Modera Wealth Management LLC Takes Position in Eastman Chemical (NYSE:EMN)

Modera Wealth Management LLC bought a new stake in shares of Eastman Chemical (NYSE:EMN) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,978 shares of the basic materials company’s stock, valued at approximately $221,000.

Other large investors have also recently made changes to their positions in the company. Cultivar Capital Inc. purchased a new stake in Eastman Chemical in the 2nd quarter worth about $29,000. Wolff Wiese Magana LLC increased its holdings in Eastman Chemical by 238.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 200 shares during the last quarter. EntryPoint Capital LLC purchased a new stake in Eastman Chemical in the 1st quarter worth about $38,000. Rothschild Investment LLC purchased a new stake in Eastman Chemical in the 2nd quarter worth about $38,000. Finally, Northwest Investment Counselors LLC purchased a new stake in Eastman Chemical in the 3rd quarter worth about $38,000. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on EMN. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Barclays lifted their price objective on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday, July 29th. Bank of America lowered Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their price objective for the stock from $114.00 to $119.00 in a report on Wednesday, October 16th. Wells Fargo & Company lifted their target price on Eastman Chemical from $105.00 to $118.00 and gave the company an “equal weight” rating in a report on Tuesday, October 15th. Finally, Mizuho lifted their target price on Eastman Chemical from $102.00 to $107.00 and gave the company a “neutral” rating in a report on Friday, July 26th. Eight equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus target price of $110.20.

Eastman Chemical Stock Performance

Shares of EMN opened at $104.84 on Wednesday. The company has a market cap of $12.33 billion, a PE ratio of 13.51, a price-to-earnings-growth ratio of 0.81 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. The stock has a 50-day moving average price of $105.54 and a 200-day moving average price of $100.89. Eastman Chemical has a 12-month low of $72.87 and a 12-month high of $114.50.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, October 7th. Stockholders of record on Monday, September 16th were given a dividend of $0.81 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.09%. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

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.