Wedge Capital Management L L P NC Purchases 3,252 Shares of Eastman Chemical (NYSE:EMN)

Wedge Capital Management L L P NC raised its position in Eastman Chemical (NYSE:EMN - Free Report) by 3.1% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 108,918 shares of the basic materials company's stock after purchasing an additional 3,252 shares during the period. Wedge Capital Management L L P NC owned approximately 0.09% of Eastman Chemical worth $9,597,000 as of its most recent filing with the SEC.

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 fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after purchasing an additional 124 shares in the last quarter. Assetmark Inc. increased its stake in Eastman Chemical by 384.4% in the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC bought a new stake in Eastman Chemical in the fourth quarter valued at approximately $35,000. Stonebridge Financial Group LLC bought a new stake in Eastman Chemical in the fourth quarter valued at approximately $37,000. Finally, Headlands Technologies LLC bought a new stake in Eastman Chemical in the fourth quarter valued at approximately $43,000. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Performance

NYSE EMN opened at $78.88 on Monday. 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 company has a market capitalization of $9.11 billion, a P/E ratio of 10.27, a P/E/G ratio of 1.22 and a beta of 1.25. Eastman Chemical has a 12-month low of $70.90 and a 12-month high of $114.50. The firm has a 50-day moving average price of $78.86 and a two-hundred day moving average price of $89.60.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share 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 the consensus estimate 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% on a year-over-year basis. During the same quarter in the prior year, the firm posted $1.61 EPS. Analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 4.21%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical's dividend payout ratio (DPR) is presently 42.24%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on EMN. Barclays lowered their price objective on shares of 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. Citigroup raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and lowered their price objective for the stock from $105.00 to $101.00 in a research report on Friday, April 4th. Royal Bank of Canada raised shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price objective for the company in a research report on Wednesday, April 9th. KeyCorp lowered their price objective on shares of Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Finally, Piper Sandler lowered their price objective on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average 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.

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