Tyche Wealth Partners LLC Raises Holdings in Eastman Chemical (NYSE:EMN)

Tyche Wealth Partners LLC boosted its position in Eastman Chemical (NYSE:EMN) by 26.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,836 shares of the basic materials company’s stock after purchasing an additional 1,204 shares during the period. Tyche Wealth Partners LLC’s holdings in Eastman Chemical were worth $533,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. State Street Corp boosted its holdings in Eastman Chemical by 1.4% in the third quarter. State Street Corp now owns 5,285,230 shares of the basic materials company’s stock valued at $595,820,000 after acquiring an additional 70,692 shares during the last quarter. Franklin Resources Inc. increased its position in shares of Eastman Chemical by 5.7% during the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after acquiring an additional 282,458 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Eastman Chemical by 0.5% during the third quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company’s stock worth $310,628,000 after acquiring an additional 13,381 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in shares of Eastman Chemical by 3.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock worth $306,093,000 after acquiring an additional 83,504 shares during the last quarter. Finally, Thrivent Financial for Lutherans increased its holdings in Eastman Chemical by 15.4% in the third quarter. Thrivent Financial for Lutherans now owns 947,473 shares of the basic materials company’s stock valued at $106,070,000 after buying an additional 126,301 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Stock Down 0.6 %

Shares of EMN opened at $101.21 on Friday. The company has a market capitalization of $11.73 billion, a P/E ratio of 13.18, a PEG ratio of 0.73 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. Eastman Chemical has a one year low of $81.00 and a one year high of $114.50. The business’s 50 day simple moving average is $94.53 and its 200-day simple moving average is $100.09.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.40% and a net margin of 9.65%. As a group, sell-side analysts predict that Eastman Chemical will post 8.46 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 8th. Investors of record on Monday, December 16th were given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend was Monday, December 16th. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. Eastman Chemical’s payout ratio is 43.23%.

Insider Buying and Selling

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the transaction, the executive vice president now owns 47,287 shares in the company, valued at $4,965,135. The trade was a 18.18 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the business’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the transaction, the senior vice president now owns 4,403 shares of the company’s stock, valued at $466,013.52. This trade represents a 50.30 % decrease in their position. The disclosure for this sale can be found here. 1.93% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Royal Bank of Canada lifted their target price on Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a research note on Tuesday. 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 report on Monday. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Saturday, January 18th. Mizuho upped their price target on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Finally, UBS Group dropped their price target on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a report on Friday, January 31st. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $113.54.

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.