Moran Wealth Management LLC Purchases 39,249 Shares of Eastman Chemical Company (NYSE:EMN)

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

A number of other large investors have also made changes to their positions in the company. Picton Mahoney Asset Management grew its stake in Eastman Chemical by 62.3% in the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after acquiring an additional 124 shares during the period. Assetmark Inc. grew its position in shares of Eastman Chemical by 384.4% in the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of Eastman Chemical in the 4th quarter valued at approximately $35,000. Headlands Technologies LLC bought a new stake in Eastman Chemical during the 4th quarter worth approximately $43,000. Finally, Orion Capital Management LLC acquired a new stake in Eastman Chemical during the 4th quarter worth approximately $47,000. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Performance

Shares of EMN stock traded up $0.36 on Thursday, reaching $76.23. The stock had a trading volume of 1,482,406 shares, compared to its average volume of 1,192,279. Eastman Chemical Company has a 12 month low of $70.90 and a 12 month high of $114.50. The firm has a market capitalization of $8.80 billion, a price-to-earnings ratio of 9.70, a P/E/G ratio of 1.78 and a beta of 1.25. The firm's 50-day moving average is $78.58 and its two-hundred day moving average is $87.38. The company has a quick ratio of 0.79, a current ratio of 1.72 and a debt-to-equity ratio of 0.80.

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 for the quarter, topping analysts' consensus estimates of $1.89 by $0.02. Eastman Chemical had a return on equity of 16.59% and a net margin of 9.85%. 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 business earned $1.61 earnings per share. The business's revenue was down .9% compared to the same quarter last year. On average, research analysts expect that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be given a dividend of $0.83 per share. The ex-dividend date is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a yield of 4.36%. Eastman Chemical's dividend payout ratio (DPR) is 42.24%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on EMN. Wall Street Zen cut shares of Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. The Goldman Sachs Group lowered their target price on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a report on Monday, April 28th. 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 report on Monday, April 28th. Citigroup upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and decreased their price objective for the stock from $105.00 to $101.00 in a report on Friday, April 4th. Finally, Barclays dropped their target price on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 29th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target 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.