Eastman Chemical Company (NYSE:EMN) Shares Purchased by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC lifted its position in Eastman Chemical Company (NYSE:EMN - Free Report) by 58.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 31,868 shares of the basic materials company's stock after purchasing an additional 11,787 shares during the period. Janney Montgomery Scott LLC's holdings in Eastman Chemical were worth $2,808,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in the company. Capital Research Global Investors increased its position in shares of Eastman Chemical by 13.4% in the fourth quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock valued at $537,561,000 after buying an additional 697,388 shares in the last quarter. Franklin Resources Inc. increased its stake in Eastman Chemical by 10.8% during the 4th quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company's stock worth $528,310,000 after buying an additional 565,821 shares in the last quarter. Invesco Ltd. raised its stake in Eastman Chemical by 11.1% in the 4th quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company's stock valued at $259,729,000 after purchasing an additional 284,271 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Eastman Chemical by 4.0% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,843,506 shares of the basic materials company's stock valued at $259,669,000 after buying an additional 109,316 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Eastman Chemical by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 2,832,593 shares of the basic materials company's stock valued at $257,986,000 after acquiring an additional 48,491 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Stock Up 0.1%

Shares of Eastman Chemical stock traded up $0.08 during trading on Friday, hitting $76.23. 4,120,690 shares of the stock were exchanged, compared to its average volume of 1,207,691. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.72 and a quick ratio of 0.79. The firm's 50-day moving average price is $78.56 and its 200 day moving average price is $86.97. The stock has a market cap of $8.80 billion, a price-to-earnings ratio of 9.70, a price-to-earnings-growth 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.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.89 by $0.02. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a return on equity of 16.59% and a net margin of 9.85%. Eastman Chemical's revenue for the quarter was down .9% on a year-over-year basis. During the same period in the previous year, the business earned $1.61 EPS. As a group, analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

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. This represents a $3.32 dividend on an annualized basis and a yield of 4.36%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical's dividend payout ratio (DPR) is 42.24%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Wall Street Zen lowered Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. Citigroup upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and lowered their price target for the stock from $105.00 to $101.00 in a research report on Friday, April 4th. Wells Fargo & Company dropped their target price on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $76.00 price target (down previously from $112.00) on shares of Eastman Chemical in a research report on Monday, April 28th. Finally, The Goldman Sachs Group dropped their price objective on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Eastman Chemical presently has an average rating of "Moderate Buy" and a consensus price target of $98.54.

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.