Freestone Grove Partners LP Buys Shares of 6,124 Eastman Chemical (NYSE:EMN)

Freestone Grove Partners LP purchased a new stake in shares of Eastman Chemical (NYSE:EMN - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 6,124 shares of the basic materials company's stock, valued at approximately $559,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Raymond James Financial Inc. purchased a new position in Eastman Chemical during the 4th quarter valued at $150,537,000. Capital World Investors bought a new stake in Eastman Chemical during the 4th quarter valued at $137,848,000. Norges Bank purchased a new stake in Eastman Chemical in the fourth quarter worth about $137,416,000. Wealthfront Advisers LLC raised its holdings in shares of Eastman Chemical by 3,136.8% in the 4th quarter. Wealthfront Advisers LLC now owns 736,011 shares of the basic materials company's stock valued at $67,213,000 after purchasing an additional 713,272 shares in the last quarter. Finally, Capital Research Global Investors lifted its stake in shares of 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 purchasing an additional 697,388 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have issued reports on EMN shares. The Goldman Sachs Group cut their price target on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. JPMorgan Chase & Co. reiterated a "neutral" rating and issued a $76.00 target price (down from $112.00) on shares of Eastman Chemical in a research note on Monday, April 28th. Piper Sandler cut their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Citigroup raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and decreased their price target for the stock from $105.00 to $101.00 in a report on Friday, April 4th. Finally, Royal Bank of Canada raised shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price objective on the stock in a report on Wednesday, April 9th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $99.15.

Eastman Chemical Stock Performance

EMN traded up $0.11 on Friday, reaching $77.56. The stock had a trading volume of 462,122 shares, compared to its average volume of 1,051,372. The business's 50-day moving average price is $83.45 and its two-hundred day moving average price is $93.04. 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 has a 12-month low of $70.90 and a 12-month high of $114.50. The company has a market cap of $8.96 billion, a P/E ratio of 10.10, a price-to-earnings-growth ratio of 1.22 and a beta of 1.29.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The business's revenue was down .9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.61 earnings per share. Sell-side analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be given a dividend of $0.83 per share. The ex-dividend date is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a yield of 4.28%. Eastman Chemical's payout ratio is 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.