Wellington Management Group LLP Invests $1.54 Million in Eastman Chemical (NYSE:EMN)

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

Other large investors also recently modified their holdings of the company. Capital Research Global Investors lifted its holdings in Eastman Chemical by 13.4% during the 4th quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock worth $537,561,000 after buying an additional 697,388 shares during the last quarter. Franklin Resources Inc. lifted its position in shares of Eastman Chemical by 10.8% during the 4th quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company's stock worth $528,310,000 after buying an additional 565,821 shares during the last quarter. Invesco Ltd. boosted its holdings in shares of Eastman Chemical by 11.1% in the 4th 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 in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Eastman Chemical by 4.0% in the 4th 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 last quarter. Finally, Geode Capital Management LLC boosted its stake in Eastman Chemical by 1.7% in 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 acquiring an additional 48,491 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Price Performance

Shares of EMN stock traded up $1.32 during midday trading on Tuesday, reaching $81.27. 1,410,374 shares of the company traded hands, compared to its average volume of 1,162,789. The firm has a market cap of $9.38 billion, a PE ratio of 10.58, a price-to-earnings-growth ratio of 1.22 and a beta of 1.25. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The firm's 50 day simple moving average is $78.72 and its two-hundred day simple moving average is $89.36. Eastman Chemical has a 1-year low of $70.90 and a 1-year high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.02. The company had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. Eastman Chemical's revenue was down .9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.61 earnings per share. On average, equities research analysts expect that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 4.09%. The ex-dividend date is Friday, June 13th. Eastman Chemical's dividend payout ratio (DPR) is presently 42.24%.

Wall Street Analyst Weigh In

A number of research firms have recently commented on EMN. Wells Fargo & Company cut their target price on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Citigroup upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and reduced their price objective for the company from $105.00 to $101.00 in a research note 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 target price on the stock in a report on Wednesday, April 9th. Piper Sandler decreased their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research note on Monday, April 7th. Finally, Wall Street Zen lowered shares of Eastman Chemical from a "buy" rating to a "hold" rating in a research note on Monday, April 28th. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat.com, Eastman Chemical has an average rating of "Moderate Buy" and an average target price of $98.54.

Eastman Chemical 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.