Eastman Chemical (NYSE:EMN) Shares Acquired by Worldquant Millennium Advisors LLC

Worldquant Millennium Advisors LLC increased its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 96.6% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,591 shares of the basic materials company's stock after acquiring an additional 7,660 shares during the quarter. Worldquant Millennium Advisors LLC's holdings in Eastman Chemical were worth $1,424,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of EMN. Crews Bank & Trust bought a new position in shares of Eastman Chemical during the fourth quarter valued at about $27,000. Picton Mahoney Asset Management increased its holdings in Eastman Chemical by 62.3% during the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after acquiring an additional 124 shares during the period. Assetmark Inc. increased its holdings in Eastman Chemical by 384.4% during the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock worth $34,000 after acquiring an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC bought a new stake in Eastman Chemical during the 4th quarter worth approximately $35,000. Finally, Stonebridge Financial Group LLC bought a new stake in Eastman Chemical during the 4th quarter worth approximately $37,000. 83.65% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have commented on EMN. UBS Group cut their price target on shares of Eastman Chemical from $111.00 to $107.00 and set a "buy" rating for the company in a research note on Wednesday. Citigroup raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and cut their price objective for the company from $105.00 to $101.00 in a research note on Friday, April 4th. Mizuho raised shares of Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price objective for the company in a research note on Thursday, April 3rd. KeyCorp cut 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 note on Monday, April 28th. Finally, Wall Street Zen cut shares of Eastman Chemical from a "buy" rating to a "hold" rating in a research note on Monday, April 28th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $98.54.

Eastman Chemical Stock Down 1.0%

EMN stock traded down $0.83 during trading on Wednesday, hitting $81.64. 452,857 shares of the stock traded hands, compared to its average volume of 1,090,207. Eastman Chemical has a 1 year low of $70.90 and a 1 year high of $114.50. The firm's 50 day moving average is $80.30 and its two-hundred day moving average is $90.91. The stock has a market cap of $9.43 billion, a price-to-earnings ratio of 10.64, a price-to-earnings-growth ratio of 1.22 and a beta of 1.29. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (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 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 revenue was down .9% compared to the same quarter last year. During the same quarter last year, the firm posted $1.61 earnings per share. On average, sell-side analysts anticipate that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently disclosed 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. This represents a $3.32 annualized dividend and a yield of 4.07%. The ex-dividend date is Friday, June 13th. Eastman Chemical's payout ratio is 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.