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Eastman Chemical Company (NYSE:EMN) Shares Bought by Moran Wealth Management LLC

Eastman Chemical logo with Basic Materials background

Moran Wealth Management LLC raised its holdings in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 72.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 93,618 shares of the basic materials company's stock after purchasing an additional 39,249 shares during the quarter. Moran Wealth Management LLC owned 0.08% of Eastman Chemical worth $8,249,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in EMN. Picton Mahoney Asset Management increased its stake in shares of Eastman Chemical by 62.3% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after buying an additional 124 shares during the period. Assetmark Inc. increased its stake in shares of Eastman Chemical by 384.4% during the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock valued at $34,000 after buying an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC purchased a new position in shares of Eastman Chemical during the fourth quarter valued at $35,000. Headlands Technologies LLC purchased a new position in shares of Eastman Chemical during the fourth quarter valued at $43,000. Finally, Orion Capital Management LLC purchased a new position in shares of Eastman Chemical during the fourth quarter valued at $47,000. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Stock Performance

Shares of EMN traded up $0.08 during trading hours on Friday, hitting $76.23. The stock had a trading volume of 4,120,690 shares, compared to its average volume of 1,207,691. 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 firm has a 50-day moving average price of $78.56 and a 200 day moving average price of $86.97. Eastman Chemical Company has a fifty-two week low of $70.90 and a fifty-two week high of $114.50. The firm has a market capitalization of $8.80 billion, a price-to-earnings ratio of 9.70, a PEG ratio of 1.78 and a beta of 1.25.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its 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. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. The firm had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same period in the previous year, the business posted $1.61 EPS. The business's revenue was down .9% compared to the same quarter last year. As a group, research analysts anticipate that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be paid a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 4.36%. The ex-dividend date is Friday, June 13th. Eastman Chemical's dividend payout ratio is currently 42.24%.

Wall Street Analysts Forecast Growth

EMN has been the topic of several research reports. Citigroup upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and cut their price target for the company from $105.00 to $101.00 in a research note on Friday, April 4th. Morgan Stanley cut their price target on Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. Barclays cut their price target on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 29th. Wells Fargo & Company cut their price target on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Finally, The Goldman Sachs Group cut their price target on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a research note on Monday, April 28th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $98.54.

Check Out Our Latest Analysis on EMN

About Eastman Chemical

(Free Report)

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.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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