Albar Capital Partners LLP Makes New $12.93 Million Investment in Eastman Chemical (NYSE:EMN)

Albar Capital Partners LLP bought a new position in shares of Eastman Chemical (NYSE:EMN - Free Report) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 141,593 shares of the basic materials company's stock, valued at approximately $12,930,000. Eastman Chemical makes up approximately 3.1% of Albar Capital Partners LLP's investment portfolio, making the stock its 12th biggest position. Albar Capital Partners LLP owned 0.12% of Eastman Chemical as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in EMN. James J. Burns & Company LLC acquired a new stake in Eastman Chemical in the fourth quarter valued at $741,000. Goelzer Investment Management Inc. acquired a new stake in shares of Eastman Chemical in the 4th quarter worth about $3,319,000. Dakota Wealth Management lifted its position in Eastman Chemical by 14.6% in the 4th quarter. Dakota Wealth Management now owns 44,675 shares of the basic materials company's stock valued at $4,081,000 after purchasing an additional 5,700 shares during the last quarter. Franklin Resources Inc. grew its holdings 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 worth $593,233,000 after buying an additional 282,458 shares in the last quarter. Finally, Olstein Capital Management L.P. increased its holdings in shares of Eastman Chemical by 16.1% during the fourth quarter. Olstein Capital Management L.P. now owns 66,779 shares of the basic materials company's stock valued at $6,098,000 after purchasing an additional 9,279 shares during the period. Institutional investors and hedge funds own 83.65% of the company's stock.

Eastman Chemical Price Performance

Shares of EMN traded down $1.77 during mid-day trading on Monday, hitting $76.15. 1,151,852 shares of the company traded hands, compared to its average volume of 1,047,164. The stock has a market capitalization of $8.79 billion, a price-to-earnings ratio of 9.91, a PEG ratio of 1.22 and a beta of 1.29. Eastman Chemical has a one year low of $70.90 and a one year high of $114.50. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The business has a 50-day moving average of $84.66 and a 200 day moving average of $93.49.

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

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be issued 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 payout ratio is 42.24%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on EMN. Wells Fargo & Company lowered their price objective on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Citigroup upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and cut their price objective for the stock from $105.00 to $101.00 in a report on Friday, April 4th. Bank of America raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and reduced their price objective for the company from $115.00 to $109.00 in a research note on Tuesday, January 14th. UBS Group cut their target price on shares of Eastman Chemical from $123.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Finally, Mizuho upgraded shares of Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 target price for the company in a research note on Thursday, April 3rd. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Eastman Chemical currently has an average rating of "Moderate Buy" and a consensus price target of $99.15.

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.