Raymond James Financial Services Advisors Inc. Has $2.46 Million Stock Position in Eastman Chemical (NYSE:EMN)

Raymond James Financial Services Advisors Inc. increased its position in shares of Eastman Chemical (NYSE:EMN) by 3.6% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,429 shares of the basic materials company’s stock after acquiring an additional 947 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Eastman Chemical were worth $2,464,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Invesco Ltd. grew its position in Eastman Chemical by 37.4% during the 3rd quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock worth $214,496,000 after purchasing an additional 760,974 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Eastman Chemical by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,079,130 shares of the basic materials company’s stock valued at $82,791,000 after purchasing an additional 19,450 shares in the last quarter. Morgan Stanley boosted its position in shares of Eastman Chemical by 1.0% in the third quarter. Morgan Stanley now owns 3,978,856 shares of the basic materials company’s stock worth $305,258,000 after buying an additional 39,860 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Eastman Chemical by 2.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,407,774 shares of the basic materials company’s stock valued at $184,724,000 after buying an additional 51,788 shares in the last quarter. Finally, Xponance Inc. raised its position in Eastman Chemical by 3.4% during the third quarter. Xponance Inc. now owns 17,330 shares of the basic materials company’s stock valued at $1,330,000 after buying an additional 562 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have commented on EMN shares. KeyCorp raised their price objective on Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a research report on Tuesday. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Wednesday, December 13th. Redburn Atlantic assumed coverage on shares of Eastman Chemical in a research note on Thursday, February 15th. They issued a “buy” rating and a $110.00 price objective on the stock. Citigroup cut their target price on shares of Eastman Chemical from $96.00 to $95.00 and set a “buy” rating for the company in a research report on Tuesday, February 6th. Finally, Royal Bank of Canada lowered their price target on shares of Eastman Chemical from $91.00 to $89.00 and set a “sector perform” rating on the stock in a report on Tuesday, February 6th. Seven research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $95.00.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the firm’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 2.28% of the company’s stock.

Eastman Chemical Stock Performance

Shares of NYSE EMN opened at $101.95 on Wednesday. The business’s 50-day simple moving average is $90.39 and its 200-day simple moving average is $84.53. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $102.71. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35. The firm has a market cap of $11.99 billion, a price-to-earnings ratio of 13.61, a P/E/G ratio of 1.11 and a beta of 1.54.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Friday, February 2nd. The basic materials company reported $1.31 EPS for the quarter, beating the consensus estimate of $1.28 by $0.03. Eastman Chemical had a return on equity of 14.15% and a net margin of 9.71%. The company had revenue of $2.21 billion for the quarter, compared to the consensus estimate of $2.21 billion. During the same quarter last year, the company posted $0.89 earnings per share. The company’s revenue for the quarter was down 7.0% compared to the same quarter last year. As a group, equities research analysts expect that Eastman Chemical will post 7.7 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were paid a dividend of $0.81 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $3.24 annualized dividend and a yield of 3.18%. Eastman Chemical’s payout ratio is 43.26%.

About Eastman Chemical

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.