RKL Wealth Management LLC Increases Stock Holdings in Eastman Chemical (NYSE:EMN)

RKL Wealth Management LLC grew its stake in shares of Eastman Chemical (NYSE:EMN) by 5.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,300 shares of the basic materials company’s stock after buying an additional 724 shares during the period. RKL Wealth Management LLC’s holdings in Eastman Chemical were worth $1,306,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in EMN. Raymond James Financial Inc. purchased a new position in shares of Eastman Chemical during the 4th quarter valued at about $150,537,000. PNC Financial Services Group Inc. lifted its holdings in Eastman Chemical by 57.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock worth $104,755,000 after purchasing an additional 340,562 shares in the last quarter. Franklin Resources Inc. lifted its holdings in Eastman Chemical by 5.7% in the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after purchasing an additional 282,458 shares in the last quarter. National Bank of Canada FI lifted its holdings in Eastman Chemical by 492.9% in the 3rd quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock worth $23,863,000 after purchasing an additional 177,207 shares in the last quarter. Finally, Victory Capital Management Inc. lifted its holdings in Eastman Chemical by 443.1% in the 3rd quarter. Victory Capital Management Inc. now owns 158,253 shares of the basic materials company’s stock worth $17,716,000 after purchasing an additional 129,112 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Stock Performance

NYSE EMN opened at $98.93 on Friday. The company has a market cap of $11.39 billion, a P/E ratio of 12.88, a P/E/G ratio of 1.22 and a beta of 1.44. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. The business’s 50 day moving average price is $95.25 and its 200-day moving average price is $100.28. Eastman Chemical has a fifty-two week low of $86.70 and a fifty-two week high of $114.50.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. Sell-side analysts predict that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.36%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical’s dividend payout ratio is 43.23%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on EMN. Royal Bank of Canada boosted their price target on Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 4th. Barclays lowered their price target on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a report on Monday, February 3rd. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. Mizuho boosted their price target on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Finally, Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $110.00 to $125.00 in a report on Tuesday, November 26th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus price target of $114.08.

About Eastman Chemical

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.