Wellington Management Group LLP Purchases Shares of 16,900 Eastman Chemical (NYSE:EMN)

Wellington Management Group LLP purchased a new stake in Eastman Chemical (NYSE:EMN - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 16,900 shares of the basic materials company's stock, valued at approximately $1,543,000.

Other large investors have also added to or reduced their stakes in the company. Capital Research Global Investors lifted its position in Eastman Chemical by 13.4% during the fourth quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock valued at $537,561,000 after buying an additional 697,388 shares during the period. Franklin Resources Inc. lifted its position in Eastman Chemical by 10.8% during the fourth quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company's stock valued at $528,310,000 after buying an additional 565,821 shares during the period. Invesco Ltd. lifted its position in Eastman Chemical by 11.1% during the fourth quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company's stock valued at $259,729,000 after buying an additional 284,271 shares during the period. Massachusetts Financial Services Co. MA lifted its position in 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 buying an additional 109,316 shares during the period. Finally, Geode Capital Management LLC lifted its position in Eastman Chemical by 1.7% during the fourth quarter. Geode Capital Management LLC now owns 2,832,593 shares of the basic materials company's stock valued at $257,986,000 after buying an additional 48,491 shares during the period. Institutional investors own 83.65% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have commented on EMN. Morgan Stanley lowered their price objective on Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating for the company 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 report on Monday, April 28th. KeyCorp lowered their price target on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Royal Bank of Canada raised Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price target for the company in a research report on Wednesday, April 9th. Finally, UBS Group lowered their price target on Eastman Chemical from $111.00 to $107.00 and set a "buy" rating for the company in a research report on Wednesday, May 28th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Eastman Chemical has a consensus rating of "Moderate Buy" and a consensus price target of $98.54.

Eastman Chemical Stock Performance

NYSE:EMN traded up $0.54 during mid-day trading on Friday, reaching $78.88. The company's stock had a trading volume of 1,941,857 shares, compared to its average volume of 1,160,863. Eastman Chemical has a 12-month low of $70.90 and a 12-month high of $114.50. The firm's fifty day moving average price is $78.86 and its two-hundred day moving average price is $89.60. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The stock has a market cap of $9.11 billion, a P/E ratio of 10.27, a PEG ratio of 1.22 and a beta of 1.25.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its 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. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. 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 previous year, the firm earned $1.61 EPS. Eastman Chemical's revenue was down .9% on a year-over-year basis. On average, equities analysts forecast that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be paid 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 4.21%. 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.