one8zero8 LLC Buys New Position in Eastman Chemical (NYSE:EMN)

one8zero8 LLC bought a new position in shares of Eastman Chemical (NYSE:EMN) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,600 shares of the basic materials company’s stock, valued at approximately $237,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the business. State Street Corp raised its holdings in shares of Eastman Chemical by 1.4% in the 3rd quarter. State Street Corp now owns 5,285,230 shares of the basic materials company’s stock worth $595,820,000 after purchasing an additional 70,692 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Eastman Chemical by 5.7% in the third 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 in the last quarter. Geode Capital Management LLC lifted its position in shares of Eastman Chemical by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company’s stock valued at $310,628,000 after acquiring an additional 13,381 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in shares of Eastman Chemical by 3.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock worth $306,093,000 after acquiring an additional 83,504 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in shares of Eastman Chemical in the 4th quarter worth $150,537,000. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Stock Up 0.5 %

Shares of Eastman Chemical stock opened at $91.03 on Monday. The stock has a 50-day simple moving average of $95.69 and a 200-day simple moving average of $100.07. Eastman Chemical has a 52-week low of $86.70 and a 52-week high of $114.50. The firm has a market cap of $10.48 billion, a price-to-earnings ratio of 11.85, a P/E/G ratio of 1.22 and a beta of 1.43. 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 (NYSE:EMN) last posted its earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, topping 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%. On average, equities research analysts expect that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The business 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 dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 annualized dividend and a yield of 3.65%. Eastman Chemical’s dividend payout ratio (DPR) is currently 43.23%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on EMN. UBS Group decreased their price target on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a research report on Friday, January 31st. Mizuho lifted their target price on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Royal Bank of Canada upped their price target on shares of Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 4th. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. Finally, JPMorgan Chase & Co. increased their target price on Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and an average price target of $114.08.

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.