Capital World Investors Acquires Shares of 1,509,509 Eastman Chemical (NYSE:EMN)

Capital World Investors bought a new position in Eastman Chemical (NYSE:EMN - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,509,509 shares of the basic materials company's stock, valued at approximately $137,848,000. Capital World Investors owned about 1.30% of Eastman Chemical at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of EMN. Crews Bank & Trust purchased a new stake in Eastman Chemical during the 4th quarter valued at about $27,000. Picton Mahoney Asset Management grew its holdings in shares of Eastman Chemical by 62.3% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after buying an additional 124 shares during the last quarter. Assetmark Inc. increased its position 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 valued at $34,000 after acquiring an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC purchased a new position in Eastman Chemical in the 4th quarter worth approximately $35,000. Finally, Stonebridge Financial Group LLC purchased a new stake in Eastman Chemical during the 4th quarter valued at $37,000. Hedge funds and other institutional investors own 83.65% of the company's stock.

Eastman Chemical Price Performance

Shares of EMN traded down $5.02 during midday trading on Friday, hitting $75.80. 2,158,119 shares of the company traded hands, compared to its average volume of 1,035,443. Eastman Chemical has a 52 week low of $70.90 and a 52 week 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 firm has a 50 day moving average of $87.38 and a 200-day moving average of $95.09. The stock has a market cap of $8.73 billion, a price-to-earnings ratio of 9.87, a PEG ratio of 1.22 and a beta of 1.38.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. On average, analysts forecast that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Friday, March 14th were issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.38%. The ex-dividend date was Friday, March 14th. Eastman Chemical's payout ratio is 43.23%.

Analysts Set New Price Targets

EMN has been the subject of a number of research analyst reports. Mizuho upgraded shares of Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price target for the company in a research note on Thursday, April 3rd. Wells Fargo & Company cut their target price on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. Bank of America raised Eastman Chemical from a "neutral" rating to a "buy" rating and lowered their price target for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. Royal Bank of Canada raised Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 target price on the stock in a report on Wednesday, April 9th. Finally, UBS Group decreased their price target on shares of Eastman Chemical from $123.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Three analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $107.08.

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.