Centiva Capital LP Purchases New Stake in Eastman Chemical (NYSE:EMN)

Centiva Capital LP acquired a new stake in shares of Eastman Chemical (NYSE:EMN - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 26,018 shares of the basic materials company's stock, valued at approximately $2,376,000.

Several other large investors also recently added to or reduced their stakes in the stock. Raymond James Financial Inc. purchased a new position in Eastman Chemical during the 4th quarter valued at about $150,537,000. Capital World Investors purchased a new position in shares of Eastman Chemical in the fourth quarter worth about $137,848,000. Norges Bank purchased a new position in Eastman Chemical during the fourth quarter worth about $137,416,000. Wealthfront Advisers LLC raised its holdings in Eastman Chemical by 3,136.8% in the 4th quarter. Wealthfront Advisers LLC now owns 736,011 shares of the basic materials company's stock valued at $67,213,000 after buying an additional 713,272 shares during the period. Finally, Capital Research Global Investors grew its stake in shares of Eastman Chemical by 13.4% in the fourth quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock valued at $537,561,000 after buying an additional 697,388 shares in the last quarter. 83.65% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on EMN. KeyCorp reduced their target price on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Bank of America raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and cut their target price for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. The Goldman Sachs Group decreased their price target on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a research report on Monday, April 28th. JPMorgan Chase & Co. reissued a "neutral" rating and issued a $76.00 target price (down from $112.00) on shares of Eastman Chemical in a research report on Monday, April 28th. Finally, StockNews.com downgraded Eastman Chemical from a "buy" rating to a "hold" rating in a research note on Monday, April 28th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $99.15.

Eastman Chemical Stock Up 5.8%

Eastman Chemical stock traded up $4.50 during trading hours on Monday, hitting $82.00. 474,043 shares of the stock traded hands, compared to its average volume of 1,052,735. 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 company has a market cap of $9.47 billion, a PE ratio of 10.66, a PEG ratio of 1.22 and a beta of 1.29. The firm's 50-day moving average price is $83.14 and its two-hundred day moving average price is $92.64. Eastman Chemical has a one year low of $70.90 and a one year high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its 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. 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 for the quarter, compared to the consensus estimate of $2.35 billion. During the same period in the previous year, the business earned $1.61 earnings per share. Eastman Chemical's quarterly revenue was down .9% compared to the same quarter last year. On average, research analysts forecast that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.05%. The ex-dividend date is Friday, June 13th. Eastman Chemical's dividend payout ratio (DPR) is currently 42.24%.

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.