 shares of the basic materials company’s stock, valued at approximately $350,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. First Command Advisory Services Inc. acquired a new stake in shares of Eastman Chemical in the 3rd quarter valued at $26,000. Turtle Creek Wealth Advisors LLC bought a new stake in Eastman Chemical during the 4th quarter worth about $26,000. Sound Income Strategies LLC raised its holdings in Eastman Chemical by 213.8% during the 4th quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 278 shares during the last quarter. Bruce G. Allen Investments LLC bought a new stake in Eastman Chemical during the 4th quarter worth about $38,000. Finally, Orion Capital Management LLC bought a new stake in Eastman Chemical during the 3rd quarter worth about $40,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Trading Up 0.1 %

NYSE:EMN opened at $100.76 on Thursday. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $102.71. The company has a quick ratio of 0.71, a current ratio of 1.39 and a debt-to-equity ratio of 0.77. The business has a 50 day moving average price of $95.83 and a two-hundred day moving average price of $87.85. The company has a market cap of $11.85 billion, a P/E ratio of 12.98, a price-to-earnings-growth ratio of 1.06 and a beta of 1.54.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.29 billion. During the same quarter in the prior year, the firm posted $1.63 EPS. The business’s revenue was down 4.2% on a year-over-year basis. As a group, analysts expect that Eastman Chemical will post 7.75 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be paid a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.22%. The ex-dividend date is Monday, June 17th. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Analyst Ratings Changes

Several analysts have weighed in on the company. KeyCorp boosted their price objective on Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Citigroup boosted their price objective on Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a report on Wednesday, April 10th. Redburn Atlantic initiated coverage on Eastman Chemical in a report on Thursday, February 15th. They set a “buy” rating and a $110.00 price objective for the company. Barclays upped their price target on Eastman Chemical from $85.00 to $103.00 and gave the company an “equal weight” rating in a research note on Monday. Finally, Wells Fargo & Company upped their price target on Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a research note on Thursday, April 11th. Eight analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $104.18.

Insider Transactions at Eastman Chemical

In other news, SVP Adrian James Holt sold 4,735 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, SVP Adrian James Holt sold 4,735 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Mark J. Costa sold 102,390 shares of the stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the sale, the chief executive officer now owns 395,699 shares in the company, valued at approximately $39,878,545.22. The disclosure for this sale can be found here. Company insiders own 2.27% of the company’s stock.

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.