Wealth Enhancement Advisory Services LLC Has $1.47 Million Stock Position in Eastman Chemical (NYSE:EMN)

Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Eastman Chemical (NYSE:EMN) by 11.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 16,037 shares of the basic materials company’s stock after purchasing an additional 1,674 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Eastman Chemical were worth $1,465,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of EMN. Picton Mahoney Asset Management boosted its holdings in shares of Eastman Chemical by 62.3% during the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock worth $29,000 after buying an additional 124 shares during the period. Assetmark Inc. boosted its holdings in shares of Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock worth $34,000 after buying an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC bought a new stake in shares of Eastman Chemical during the 4th quarter worth $35,000. Stonebridge Financial Group LLC bought a new stake in shares of Eastman Chemical during the 4th quarter worth $37,000. Finally, Headlands Technologies LLC bought a new stake in shares of Eastman Chemical during the 4th quarter worth $43,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Up 0.7%

EMN opened at $78.88 on Friday. Eastman Chemical has a fifty-two week low of $70.90 and a fifty-two week high of $114.50. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The firm’s fifty day moving average price is $78.86 and its two-hundred day moving average price is $89.69. The company has a market capitalization of $9.11 billion, a P/E ratio of 10.27, a P/E/G ratio of 1.22 and a beta of 1.25.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.02. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The firm had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the company earned $1.61 earnings per share. The business’s revenue was down .9% compared to the same quarter last year. On average, analysts anticipate that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be issued a $0.83 dividend. The ex-dividend date is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.21%. Eastman Chemical’s dividend payout ratio is 42.24%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the stock. KeyCorp decreased their price objective on shares of Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating for the company in a report on Monday, April 28th. Mizuho raised shares of Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 price objective for the company in a report on Thursday, April 3rd. JPMorgan Chase & Co. restated a “neutral” rating and issued a $76.00 price target (down from $112.00) on shares of Eastman Chemical in a research report on Monday, April 28th. Piper Sandler dropped their price objective on shares of Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. Finally, Royal Bank of Canada upgraded shares of Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 target price for the company in a research note on Wednesday, April 9th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $98.54.

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.