Brevan Howard Capital Management LP Buys New Position in Eastman Chemical (NYSE:EMN)

Brevan Howard Capital Management LP purchased a new stake in Eastman Chemical (NYSE:EMN - Free Report) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 10,709 shares of the basic materials company's stock, valued at approximately $978,000.

Several other hedge funds have also added to or reduced their stakes in EMN. Crews Bank & Trust acquired a new stake in shares of Eastman Chemical during the 4th quarter worth about $27,000. Picton Mahoney Asset Management lifted its position in Eastman Chemical by 62.3% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after acquiring an additional 124 shares during the last quarter. Assetmark Inc. boosted its holdings in shares of Eastman Chemical by 384.4% during the fourth 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 period. Bradley & Co. Private Wealth Management LLC bought a new position in shares of Eastman Chemical during the fourth quarter worth approximately $35,000. Finally, Stonebridge Financial Group LLC bought a new stake in Eastman Chemical in the 4th quarter valued at $37,000. Institutional investors and hedge funds own 83.65% of the company's stock.

Wall Street Analysts Forecast Growth

EMN has been the topic of several research reports. Barclays decreased their price target on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 29th. StockNews.com lowered shares of Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Monday, April 28th. KeyCorp dropped their price target on shares of Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Piper Sandler reduced their price target on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Finally, Bank of America upgraded 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 note on Tuesday, January 14th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat.com, Eastman Chemical currently has an average rating of "Moderate Buy" and a consensus target price of $99.15.

Eastman Chemical Price Performance

Shares of NYSE EMN traded up $0.03 during midday trading on Friday, reaching $77.48. 1,198,109 shares of the company were exchanged, compared to its average volume of 1,054,914. Eastman Chemical has a one year low of $70.90 and a one year high of $114.50. The stock has a market cap of $8.95 billion, a P/E ratio of 10.09, a PEG ratio of 1.22 and a beta of 1.29. 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's 50-day moving average price is $83.14 and its 200-day moving average price is $92.74.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, topping 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 business had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same quarter in the prior year, the firm earned $1.61 EPS. The business's revenue for the quarter was down .9% compared to the same quarter last year. On average, sell-side analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 4.28%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical's dividend payout ratio (DPR) is currently 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.