Accurate Wealth Management LLC Increases Stock Position in Eastman Chemical (NYSE:EMN)

Accurate Wealth Management LLC lifted its holdings in Eastman Chemical (NYSE:EMN) by 12.2% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 3,591 shares of the basic materials company’s stock after purchasing an additional 390 shares during the period. Accurate Wealth Management LLC’s holdings in Eastman Chemical were worth $316,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of EMN. Raymond James Financial Inc. purchased a new stake in shares of Eastman Chemical in the 4th quarter worth approximately $150,537,000. Capital World Investors purchased a new stake in shares of Eastman Chemical in the 4th quarter worth approximately $137,848,000. Norges Bank purchased a new stake in shares of Eastman Chemical in the 4th quarter worth approximately $137,416,000. Wealthfront Advisers LLC lifted its position 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 worth $67,213,000 after purchasing an additional 713,272 shares during the period. Finally, Capital Research Global Investors lifted its position in shares of Eastman Chemical by 13.4% in the 4th quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company’s stock worth $537,561,000 after purchasing an additional 697,388 shares during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on EMN. Wells Fargo & Company lowered their price target on shares of Eastman Chemical from $125.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. Piper Sandler reduced their price objective on shares of Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating for the company in a research note on Monday, April 7th. KeyCorp reduced their price objective on shares of Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating for the company in a research note on Monday, April 28th. 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. Finally, UBS Group reduced their price objective on shares of Eastman Chemical from $111.00 to $107.00 and set a “buy” rating for the company in a research note on Wednesday, May 28th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $98.54.

Eastman Chemical Trading Down 1.5%

Shares of Eastman Chemical stock opened at $80.07 on Thursday. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 12-month low of $70.90 and a 12-month high of $114.50. The firm has a market capitalization of $9.24 billion, a price-to-earnings ratio of 10.43, a PEG ratio of 1.22 and a beta of 1.25. The firm’s 50 day simple moving average is $78.81 and its two-hundred day simple moving average is $89.30.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.02. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the prior year, the business posted $1.61 EPS. Eastman Chemical’s revenue for the quarter was down .9% compared to the same quarter last year. Analysts predict that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th will be paid a $0.83 dividend. The ex-dividend date is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.15%. Eastman Chemical’s payout ratio is currently 42.24%.

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.