Hennion & Walsh Asset Management Inc. lessened its stake in shares of Eastman Chemical (NYSE:EMN – Get Rating) by 12.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,209 shares of the basic materials company’s stock after selling 1,573 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Eastman Chemical were worth $913,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in EMN. Addison Advisors LLC acquired a new position in shares of Eastman Chemical during the third quarter valued at approximately $25,000. Clear Street Markets LLC increased its stake in shares of Eastman Chemical by 49.3% during the third quarter. Clear Street Markets LLC now owns 403 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 133 shares during the period. First Command Bank acquired a new position in shares of Eastman Chemical during the second quarter valued at approximately $30,000. Twin Lakes Capital Management LLC acquired a new position in shares of Eastman Chemical during the third quarter valued at approximately $36,000. Finally, Householder Group Estate & Retirement Specialist LLC acquired a new position in shares of Eastman Chemical during the third quarter valued at approximately $37,000. Institutional investors and hedge funds own 83.42% of the company’s stock.
Analysts Set New Price Targets
EMN has been the subject of a number of research reports. Wells Fargo & Company raised their target price on shares of Eastman Chemical from $80.00 to $95.00 and gave the stock an “equal weight” rating in a report on Monday, January 30th. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and raised their target price for the stock from $98.00 to $108.00 in a report on Wednesday, January 11th. StockNews.com assumed coverage on shares of Eastman Chemical in a report on Thursday, March 16th. They set a “hold” rating for the company. UBS Group raised their price objective on shares of Eastman Chemical from $96.00 to $108.00 in a research note on Wednesday, January 4th. Finally, Barclays raised their price objective on shares of Eastman Chemical from $82.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Monday, January 30th. Thirteen research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Eastman Chemical presently has an average rating of “Hold” and an average target price of $98.78.
Eastman Chemical Stock Down 1.0 %
Eastman Chemical (NYSE:EMN – Get Rating) last released its quarterly earnings results on Friday, January 27th. The basic materials company reported $0.89 earnings per share for the quarter, missing analysts’ consensus estimates of $1.26 by ($0.37). The business had revenue of $2.37 billion for the quarter, compared to the consensus estimate of $2.42 billion. Eastman Chemical had a net margin of 7.50% and a return on equity of 17.82%. The firm’s revenue for the quarter was down 11.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.81 EPS. On average, equities analysts anticipate that Eastman Chemical will post 7.77 earnings per share for the current fiscal year.
Eastman Chemical Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 10th. Stockholders of record on Wednesday, March 15th will be issued a dividend of $0.79 per share. The ex-dividend date of this dividend is Tuesday, March 14th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 4.01%. Eastman Chemical’s dividend payout ratio is currently 50.16%.
About Eastman Chemical
Eastman Chemical Co engages in the provision of specialty chemicals. It operates through the following segments: Advanced Material (AM), Additives and Functional Products (AFP), Chemical Intermediates (CI), and Fibers. The AM segment produces and markets its polymers, films, and plastics with differentiated performance properties for value-added end uses in transportation, consumables, building and construction, durable goods, and health and wellness markets.
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