Axxcess Wealth Management LLC Sells 299 Shares of Eastman Chemical (NYSE:EMN)

Axxcess Wealth Management LLC decreased its holdings in Eastman Chemical (NYSE:EMN) by 8.8% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,103 shares of the basic materials company’s stock after selling 299 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Eastman Chemical were worth $283,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Raymond James Financial Inc. purchased a new stake in Eastman Chemical in the 4th quarter valued at about $150,537,000. Wealthfront Advisers LLC increased its stake in Eastman Chemical by 3,136.8% in the 4th quarter. Wealthfront Advisers LLC now owns 736,011 shares of the basic materials company’s stock valued at $67,213,000 after buying an additional 713,272 shares during the last quarter. Franklin Resources Inc. increased its stake 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 valued at $593,233,000 after buying an additional 282,458 shares during the last quarter. National Bank of Canada FI increased its stake 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 valued at $23,863,000 after buying an additional 177,207 shares during the last quarter. Finally, Regents Gate Capital LLP purchased a new stake in Eastman Chemical in the 4th quarter valued at about $10,235,000. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Down 1.5 %

Shares of NYSE:EMN opened at $88.55 on Friday. The firm has a fifty day moving average price of $95.92 and a two-hundred day moving average price of $99.69. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. Eastman Chemical has a one year low of $86.70 and a one year high of $114.50. The company has a market cap of $10.20 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 1.22 and a beta of 1.43.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 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%. Analysts anticipate that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.75%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical’s dividend payout ratio is currently 43.23%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on EMN. JPMorgan Chase & Co. raised their price target on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Royal Bank of Canada raised their price target on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 4th. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $110.00 to $125.00 in a research note on Tuesday, November 26th. UBS Group decreased their price target on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a research note on Friday, January 31st. Finally, Citigroup lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $118.00 to $104.00 in a research note on Wednesday, December 18th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to MarketBeat.com, the company 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.