Laird Norton Wetherby Wealth Management LLC Boosts Stake in Eastman Chemical (NYSE:EMN)

Laird Norton Wetherby Wealth Management LLC raised its position in Eastman Chemical (NYSE:EMN) by 5.7% in the 4th quarter, HoldingsChannel reports. The institutional investor owned 3,292 shares of the basic materials company’s stock after purchasing an additional 178 shares during the period. Laird Norton Wetherby Wealth Management LLC’s holdings in Eastman Chemical were worth $301,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. James J. Burns & Company LLC purchased a new stake in Eastman Chemical in the 4th quarter valued at about $741,000. Goelzer Investment Management Inc. purchased a new stake in shares of Eastman Chemical during the 4th quarter worth approximately $3,319,000. Dakota Wealth Management increased its stake in shares of Eastman Chemical by 14.6% during the 4th quarter. Dakota Wealth Management now owns 44,675 shares of the basic materials company’s stock worth $4,081,000 after purchasing an additional 5,700 shares during the last quarter. Olstein Capital Management L.P. increased its stake in shares of Eastman Chemical by 16.1% during the 4th quarter. Olstein Capital Management L.P. now owns 66,779 shares of the basic materials company’s stock worth $6,098,000 after purchasing an additional 9,279 shares during the last quarter. Finally, Barclays PLC increased its stake in shares of Eastman Chemical by 3.5% during the 3rd quarter. Barclays PLC now owns 315,044 shares of the basic materials company’s stock worth $35,268,000 after purchasing an additional 10,695 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Up 1.6%

Shares of NYSE:EMN opened at $82.53 on Friday. The firm has a fifty day moving average price of $81.63 and a two-hundred day moving average price of $92.00. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. Eastman Chemical has a one year low of $70.90 and a one year high of $114.50. The company has a market cap of $9.53 billion, a price-to-earnings ratio of 10.75, a PEG ratio of 1.22 and a beta of 1.29.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, beating the consensus estimate of $1.89 by $0.02. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period last year, the firm earned $1.61 EPS. The business’s quarterly revenue was down .9% compared to the same quarter last year. Analysts anticipate that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 4.02%. The ex-dividend date is Friday, June 13th. Eastman Chemical’s payout ratio is 42.24%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. The Goldman Sachs Group decreased their price target on shares of Eastman Chemical from $112.00 to $87.00 and set a “neutral” rating for the company in a research note on Monday, April 28th. Royal Bank of Canada upgraded shares of Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 price target for the company in a research note on Wednesday, April 9th. Mizuho upgraded shares of Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 price target for the company in a research note on Thursday, April 3rd. UBS Group decreased their price target on shares of Eastman Chemical from $123.00 to $115.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Finally, Barclays reduced their price objective on shares of Eastman Chemical from $108.00 to $85.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 29th. Six equities 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 stock has a consensus rating of “Moderate Buy” and an average price target of $99.15.

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.