2,515 Shares in Eastman Chemical (NYSE:EMN) Bought by Sagespring Wealth Partners LLC

Sagespring Wealth Partners LLC bought a new position in shares of Eastman Chemical (NYSE:EMN) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 2,515 shares of the basic materials company’s stock, valued at approximately $230,000.

Several other hedge funds have also modified their holdings of the stock. Franklin Resources Inc. raised its holdings in Eastman Chemical by 10.8% during the 4th quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company’s stock worth $528,310,000 after buying an additional 565,821 shares during the period. Invesco Ltd. increased its position in shares of Eastman Chemical by 11.1% in the fourth quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company’s stock worth $259,729,000 after acquiring an additional 284,271 shares in the last quarter. Massachusetts Financial Services Co. MA raised its holdings in shares of Eastman Chemical by 4.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,843,506 shares of the basic materials company’s stock valued at $259,669,000 after acquiring an additional 109,316 shares during the period. Geode Capital Management LLC lifted its position in shares of Eastman Chemical by 1.7% in the 4th quarter. Geode Capital Management LLC now owns 2,832,593 shares of the basic materials company’s stock valued at $257,986,000 after acquiring an additional 48,491 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Eastman Chemical in the 4th quarter worth approximately $150,537,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Stock Down 1.0 %

EMN stock opened at $76.89 on Thursday. The firm has a market cap of $8.86 billion, a PE ratio of 10.01, a PEG ratio of 1.22 and a beta of 1.38. Eastman Chemical has a 1 year low of $70.90 and a 1 year high of $114.50. The company has a fifty day simple moving average of $90.65 and a 200 day simple moving average of $96.63. 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 (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. Sell-side analysts anticipate that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 14th were issued a dividend of $0.83 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $3.32 annualized dividend and a yield of 4.32%. Eastman Chemical’s dividend payout ratio (DPR) is presently 43.23%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on EMN shares. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and cut their target price for the company from $115.00 to $109.00 in a research note on Tuesday, January 14th. Barclays reduced their price objective on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. UBS Group decreased their price objective on Eastman Chemical from $123.00 to $115.00 and set a “buy” rating for the company in a research report on Monday, April 7th. KeyCorp dropped their target price on Eastman Chemical from $128.00 to $120.00 and set an “overweight” rating on the stock in a report on Monday. Finally, Wells Fargo & Company decreased their price target on shares of Eastman Chemical from $125.00 to $90.00 and set an “overweight” rating for the company in a report on Wednesday, April 9th. Three research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $107.08.

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.