Lighthouse Investment Partners LLC Has $913,000 Stock Position in Eastman Chemical (NYSE:EMN)

Lighthouse Investment Partners LLC trimmed its holdings in shares of Eastman Chemical (NYSE:EMN - Free Report) by 38.8% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 10,000 shares of the basic materials company's stock after selling 6,348 shares during the quarter. Lighthouse Investment Partners LLC's holdings in Eastman Chemical were worth $913,000 as of its most recent filing with the SEC.

Other large investors have also bought and sold shares of the company. Crews Bank & Trust bought a new stake in Eastman Chemical during the 4th quarter worth approximately $27,000. Picton Mahoney Asset Management increased its stake 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 purchasing an additional 124 shares in the last quarter. Assetmark Inc. grew its stake in shares of 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 in the last quarter. Bradley & Co. Private Wealth Management LLC bought a new position in shares of Eastman Chemical during the 4th quarter worth approximately $35,000. Finally, Stonebridge Financial Group LLC bought a new position in shares of Eastman Chemical during the 4th quarter worth approximately $37,000. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Stock Performance

Eastman Chemical stock traded up $0.08 during mid-day trading on Tuesday, hitting $82.24. 193,729 shares of the company's stock traded hands, compared to its average volume of 1,073,110. The firm has a 50 day simple moving average of $81.42 and a two-hundred day simple moving average of $91.69. Eastman Chemical has a fifty-two week low of $70.90 and a fifty-two week high of $114.50. The stock has a market cap of $9.50 billion, a price-to-earnings ratio of 10.72, a P/E/G 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 announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.02. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the firm posted $1.61 EPS. The company's quarterly revenue was down .9% on a year-over-year basis. On average, research analysts expect that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date is Friday, June 13th. Eastman Chemical's dividend payout ratio is currently 42.24%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on EMN. StockNews.com cut shares of Eastman Chemical from a "buy" rating to a "hold" rating in a research note on Monday, April 28th. UBS Group decreased their price target on shares of Eastman Chemical from $123.00 to $115.00 and set a "buy" rating for the company in a research note on Monday, April 7th. The Goldman Sachs Group decreased their price target on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a research note on Monday, April 28th. KeyCorp cut their price objective on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a report on Monday, April 28th. Finally, Citigroup raised 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. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat.com, Eastman Chemical has an average rating of "Moderate Buy" and a consensus target price of $99.15.

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.