Wolff Wiese Magana LLC Acquires 200 Shares of Eastman Chemical (NYSE:EMN)

Wolff Wiese Magana LLC grew its holdings in shares of Eastman Chemical (NYSE:EMN) by 238.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 284 shares of the basic materials company’s stock after buying an additional 200 shares during the quarter. Wolff Wiese Magana LLC’s holdings in Eastman Chemical were worth $32,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in EMN. Capital Research Global Investors lifted its position in Eastman Chemical by 649.8% during the 1st quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock worth $452,139,000 after buying an additional 3,909,740 shares in the last quarter. Truist Financial Corp lifted its position in Eastman Chemical by 201.5% during the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after buying an additional 617,889 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its position in Eastman Chemical by 318.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock worth $69,516,000 after buying an additional 534,081 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in Eastman Chemical by 34.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock worth $83,524,000 after buying an additional 218,531 shares in the last quarter. Finally, Earnest Partners LLC lifted its position in Eastman Chemical by 11.0% during the 1st quarter. Earnest Partners LLC now owns 2,199,943 shares of the basic materials company’s stock worth $220,478,000 after buying an additional 217,720 shares in the last quarter. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Stock Up 0.7 %

Shares of EMN opened at $109.46 on Friday. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $114.50. The firm’s 50 day moving average is $103.89 and its 200-day moving average is $100.52. The stock has a market capitalization of $12.88 billion, a PE ratio of 14.11, a P/E/G ratio of 0.83 and a beta of 1.44. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, topping the consensus estimate of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company had revenue of $2.36 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same period last year, the firm earned $1.99 earnings per share. The business’s revenue for the quarter was up 1.7% on a year-over-year basis. Equities research analysts forecast that Eastman Chemical will post 7.67 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Monday, September 16th were given a dividend of $0.81 per share. The ex-dividend date was Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 2.96%. Eastman Chemical’s dividend payout ratio is 41.75%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on EMN. Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their price objective for the stock from $114.00 to $119.00 in a research note on Wednesday. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Wells Fargo & Company boosted their price objective on shares of Eastman Chemical from $105.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Tuesday. Citigroup lowered their price objective on shares of Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research note on Thursday, June 27th. Finally, Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Eight equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Eastman Chemical has an average rating of “Moderate Buy” and an average price target of $110.20.

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.