Marshall Wace LLP Makes New $353,000 Investment in Eastman Chemical (NYSE:EMN)

Marshall Wace LLP bought a new stake in shares of Eastman Chemical (NYSE:EMN - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 3,862 shares of the basic materials company's stock, valued at approximately $353,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in EMN. Crews Bank & Trust acquired a new position in Eastman Chemical during the fourth quarter worth about $27,000. Picton Mahoney Asset Management grew its stake in shares of Eastman Chemical by 62.3% in 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 during the last quarter. Assetmark Inc. raised its holdings in shares of Eastman Chemical by 384.4% in the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock worth $34,000 after purchasing an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC acquired a new stake in Eastman Chemical during the fourth quarter valued at approximately $35,000. Finally, Stonebridge Financial Group LLC acquired a new position in Eastman Chemical in the fourth quarter worth approximately $37,000. 83.65% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on EMN shares. Bank of America upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and cut their price objective for the company from $115.00 to $109.00 in a research report on Tuesday, January 14th. StockNews.com lowered Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Monday, April 28th. Barclays cut their price objective on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 29th. JPMorgan Chase & Co. reaffirmed a "neutral" rating and set a $76.00 price objective (down from $112.00) on shares of Eastman Chemical in a research note on Monday, April 28th. Finally, Wells Fargo & Company dropped their target price on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 9th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Eastman Chemical has a consensus rating of "Moderate Buy" and an average price target of $99.15.

Eastman Chemical Stock Up 0.0 %

EMN traded up $0.03 during trading on Friday, reaching $77.48. 1,198,109 shares of the stock traded hands, compared to its average volume of 1,054,914. The stock's 50-day simple moving average is $83.14 and its two-hundred day simple moving average is $92.74. 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 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 $8.95 billion, a price-to-earnings ratio of 10.09, a price-to-earnings-growth ratio of 1.22 and a beta of 1.29.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, beating the consensus estimate 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 firm's quarterly revenue was down .9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.61 EPS. As a group, equities research analysts expect that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.28%. Eastman Chemical's dividend payout ratio is currently 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.