Tidal Investments LLC Raises Stock Position in Eastman Chemical (NYSE:EMN)

Tidal Investments LLC boosted its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 97.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 8,423 shares of the basic materials company's stock after buying an additional 4,162 shares during the period. Tidal Investments LLC's holdings in Eastman Chemical were worth $769,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the stock. Private Trust Co. NA grew its stake in shares of Eastman Chemical by 14.0% during the 4th quarter. Private Trust Co. NA now owns 837 shares of the basic materials company's stock worth $76,000 after acquiring an additional 103 shares in the last quarter. Blue Trust Inc. boosted its position in Eastman Chemical by 2.2% during the fourth quarter. Blue Trust Inc. now owns 5,505 shares of the basic materials company's stock worth $503,000 after purchasing an additional 116 shares during the period. Picton Mahoney Asset Management grew 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 last quarter. Caprock Group LLC increased its stake in shares of Eastman Chemical by 4.2% during 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 period. Finally, Global Retirement Partners LLC grew its stake in shares of Eastman Chemical by 1.4% in the fourth quarter. Global Retirement Partners LLC now owns 9,268 shares of the basic materials company's stock valued at $846,000 after acquiring an additional 132 shares in the last quarter. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Down 3.9%

Eastman Chemical stock traded down $3.14 during midday trading on Friday, hitting $78.36. 9,704,158 shares of the stock were exchanged, compared to its average volume of 1,137,584. 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 business's 50-day moving average price is $79.76 and its 200-day moving average price is $90.47. The stock has a market capitalization of $9.05 billion, a price-to-earnings ratio of 10.20, 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 earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping analysts' consensus estimates of $1.89 by $0.02. The company had revenue of $2.29 billion for the quarter, compared to analysts' expectations of $2.35 billion. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The business's revenue for the quarter was down .9% compared to the same quarter last year. During the same period in the previous year, the business posted $1.61 EPS. On average, research analysts expect that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

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 paid a $0.83 dividend. The ex-dividend date is Friday, June 13th. This represents a $3.32 annualized dividend and a dividend yield of 4.24%. Eastman Chemical's payout ratio is presently 42.24%.

Analysts Set New Price Targets

EMN has been the subject of several recent analyst reports. Citigroup raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and cut their price objective for the stock from $105.00 to $101.00 in a research report on Friday, April 4th. Barclays dropped their target price 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. JPMorgan Chase & Co. restated a "neutral" rating and set a $76.00 price objective (down from $112.00) on shares of Eastman Chemical in a research report on Monday, April 28th. Wall Street Zen lowered Eastman Chemical from a "buy" rating to a "hold" rating in a research note on Monday, April 28th. Finally, Mizuho raised Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price target on the stock in a research note on Thursday, April 3rd. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus 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.