Davis Investment Partners LLC Takes Position in Eastman Chemical (NYSE:EMN)

Davis Investment Partners LLC bought a new position in shares of Eastman Chemical (NYSE:EMN - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 7,471 shares of the basic materials company's stock, valued at approximately $658,000.

Several other institutional investors and hedge funds have also bought and sold shares of EMN. Picton Mahoney Asset Management raised its stake in Eastman Chemical by 62.3% in 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 period. Assetmark Inc. raised its stake in Eastman Chemical by 384.4% in the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock valued at $34,000 after buying an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC bought a new stake in Eastman Chemical in the fourth quarter valued at approximately $35,000. Stonebridge Financial Group LLC bought a new stake in Eastman Chemical in the fourth quarter valued at approximately $37,000. Finally, Headlands Technologies LLC bought a new stake in Eastman Chemical in the fourth quarter valued at approximately $43,000. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Price Performance

NYSE:EMN traded down $2.86 during trading hours on Friday, reaching $76.09. 1,688,128 shares of the company were exchanged, compared to its average volume of 1,170,119. The company has a market capitalization of $8.79 billion, a P/E ratio of 9.91, a P/E/G ratio of 1.22 and a beta of 1.25. 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 current ratio of 1.51 and a quick ratio of 0.78. The business has a 50 day moving average of $78.99 and a 200 day moving average of $88.70.

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, topping 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 firm had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same period in the prior year, the company earned $1.61 earnings per share. The company's quarterly revenue was down .9% on a year-over-year basis. Research analysts forecast that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 4.36%. The ex-dividend date is Friday, June 13th. Eastman Chemical's payout ratio is presently 42.24%.

Wall Street Analysts Forecast Growth

EMN has been the topic of several research analyst reports. KeyCorp dropped their price objective on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. UBS Group decreased their target price on Eastman Chemical from $111.00 to $107.00 and set a "buy" rating on the stock in a research report on Wednesday, May 28th. The Goldman Sachs Group decreased their target price on 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. reaffirmed a "neutral" rating and issued a $76.00 target price (down previously from $112.00) on shares of Eastman Chemical in a research report on Monday, April 28th. Finally, Mizuho raised Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 target price on the stock in a research report on Thursday, April 3rd. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Eastman Chemical has a consensus rating of "Moderate Buy" and a consensus target price 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.