Hennion & Walsh Asset Management Inc. Invests $277,000 in Eastman Chemical (NYSE:EMN)

Hennion & Walsh Asset Management Inc. purchased a new position in shares of Eastman Chemical (NYSE:EMN) during the third quarter, HoldingsChannel reports. The firm purchased 2,475 shares of the basic materials company’s stock, valued at approximately $277,000.

A number of other institutional investors and hedge funds have also made changes to their positions in EMN. Cultivar Capital Inc. acquired a new position in shares of Eastman Chemical during the second quarter worth about $29,000. Wolff Wiese Magana LLC grew its position in Eastman Chemical by 238.1% during the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after buying an additional 200 shares during the period. EntryPoint Capital LLC acquired a new position in Eastman Chemical during the first quarter worth about $38,000. Rothschild Investment LLC acquired a new position in Eastman Chemical during the second quarter worth about $38,000. Finally, Northwest Investment Counselors LLC acquired a new position in Eastman Chemical during the third quarter worth about $38,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Stock Performance

Shares of EMN opened at $104.84 on Wednesday. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. The company has a market capitalization of $12.33 billion, a price-to-earnings ratio of 13.51, a PEG ratio of 0.81 and a beta of 1.44. The company’s 50 day simple moving average is $105.54 and its 200 day simple moving average is $100.89. Eastman Chemical has a 1 year low of $72.87 and a 1 year high of $114.50.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Monday, September 16th were paid a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 3.09%. The ex-dividend date was Monday, September 16th. Eastman Chemical’s payout ratio is 41.75%.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Mizuho upped their target price on shares of Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Barclays upped their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Wells Fargo & Company upped their target price on shares of Eastman Chemical from $105.00 to $118.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 15th. Finally, Royal Bank of Canada upped their price target on shares of Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a report on Friday, October 11th. Eight investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, Eastman Chemical presently has a consensus rating of “Moderate Buy” and an average price target of $110.20.

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.