Lifeworks Advisors LLC Takes Position in Eastman Chemical Company (NYSE:EMN)

Lifeworks Advisors LLC purchased a new position in shares of Eastman Chemical Company (NYSE:EMN - Free Report) during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 23,519 shares of the basic materials company's stock, valued at approximately $2,072,000.

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

Eastman Chemical Stock Performance

Shares of EMN traded up $0.99 during mid-day trading on Friday, hitting $78.32. 1,801,015 shares of the company's stock were exchanged, compared to its average volume of 1,564,377. Eastman Chemical Company has a fifty-two week low of $70.90 and a fifty-two week high of $114.50. The firm has a market capitalization of $9.04 billion, a P/E ratio of 9.96, a P/E/G ratio of 2.22 and a beta of 1.22. The business's 50 day moving average is $78.81 and its two-hundred day moving average is $85.25. The company has a current ratio of 1.72, a quick ratio of 0.79 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.02. The firm had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.35 billion. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. The firm's revenue was down .9% compared to the same quarter last year. During the same quarter last year, the firm earned $1.61 earnings per share. On average, equities analysts expect that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Investors of record on Friday, June 13th were given a $0.83 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a yield of 4.24%. Eastman Chemical's payout ratio is currently 42.24%.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Morgan Stanley lowered their price target on Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. Wells Fargo & Company dropped their price target on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Wall Street Zen downgraded Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. Barclays reduced their price objective on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 29th. Finally, JPMorgan Chase & Co. reissued a "neutral" rating and issued a $76.00 price objective (down previously from $112.00) on shares of Eastman Chemical in a research report on Monday, April 28th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $97.08.

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.