Rhumbline Advisers Increases Position in Eastman Chemical (NYSE:EMN)

Rhumbline Advisers increased its position in Eastman Chemical (NYSE:EMN - Free Report) by 10.7% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 226,370 shares of the basic materials company's stock after buying an additional 21,809 shares during the period. Rhumbline Advisers owned about 0.20% of Eastman Chemical worth $19,945,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Brighton Jones LLC bought a new stake in Eastman Chemical in the 4th quarter valued at $202,000. Caprock Group LLC increased its holdings in shares of Eastman Chemical by 4.2% in the fourth quarter. Caprock Group LLC now owns 3,196 shares of the basic materials company's stock worth $295,000 after purchasing an additional 128 shares during the last quarter. DAVENPORT & Co LLC lifted its position in shares of Eastman Chemical by 11.1% in the fourth quarter. DAVENPORT & Co LLC now owns 3,059 shares of the basic materials company's stock worth $279,000 after buying an additional 305 shares in the last quarter. U.S. Capital Wealth Advisors LLC boosted its stake in Eastman Chemical by 4.3% during the fourth quarter. U.S. Capital Wealth Advisors LLC now owns 3,919 shares of the basic materials company's stock valued at $358,000 after buying an additional 162 shares during the last quarter. Finally, Mather Group LLC. grew its holdings in Eastman Chemical by 14.2% during the 4th quarter. Mather Group LLC. now owns 1,470 shares of the basic materials company's stock valued at $134,000 after buying an additional 183 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Performance

Shares of Eastman Chemical stock traded up $1.81 on Monday, reaching $80.64. 763,533 shares of the stock were exchanged, compared to its average volume of 1,159,590. The firm has a market capitalization of $9.31 billion, a price-to-earnings ratio of 10.50, a PEG ratio of 1.22 and a beta of 1.25. The business has a 50 day moving average price of $78.86 and a two-hundred day moving average price of $89.60. Eastman Chemical has a twelve month low of $70.90 and a twelve month 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.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, beating 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 company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the company earned $1.61 earnings per share. Eastman Chemical's quarterly revenue was down .9% compared to the same quarter last year. Analysts anticipate 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 dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.12%. Eastman Chemical's payout ratio is currently 42.24%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on EMN shares. Citigroup upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and reduced their price target for the stock from $105.00 to $101.00 in a research report on Friday, April 4th. Barclays lowered their price target on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating for the company in a research report on Tuesday, April 29th. Royal Bank of Canada upgraded shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price objective on the stock in a research report on Wednesday, April 9th. UBS Group reduced their target price on shares of Eastman Chemical from $111.00 to $107.00 and set a "buy" rating on the stock in a research note on Wednesday, May 28th. Finally, Wells Fargo & Company dropped their price target on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $98.54.

Eastman Chemical Company 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.