Icon Advisers Inc. Co. Buys 14,900 Shares of Eastman Chemical (NYSE:EMN)

Icon Advisers Inc. Co. grew its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 37.5% in the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 54,675 shares of the basic materials company's stock after buying an additional 14,900 shares during the period. Eastman Chemical makes up 1.1% of Icon Advisers Inc. Co.'s investment portfolio, making the stock its 23rd biggest holding. Icon Advisers Inc. Co.'s holdings in Eastman Chemical were worth $4,993,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. CreativeOne Wealth LLC lifted its holdings in shares of Eastman Chemical by 81.7% during the 4th quarter. CreativeOne Wealth LLC now owns 3,555 shares of the basic materials company's stock worth $325,000 after acquiring an additional 1,599 shares during the period. Mariner LLC boosted its position in Eastman Chemical by 9.9% in the fourth quarter. Mariner LLC now owns 25,441 shares of the basic materials company's stock valued at $2,323,000 after buying an additional 2,288 shares in the last quarter. Barclays PLC grew its stake in Eastman Chemical by 74.5% during the fourth quarter. Barclays PLC now owns 549,769 shares of the basic materials company's stock worth $50,203,000 after buying an additional 234,725 shares during the last quarter. Sagespring Wealth Partners LLC bought a new position in shares of Eastman Chemical in the fourth quarter valued at approximately $230,000. Finally, Optimize Financial Inc bought a new stake in Eastman Chemical during the 4th quarter worth approximately $232,000. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Stock Down 0.2 %

Shares of EMN traded down $0.18 during midday trading on Friday, hitting $76.61. The stock had a trading volume of 1,628,810 shares, compared to its average volume of 1,020,641. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The firm has a market cap of $8.82 billion, a price-to-earnings ratio of 9.98, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38. Eastman Chemical has a twelve month low of $70.90 and a twelve month high of $114.50. The company has a 50 day simple moving average of $89.72 and a two-hundred day simple moving average of $96.15.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping analysts' consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. On average, analysts anticipate that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 14th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 4.33%. The ex-dividend date of this dividend was Friday, March 14th. Eastman Chemical's dividend payout ratio is currently 43.23%.

Analysts Set New Price Targets

EMN has been the subject of a number of research reports. UBS Group lowered their target price on Eastman Chemical from $123.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 7th. StockNews.com raised shares of Eastman Chemical from a "hold" rating to a "buy" rating in a report on Saturday, January 18th. JPMorgan Chase & Co. upped their target price on shares of Eastman Chemical from $110.00 to $112.00 and gave the company an "overweight" rating in a research report on Monday, February 3rd. Citigroup upgraded 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 report on Friday, April 4th. Finally, Royal Bank of Canada upgraded Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 target price on the stock in a report on Wednesday, April 9th. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $107.08.

About Eastman Chemical

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.