Y Intercept Hong Kong Ltd Buys 14,834 Shares of Eastman Chemical Company (NYSE:EMN)

Y Intercept Hong Kong Ltd boosted its holdings in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 301.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,747 shares of the basic materials company's stock after purchasing an additional 14,834 shares during the quarter. Y Intercept Hong Kong Ltd's holdings in Eastman Chemical were worth $1,740,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of EMN. Principal Financial Group Inc. grew its position in shares of Eastman Chemical by 5.9% in the 1st quarter. Principal Financial Group Inc. now owns 155,509 shares of the basic materials company's stock worth $13,702,000 after acquiring an additional 8,708 shares in the last quarter. OneDigital Investment Advisors LLC boosted its position in Eastman Chemical by 36.9% during the 1st quarter. OneDigital Investment Advisors LLC now owns 3,029 shares of the basic materials company's stock valued at $267,000 after purchasing an additional 816 shares during the period. Teacher Retirement System of Texas acquired a new position in Eastman Chemical during the 1st quarter valued at approximately $1,494,000. Farther Finance Advisors LLC boosted its position in Eastman Chemical by 12.8% during the 1st quarter. Farther Finance Advisors LLC now owns 1,890 shares of the basic materials company's stock valued at $167,000 after purchasing an additional 214 shares during the period. Finally, Golden State Wealth Management LLC boosted its position in Eastman Chemical by 882.3% during the 1st quarter. Golden State Wealth Management LLC now owns 943 shares of the basic materials company's stock valued at $83,000 after purchasing an additional 847 shares during the period. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have issued reports on EMN. UBS Group reduced their price target on Eastman Chemical from $107.00 to $101.00 and set a "buy" rating for the company in a research report on Wednesday, July 9th. The Goldman Sachs Group reduced their price target on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a research report on Monday, April 28th. KeyCorp dropped their price objective on Eastman Chemical from $106.00 to $93.00 and set an "overweight" rating on the stock in a research note on Monday, July 14th. Mizuho raised Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price objective on the stock in a research note on Thursday, April 3rd. Finally, Wells Fargo & Company dropped their price objective on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 9th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $97.08.

Eastman Chemical Stock Up 1.3%

Shares of EMN traded up $0.99 during midday trading on Friday, hitting $78.32. The stock had a trading volume of 1,801,015 shares, compared to its average volume of 1,491,074. The company has a 50 day simple moving average of $78.81 and a two-hundred day simple moving average of $85.25. Eastman Chemical Company has a twelve month low of $70.90 and a twelve month high of $114.50. The firm has a market cap of $9.04 billion, a price-to-earnings ratio of 9.96, a price-to-earnings-growth ratio of 2.29 and a beta of 1.22. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.72 and a quick ratio of 0.79.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its earnings results 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 16.59% and a net margin of 9.85%. The business had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the business earned $1.61 earnings per share. Eastman Chemical's quarterly revenue was down .9% on a year-over-year basis. On average, analysts anticipate that Eastman Chemical Company will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th were given a $0.83 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.24%. 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.