Millennium Management LLC Grows Holdings in Eastman Chemical (NYSE:EMN)

Millennium Management LLC lifted its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 6,019.3% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 114,676 shares of the basic materials company's stock after buying an additional 112,802 shares during the quarter. Millennium Management LLC owned about 0.10% of Eastman Chemical worth $10,472,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of EMN. Crews Bank & Trust acquired a new position in shares of Eastman Chemical in the 4th quarter valued at $27,000. Picton Mahoney Asset Management increased its stake in Eastman Chemical by 62.3% in the 4th 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. increased its stake in Eastman Chemical by 384.4% in the 4th 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 acquired a new position in Eastman Chemical in the 4th quarter valued at $35,000. Finally, Stonebridge Financial Group LLC acquired a new position in Eastman Chemical in the 4th quarter valued at $37,000. 83.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

EMN has been the topic of several recent research reports. Morgan Stanley dropped their price objective on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. Wells Fargo & Company lowered their price target on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. KeyCorp lowered their price target on shares of Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. The Goldman Sachs Group lowered 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 note on Monday, April 28th. Finally, Royal Bank of Canada raised shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price target on the stock in a research note on Wednesday, April 9th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Eastman Chemical presently has an average rating of "Moderate Buy" and a consensus price target of $98.54.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock traded up $0.59 on Thursday, hitting $81.56. The company's stock had a trading volume of 233,865 shares, compared to its average volume of 1,307,424. Eastman Chemical has a 52-week low of $70.90 and a 52-week high of $114.50. 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 firm has a fifty day moving average price of $80.15 and a 200-day moving average price of $90.84. The company has a market capitalization of $9.42 billion, a P/E ratio of 10.62, a price-to-earnings-growth ratio of 1.22 and a beta of 1.29.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping the consensus estimate of $1.89 by $0.02. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period in the previous 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, equities research analysts expect that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a yield of 4.07%. Eastman Chemical's dividend payout ratio (DPR) is 42.24%.

About Eastman Chemical

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.