Gotham Asset Management LLC Acquires 60,177 Shares of Eastman Chemical (NYSE:EMN)

Gotham Asset Management LLC lifted its holdings in Eastman Chemical (NYSE:EMN - Free Report) by 218.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 87,763 shares of the basic materials company's stock after purchasing an additional 60,177 shares during the period. Gotham Asset Management LLC owned 0.08% of Eastman Chemical worth $8,015,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Capital Research Global Investors increased its stake in shares of Eastman Chemical by 13.4% in 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 purchasing an additional 697,388 shares during the period. Franklin Resources Inc. grew its position in 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 position in 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 position in 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 position in 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.

Eastman Chemical Price Performance

EMN stock traded up $1.28 during midday trading on Friday, reaching $82.53. 1,162,688 shares of the company's stock traded hands, compared to its average volume of 1,075,207. The company has a 50-day simple moving average of $81.63 and a two-hundred day simple moving average of $91.82. Eastman Chemical has a 1-year low of $70.90 and a 1-year high of $114.50. The company has a market cap of $9.53 billion, a price-to-earnings ratio of 10.75, a PEG ratio of 1.22 and a beta of 1.29. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share 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 firm 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 EPS. The business's revenue was down .9% on a year-over-year basis. On average, analysts anticipate that Eastman Chemical will post 8.55 earnings per share 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 issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 4.02%. The ex-dividend date is Friday, June 13th. Eastman Chemical's dividend payout ratio is 42.24%.

Analyst Ratings Changes

EMN has been the topic of a number of recent research reports. UBS Group decreased their target price on Eastman Chemical from $123.00 to $115.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. Barclays decreased their target price on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a research report on Tuesday, April 29th. Piper Sandler decreased their target price on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. Mizuho raised Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price objective on the stock in a report on Thursday, April 3rd. Finally, Royal Bank of Canada raised 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 equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $99.15.

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.