Frank Rimerman Advisors LLC Increases Holdings in Eastman Chemical (NYSE:EMN)

Frank Rimerman Advisors LLC increased its stake in shares of Eastman Chemical (NYSE:EMN) by 24.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,457 shares of the basic materials company’s stock after acquiring an additional 488 shares during the quarter. Frank Rimerman Advisors LLC’s holdings in Eastman Chemical were worth $224,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Victory Capital Management Inc. lifted its holdings in Eastman Chemical by 443.1% in the third quarter. Victory Capital Management Inc. now owns 158,253 shares of the basic materials company’s stock valued at $17,716,000 after acquiring an additional 129,112 shares during the period. CIBC Asset Management Inc increased its position in Eastman Chemical by 6.8% in the third quarter. CIBC Asset Management Inc now owns 19,998 shares of the basic materials company’s stock worth $2,239,000 after buying an additional 1,270 shares in the last quarter. Empowered Funds LLC increased its position in Eastman Chemical by 41.4% in the third quarter. Empowered Funds LLC now owns 13,967 shares of the basic materials company’s stock worth $1,564,000 after buying an additional 4,092 shares in the last quarter. Natixis Advisors LLC increased its position in Eastman Chemical by 14.4% in the third quarter. Natixis Advisors LLC now owns 309,123 shares of the basic materials company’s stock worth $34,606,000 after buying an additional 38,926 shares in the last quarter. Finally, Thrivent Financial for Lutherans increased its position 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 worth $106,070,000 after buying an additional 126,301 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Price Performance

Shares of EMN stock opened at $91.23 on Tuesday. Eastman Chemical has a 52-week low of $86.70 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 firm has a market capitalization of $10.51 billion, a P/E ratio of 11.88, a P/E/G ratio of 1.22 and a beta of 1.43. The stock has a 50 day moving average price of $95.74 and a 200 day moving average price of $100.00.

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

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.64%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical’s dividend payout ratio is currently 43.23%.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Citigroup cut Eastman Chemical from a “buy” rating to a “neutral” rating and cut their target price for the stock from $118.00 to $104.00 in a research report on Wednesday, December 18th. JPMorgan Chase & Co. increased their target price on Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Royal Bank of Canada increased their target price on Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 4th. Mizuho increased their target price on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Finally, UBS Group cut their price target on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a report on Friday, January 31st. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus price target of $114.08.

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.