Allworth Financial LP Raises Stock Holdings in Eastman Chemical Company (NYSE:EMN)

Allworth Financial LP lifted its holdings in Eastman Chemical Company (NYSE:EMN - Free Report) by 7.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 188,416 shares of the basic materials company's stock after buying an additional 13,099 shares during the quarter. Allworth Financial LP owned 0.16% of Eastman Chemical worth $15,228,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Capital World Investors acquired a new position in Eastman Chemical during the fourth quarter worth $137,848,000. Norges Bank acquired a new position in Eastman Chemical during the fourth quarter worth $137,416,000. Capital Research Global Investors raised its holdings in Eastman Chemical by 13.4% during the fourth quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock worth $537,561,000 after purchasing an additional 697,388 shares during the last quarter. Franklin Resources Inc. raised its holdings in Eastman Chemical by 10.8% during the fourth quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company's stock worth $528,310,000 after purchasing an additional 565,821 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in Eastman Chemical by 11,261.1% during the first quarter. GAMMA Investing LLC now owns 476,939 shares of the basic materials company's stock worth $42,023,000 after purchasing an additional 472,741 shares during the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Wall Street Zen cut Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $76.00 price target (down from $112.00) on shares of Eastman Chemical in a report on Monday, April 28th. Citigroup raised Eastman Chemical from a "neutral" rating to a "buy" rating and cut their price target for the stock from $105.00 to $101.00 in a report on Friday, April 4th. The Goldman Sachs Group cut their price target on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Finally, Piper Sandler cut their price target on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a report on Monday, April 7th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $98.08.

Eastman Chemical Trading Down 1.6%

Eastman Chemical stock traded down $1.27 during trading on Friday, hitting $80.29. The company's stock had a trading volume of 818,507 shares, compared to its average volume of 1,248,896. The stock has a market capitalization of $9.27 billion, a price-to-earnings ratio of 10.22, a P/E/G ratio of 1.92 and a beta of 1.22. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.79 and a current ratio of 1.72. The stock's fifty day moving average is $78.94 and its 200 day moving average is $85.98. Eastman Chemical Company has a 1-year low of $70.90 and a 1-year high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping the consensus estimate of $1.89 by $0.02. The company had revenue of $2.29 billion during 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 firm's revenue was down .9% on a year-over-year basis. During the same period in the prior year, the firm posted $1.61 earnings per share. As a group, equities research analysts predict that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th were paid a dividend of $0.83 per share. The ex-dividend date was Friday, June 13th. This represents a $3.32 annualized dividend and a yield of 4.14%. Eastman Chemical's dividend payout ratio is presently 42.24%.

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.