Opal Wealth Advisors LLC Acquires Shares of 1,584 Eastman Chemical (NYSE:EMN)

Opal Wealth Advisors LLC acquired a new stake in Eastman Chemical (NYSE:EMN) in the first quarter, Holdings Channel.com reports. The institutional investor acquired 1,584 shares of the basic materials company’s stock, valued at approximately $140,000.

A number of other institutional investors have also recently bought and sold shares of EMN. Picton Mahoney Asset Management grew its stake in Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 124 shares during the period. Assetmark Inc. grew its stake in 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 bought a new position in Eastman Chemical in the 4th quarter valued at $35,000. Headlands Technologies LLC bought a new position in Eastman Chemical in the 4th quarter valued at $43,000. Finally, Orion Capital Management LLC bought a new position in Eastman Chemical in the 4th quarter valued at $47,000. Institutional investors own 83.65% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the company. Royal Bank of Canada upgraded 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. The Goldman Sachs Group cut their price target on Eastman Chemical from $112.00 to $87.00 and set a “neutral” rating for the company in a research note on Monday, April 28th. Wall Street Zen downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday, April 28th. Wells Fargo & Company cut their price target on Eastman Chemical from $125.00 to $90.00 and set an “overweight” rating for the company in a research note on Wednesday, April 9th. Finally, Mizuho upgraded 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. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $98.54.

Eastman Chemical Stock Performance

Shares of EMN opened at $76.09 on Friday. The stock’s 50-day simple moving average is $78.99 and its 200 day simple moving average is $88.80. The stock has a market capitalization of $8.79 billion, a price-to-earnings ratio of 9.91, a price-to-earnings-growth ratio of 1.22 and a beta of 1.25. 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 52-week low of $70.90 and a 52-week high of $114.50.

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

Eastman Chemical Dividend Announcement

The firm 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. The ex-dividend date is Friday, June 13th. This represents a $3.32 annualized dividend and a dividend yield of 4.36%. Eastman Chemical’s payout ratio is currently 42.24%.

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.