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) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 3,862 shares of the basic materials company's stock, valued at approximately $353,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Crews Bank & Trust purchased a new position in Eastman Chemical during the fourth quarter valued at $27,000. Picton Mahoney Asset Management lifted its position in shares of Eastman Chemical by 62.3% during the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after buying 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 valued at $34,000 after acquiring an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC bought a new position in shares of Eastman Chemical during the 4th quarter valued at approximately $35,000. Finally, Stonebridge Financial Group LLC purchased a new stake in Eastman Chemical in the 4th quarter worth approximately $37,000. 83.65% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on EMN. UBS Group reduced their price objective 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. Citigroup raised Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their price objective for the stock from $105.00 to $101.00 in a research note on Friday, April 4th. KeyCorp lowered their target price on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating for the company in a research report on Monday, April 28th. Piper Sandler reduced 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 report on Monday, April 7th. Finally, Wells Fargo & Company dropped their price objective on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $99.15.

Eastman Chemical Trading Up 0.0 %

Shares of EMN stock traded up $0.03 on Friday, reaching $77.48. 1,198,109 shares of the company's stock were exchanged, compared to its average volume of 1,054,437. The company's fifty day simple moving average is $83.14 and its 200 day simple moving average is $92.84. The stock has a market capitalization of $8.95 billion, a PE ratio of 10.09, a P/E/G ratio of 1.22 and a beta of 1.29. 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 52 week low of $70.90 and a 52 week high of $114.50.

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

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 annualized dividend and a dividend yield of 4.28%. Eastman Chemical's dividend payout ratio (DPR) is presently 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.