QSM Asset Management Ltd Invests $6.05 Million in Eastman Chemical (NYSE:EMN)

QSM Asset Management Ltd purchased a new stake in Eastman Chemical (NYSE:EMN - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 66,457 shares of the basic materials company's stock, valued at approximately $6,052,000. Eastman Chemical makes up 5.2% of QSM Asset Management Ltd's portfolio, making the stock its 14th largest holding. QSM Asset Management Ltd owned 0.06% of Eastman Chemical at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. Raymond James Financial Inc. bought a new stake in shares of Eastman Chemical during the 4th quarter valued at $150,537,000. Capital World Investors bought a new position in Eastman Chemical during the 4th quarter valued at about $137,848,000. Norges Bank bought a new position in Eastman Chemical during the 4th quarter valued at about $137,416,000. Wealthfront Advisers LLC lifted its stake in shares of 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 worth $67,213,000 after purchasing an additional 713,272 shares during the period. Finally, Capital Research Global Investors lifted its stake in shares of Eastman Chemical by 13.4% in the 4th quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock worth $537,561,000 after purchasing an additional 697,388 shares during the period. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Price Performance

Shares of NYSE:EMN traded down $3.14 during midday trading on Friday, reaching $78.36. 9,704,158 shares of the company's stock traded hands, compared to its average volume of 1,137,026. Eastman Chemical has a 1 year low of $70.90 and a 1 year high of $114.50. The company has a market cap of $9.05 billion, a P/E ratio of 10.20, a PEG ratio of 1.22 and a beta of 1.29. 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 company has a fifty day simple moving average of $79.76 and a two-hundred day simple moving average of $90.54.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, beating analysts' consensus estimates of $1.89 by $0.02. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The firm's revenue for the quarter was down .9% on a year-over-year basis. During the same quarter last year, the firm posted $1.61 EPS. Equities analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 annualized dividend and a dividend yield of 4.24%. Eastman Chemical's dividend payout ratio is presently 42.24%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on EMN shares. Mizuho upgraded shares of Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 target price on the stock in a research note on Thursday, April 3rd. Morgan Stanley cut their target price on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Monday, April 28th. 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 report on Wednesday, April 9th. The Goldman Sachs Group cut their target price on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Finally, Citigroup raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their price objective for the stock from $105.00 to $101.00 in a research note on Friday, April 4th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $98.54.

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.