Balyasny Asset Management L.P. Cuts Position in Eastman Chemical (NYSE:EMN)

Balyasny Asset Management L.P. trimmed its stake in Eastman Chemical (NYSE:EMN - Free Report) by 97.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,780 shares of the basic materials company's stock after selling 197,685 shares during the period. Balyasny Asset Management L.P.'s holdings in Eastman Chemical were worth $437,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Crews Bank & Trust acquired a new position in shares of Eastman Chemical in the 4th quarter valued at about $27,000. Picton Mahoney Asset Management boosted its holdings 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 in the last quarter. Assetmark Inc. boosted its holdings 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 buying an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of Eastman Chemical during the 4th quarter worth approximately $35,000. Finally, Stonebridge Financial Group LLC bought a new stake in shares of Eastman Chemical in the 4th quarter valued at $37,000. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Stock Down 1.3%

Shares of Eastman Chemical stock traded down $1.06 on Thursday, hitting $80.42. The company had a trading volume of 203,613 shares, compared to its average volume of 1,078,499. Eastman Chemical has a 1 year low of $70.90 and a 1 year high of $114.50. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. The stock has a 50 day moving average of $81.07 and a 200-day moving average of $91.55. The stock has a market capitalization of $9.29 billion, a price-to-earnings ratio of 10.49, a P/E/G ratio of 1.22 and a beta of 1.29.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.02. The business had revenue of $2.29 billion during 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%. Eastman Chemical's revenue was down .9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.61 earnings per share. As a group, sell-side analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 annualized dividend and a dividend yield of 4.13%. Eastman Chemical's payout ratio is 42.24%.

Analyst Ratings Changes

Several brokerages recently issued reports on EMN. Wells Fargo & Company cut their target price 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. The Goldman Sachs Group dropped their price objective on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Piper Sandler reduced their target price on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. StockNews.com lowered Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Monday, April 28th. Finally, Mizuho upgraded Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price target on the stock in a report on Thursday, April 3rd. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus 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.