Albar Capital Partners LLP Invests $12.93 Million in Eastman Chemical (NYSE:EMN)

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

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Crews Bank & Trust acquired a new position in Eastman Chemical in the fourth quarter valued at approximately $27,000. Picton Mahoney Asset Management grew its position in shares of Eastman Chemical by 62.3% during the 4th 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. grew its holdings in Eastman Chemical by 384.4% during the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC bought a new stake in shares of Eastman Chemical in the 4th quarter valued at $35,000. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of Eastman Chemical during the fourth quarter worth about $37,000. Institutional investors and hedge funds own 83.65% of the company's stock.

Eastman Chemical Price Performance

EMN stock traded down $0.64 during mid-day trading on Wednesday, hitting $75.45. The company had a trading volume of 301,778 shares, compared to its average volume of 1,045,748. Eastman Chemical has a 12-month low of $70.90 and a 12-month high of $114.50. The company has a market capitalization of $8.71 billion, a price-to-earnings ratio of 9.82, a P/E/G ratio of 1.22 and a beta of 1.29. The company has a 50-day moving average price of $84.24 and a 200 day moving average price of $93.37. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78.

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

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th will be given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.40%. The ex-dividend date is Friday, June 13th. Eastman Chemical's payout ratio is currently 42.24%.

Analyst Ratings Changes

Several brokerages have recently issued reports on EMN. Citigroup raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and lowered their price objective for the stock from $105.00 to $101.00 in a research report on Friday, April 4th. Barclays decreased their price objective on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 29th. Royal Bank of Canada raised shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price target on the stock in a report on Wednesday, April 9th. KeyCorp cut their price target on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. Finally, The Goldman Sachs Group reduced their target price on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $99.15.

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.