Summit Financial LLC Acquires Shares of 2,464 Eastman Chemical (NYSE:EMN)

Summit Financial LLC bought a new position in Eastman Chemical (NYSE:EMN) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 2,464 shares of the basic materials company’s stock, valued at approximately $227,000.

A number of other institutional investors have also modified their holdings of the stock. Raymond James Financial Inc. bought a new stake in Eastman Chemical in the fourth quarter valued at about $150,537,000. Norges Bank acquired a new position in shares of Eastman Chemical in the 4th quarter worth approximately $137,416,000. Wealthfront Advisers LLC increased its holdings in shares of Eastman Chemical by 3,136.8% in the 4th quarter. Wealthfront Advisers LLC now owns 736,011 shares of the basic materials company’s stock valued at $67,213,000 after acquiring an additional 713,272 shares during the last quarter. Franklin Resources Inc. raised its position in shares of Eastman Chemical by 5.7% during the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock valued at $593,233,000 after acquiring an additional 282,458 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its holdings in Eastman Chemical by 20.5% in the fourth quarter. Clearbridge Investments LLC now owns 1,229,707 shares of the basic materials company’s stock worth $112,297,000 after purchasing an additional 209,075 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the stock. Barclays dropped their target price on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. Royal Bank of Canada raised their target price on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 4th. KeyCorp upped their target price on Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. 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. Finally, Bank of America upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $115.00 to $109.00 in a research report on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, Eastman Chemical presently has a consensus rating of “Moderate Buy” and an average target price of $112.83.

Eastman Chemical Trading Down 5.6 %

NYSE:EMN opened at $75.48 on Friday. The stock has a market cap of $8.69 billion, a price-to-earnings ratio of 9.83, a PEG ratio of 1.22 and a beta of 1.43. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. Eastman Chemical has a 1 year low of $73.78 and a 1 year high of $114.50. The business has a fifty day moving average of $94.76 and a 200-day moving average of $98.77.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. Equities analysts predict that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be issued a dividend of $0.83 per share. The ex-dividend date is Friday, March 14th. This represents a $3.32 annualized dividend and a yield of 4.40%. Eastman Chemical’s payout ratio is 43.23%.

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.