DoubleLine ETF Adviser LP Buys New Stake in Eastman Chemical (NYSE:EMN)

DoubleLine ETF Adviser LP acquired a new position in Eastman Chemical (NYSE:EMN - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 13,325 shares of the basic materials company's stock, valued at approximately $1,217,000.

A number of other large investors have also recently made changes to their positions in EMN. Crews Bank & Trust purchased a new stake in Eastman Chemical in the 4th quarter worth about $27,000. Picton Mahoney Asset Management raised its holdings in shares of Eastman Chemical by 62.3% in the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after buying an additional 124 shares during the period. Assetmark Inc. lifted its stake in shares of Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock worth $34,000 after acquiring an additional 296 shares during the last quarter. Bradley & Co. Private Wealth Management LLC purchased a new position in Eastman Chemical during the 4th quarter valued at $35,000. Finally, Stonebridge Financial Group LLC bought a new position in Eastman Chemical in the 4th quarter valued at $37,000. 83.65% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts have recently issued reports on EMN shares. The Goldman Sachs Group lowered their target price on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. Royal Bank of Canada upgraded shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 target price on the stock in a research note on Wednesday, April 9th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $76.00 price target (down previously from $112.00) on shares of Eastman Chemical in a research note on Monday, April 28th. StockNews.com cut Eastman Chemical from a "buy" rating to a "hold" rating in a research note on Monday, April 28th. Finally, KeyCorp reduced their price objective on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $99.15.

Eastman Chemical Stock Down 0.1 %

Shares of Eastman Chemical stock traded down $0.05 on Tuesday, reaching $76.17. The stock had a trading volume of 965,570 shares, compared to its average volume of 1,046,838. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The stock has a market capitalization of $8.79 billion, a P/E ratio of 9.92, a P/E/G ratio of 1.22 and a beta of 1.29. The company has a 50 day moving average price of $84.66 and a 200 day moving average price of $93.49. Eastman Chemical has a 1 year low of $70.90 and a 1 year high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping the consensus estimate of $1.89 by $0.02. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the firm posted $1.61 earnings per share. The business's revenue for the quarter was down .9% compared to the same quarter last year. As a group, equities research analysts forecast that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be given a dividend of $0.83 per share. The ex-dividend date is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a yield of 4.36%. Eastman Chemical's dividend payout ratio is presently 42.24%.

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.