Sagespring Wealth Partners LLC Takes $230,000 Position in Eastman Chemical (NYSE:EMN)

Sagespring Wealth Partners LLC acquired a new position in shares of Eastman Chemical (NYSE:EMN) in the 4th quarter, Holdings Channel reports. The fund acquired 2,515 shares of the basic materials company’s stock, valued at approximately $230,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. Raymond James Financial Inc. bought a new position in Eastman Chemical in the 4th quarter worth approximately $150,537,000. Norges Bank acquired a new stake in shares of Eastman Chemical in the fourth quarter worth $137,416,000. Wealthfront Advisers LLC increased its position in Eastman Chemical by 3,136.8% during the fourth quarter. Wealthfront Advisers LLC now owns 736,011 shares of the basic materials company’s stock worth $67,213,000 after acquiring an additional 713,272 shares during the period. Franklin Resources Inc. raised its stake in Eastman Chemical by 10.8% during the 4th quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company’s stock valued at $528,310,000 after purchasing an additional 565,821 shares during the last quarter. Finally, Invesco Ltd. boosted its holdings in Eastman Chemical by 11.1% in the 4th quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company’s stock valued at $259,729,000 after purchasing an additional 284,271 shares during the period. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Down 1.0 %

Shares of NYSE EMN opened at $76.89 on Thursday. Eastman Chemical has a 52-week low of $70.90 and a 52-week high of $114.50. 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 has a fifty day moving average of $90.65 and a two-hundred day moving average of $96.63. The stock has a market cap of $8.86 billion, a PE ratio of 10.01, a PEG ratio of 1.22 and a beta of 1.38.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. As a group, equities research analysts expect that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Friday, March 14th were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 4.32%. The ex-dividend date of this dividend was Friday, March 14th. Eastman Chemical’s payout ratio is currently 43.23%.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on EMN. Barclays dropped their price objective on shares of 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 upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Saturday, January 18th. Royal Bank of Canada upgraded Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 price objective for the company in a research report on Wednesday, April 9th. KeyCorp lowered their price objective on Eastman Chemical from $128.00 to $120.00 and set an “overweight” rating on the stock in a research report on Monday. Finally, Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and reduced their target price for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and an average price target of $107.08.

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.