Arkadios Wealth Advisors Takes $523,000 Position in Eastman Chemical (NYSE:EMN)

Arkadios Wealth Advisors purchased a new position in Eastman Chemical (NYSE:EMN) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 4,671 shares of the basic materials company’s stock, valued at approximately $523,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in EMN. Capital Research Global Investors increased its position in shares of Eastman Chemical by 649.8% during the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock worth $452,139,000 after acquiring an additional 3,909,740 shares during the period. Assenagon Asset Management S.A. increased its holdings in Eastman Chemical by 1,104.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock worth $104,560,000 after purchasing an additional 856,432 shares during the period. Truist Financial Corp raised its position in Eastman Chemical by 201.5% during the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock valued at $90,572,000 after purchasing an additional 617,889 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its holdings in shares of Eastman Chemical by 318.2% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock worth $69,516,000 after buying an additional 534,081 shares during the period. Finally, Envestnet Asset Management Inc. grew its position in shares of Eastman Chemical by 34.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock worth $83,524,000 after buying an additional 218,531 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $104.84 on Wednesday. Eastman Chemical has a fifty-two week low of $72.87 and a fifty-two week high of $114.50. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. The company has a market cap of $12.33 billion, a PE ratio of 13.51, a P/E/G ratio of 0.81 and a beta of 1.44. The business has a 50-day simple moving average of $105.54 and a two-hundred day simple moving average of $100.89.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 16th were paid a dividend of $0.81 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.24 dividend on an annualized basis and a yield of 3.09%. Eastman Chemical’s payout ratio is 41.75%.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Wells Fargo & Company upped their price objective on shares of Eastman Chemical from $105.00 to $118.00 and gave the stock an “equal weight” rating in a research note on Tuesday, October 15th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a report on Monday, July 29th. Piper Sandler restated a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a report on Tuesday, July 30th. Finally, Mizuho boosted their price target on Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $110.20.

Eastman Chemical 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.