Rhumbline Advisers Has $19.95 Million Stock Holdings in Eastman Chemical (NYSE:EMN)

Rhumbline Advisers increased its holdings in shares of Eastman Chemical (NYSE:EMN - Free Report) by 10.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 226,370 shares of the basic materials company's stock after buying an additional 21,809 shares during the quarter. Rhumbline Advisers owned 0.20% of Eastman Chemical worth $19,945,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. 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 shares of Eastman Chemical by 384.4% in the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock worth $34,000 after acquiring an additional 296 shares during the last quarter. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of Eastman Chemical in the fourth quarter worth $35,000. Stonebridge Financial Group LLC purchased a new stake in shares of Eastman Chemical during the fourth quarter worth $37,000. Finally, Headlands Technologies LLC acquired a new stake in Eastman Chemical during the fourth quarter valued at $43,000. 83.65% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Citigroup raised Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $105.00 to $101.00 in a research report on Friday, April 4th. KeyCorp dropped their price objective on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. Wall Street Zen lowered shares of Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Monday, April 28th. Morgan Stanley decreased their target price on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Finally, The Goldman Sachs Group dropped 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. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $98.54.

Eastman Chemical Stock Performance

NYSE:EMN traded up $1.32 during trading hours on Tuesday, hitting $81.27. 1,410,374 shares of the company traded hands, compared to its average volume of 1,162,789. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. Eastman Chemical has a twelve month low of $70.90 and a twelve month high of $114.50. The firm has a 50-day moving average of $78.72 and a 200 day moving average of $89.36. The stock has a market capitalization of $9.38 billion, a price-to-earnings ratio of 10.58, a P/E/G ratio of 1.22 and a beta of 1.25.

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. 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 during the quarter, compared to analyst estimates of $2.35 billion. During the same quarter in the prior year, the business earned $1.61 earnings per share. The firm's revenue for the quarter was down .9% on a year-over-year basis. On average, analysts forecast that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be given a $0.83 dividend. The ex-dividend date is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.09%. Eastman Chemical's dividend payout ratio is currently 42.24%.

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.