Eastman Chemical (NYSE:EMN) Shares Acquired by GAMMA Investing LLC

GAMMA Investing LLC grew its position in Eastman Chemical (NYSE:EMN - Free Report) by 11,261.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 476,939 shares of the basic materials company's stock after purchasing an additional 472,741 shares during the quarter. GAMMA Investing LLC owned approximately 0.41% of Eastman Chemical worth $42,023,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Capital Research Global Investors raised its stake in Eastman Chemical by 13.4% during 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 acquiring an additional 697,388 shares in the last quarter. Franklin Resources Inc. grew its position in Eastman Chemical by 10.8% during the 4th quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company's stock worth $528,310,000 after purchasing an additional 565,821 shares during the last quarter. Invesco Ltd. grew its position in Eastman Chemical by 11.1% during the 4th quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company's stock worth $259,729,000 after purchasing an additional 284,271 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Eastman Chemical by 4.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,843,506 shares of the basic materials company's stock worth $259,669,000 after purchasing an additional 109,316 shares during the last quarter. Finally, Geode Capital Management LLC grew its position in Eastman Chemical by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 2,832,593 shares of the basic materials company's stock worth $257,986,000 after purchasing an additional 48,491 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Price Performance

EMN stock traded up $0.54 during trading on Friday, reaching $78.88. 1,941,857 shares of the company were exchanged, compared to its average volume of 1,160,863. The company has a market cap of $9.11 billion, a P/E ratio of 10.27, a PEG ratio of 1.22 and a beta of 1.25. Eastman Chemical has a 52-week low of $70.90 and a 52-week high of $114.50. The stock's 50 day moving average price is $78.86 and its 200 day moving average price is $89.69. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51.

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

Eastman Chemical Announces Dividend

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 given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 4.21%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical's payout ratio is currently 42.24%.

Analyst Ratings Changes

EMN has been the topic of several research reports. Mizuho raised shares of Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price objective on the stock in a research report on Thursday, April 3rd. Wall Street Zen downgraded shares of Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Monday, April 28th. KeyCorp lowered their price objective on shares of Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating on the stock in a research report on Monday, April 28th. Wells Fargo & Company lowered their price objective on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Finally, Barclays lowered their price objective on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 29th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $98.54.

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.