Wealth Enhancement Advisory Services LLC Boosts Holdings in Eastman Chemical Company (NYSE:EMN)

Wealth Enhancement Advisory Services LLC lifted its position in shares of Eastman Chemical Company (NYSE:EMN) by 11.8% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 17,930 shares of the basic materials company’s stock after purchasing an additional 1,893 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Eastman Chemical were worth $1,580,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of EMN. Brighton Jones LLC purchased a new stake in shares of Eastman Chemical during the 4th quarter worth about $202,000. Proficio Capital Partners LLC purchased a new stake in shares of Eastman Chemical during the 4th quarter worth about $75,000. Private Trust Co. NA grew its holdings in shares of Eastman Chemical by 14.0% during the 4th quarter. Private Trust Co. NA now owns 837 shares of the basic materials company’s stock worth $76,000 after purchasing an additional 103 shares during the period. SVB Wealth LLC acquired a new position in Eastman Chemical during the 4th quarter worth approximately $431,000. Finally, US Bancorp DE lifted its position in Eastman Chemical by 12.7% during the 4th quarter. US Bancorp DE now owns 57,746 shares of the basic materials company’s stock worth $5,273,000 after acquiring an additional 6,498 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on EMN. Wells Fargo & Company reduced their price target on Eastman Chemical from $125.00 to $90.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 9th. UBS Group reduced their price target on Eastman Chemical from $111.00 to $107.00 and set a “buy” rating on the stock in a research report on Wednesday, May 28th. KeyCorp reduced their price target on Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating on the stock in a research report on Monday, April 28th. JPMorgan Chase & Co. reissued a “neutral” rating and set a $76.00 price target (down from $112.00) on shares of Eastman Chemical in a research report on Monday, April 28th. Finally, Barclays cut their target price on Eastman Chemical from $108.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 29th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.54.

Eastman Chemical Stock Performance

EMN stock opened at $74.75 on Tuesday. The company has a current ratio of 1.72, a quick ratio of 0.79 and a debt-to-equity ratio of 0.80. The firm has a market cap of $8.63 billion, a P/E ratio of 9.51, a P/E/G ratio of 1.78 and a beta of 1.25. Eastman Chemical Company has a 12-month low of $70.90 and a 12-month high of $114.50. The stock’s 50 day simple moving average is $78.52 and its 200 day simple moving average is $86.72.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.02. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a return on equity of 16.59% and a net margin of 9.85%. The business’s revenue was down .9% compared to the same quarter last year. During the same period in the prior year, the company posted $1.61 EPS. As a group, equities research analysts predict that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a yield of 4.44%. Eastman Chemical’s payout ratio is currently 42.24%.

Eastman Chemical 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.