6,961 Shares in Eastman Chemical (NYSE:EMN) Acquired by Woodline Partners LP

Woodline Partners LP acquired a new position in shares of Eastman Chemical (NYSE:EMN - Free Report) in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 6,961 shares of the basic materials company's stock, valued at approximately $636,000.

A number of other hedge funds have also modified their holdings of the company. Capital Research Global Investors grew its holdings in shares of 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 worth $537,561,000 after buying an additional 697,388 shares in the last quarter. Franklin Resources Inc. grew its holdings in shares of 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 worth $528,310,000 after buying an additional 565,821 shares in the last quarter. Invesco Ltd. grew its holdings in shares of Eastman Chemical by 11.1% during the fourth quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company's stock worth $259,729,000 after buying an additional 284,271 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of 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 worth $259,669,000 after buying an additional 109,316 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of 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 worth $257,986,000 after buying an additional 48,491 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on EMN. Citigroup upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and decreased their price objective for the stock from $105.00 to $101.00 in a report on Friday, April 4th. Barclays reduced their price target 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. 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. UBS Group reduced 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. Finally, Piper Sandler reduced their price target on 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 given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $98.54.

Eastman Chemical Stock Performance

Shares of EMN traded down $3.14 during mid-day trading on Friday, reaching $78.36. The company's stock had a trading volume of 9,704,158 shares, compared to its average volume of 1,137,584. Eastman Chemical has a 1-year low of $70.90 and a 1-year high of $114.50. The stock has a market cap of $9.05 billion, a P/E ratio of 10.20, a PEG ratio of 1.22 and a beta of 1.29. The business has a 50-day simple moving average of $79.76 and a two-hundred day simple moving average of $90.47. 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 (NYSE:EMN - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, beating 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 company had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same period last year, the firm posted $1.61 earnings per share. The business's revenue was down .9% on a year-over-year basis. As a group, equities research analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current fiscal 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. The ex-dividend date is Friday, June 13th. This represents a $3.32 annualized dividend and a yield of 4.24%. Eastman Chemical's payout ratio is currently 42.24%.

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.