Van ECK Associates Corp Buys 21,006 Shares of Eastman Chemical (NYSE:EMN)

Van ECK Associates Corp increased its position in Eastman Chemical (NYSE:EMN - Free Report) by 133.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 36,707 shares of the basic materials company's stock after acquiring an additional 21,006 shares during the period. Van ECK Associates Corp's holdings in Eastman Chemical were worth $3,297,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the company. First Command Advisory Services Inc. acquired a new position in shares of Eastman Chemical in the third quarter worth about $26,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Eastman Chemical during the fourth quarter worth approximately $26,000. Sound Income Strategies LLC boosted its holdings in shares of Eastman Chemical by 213.8% during the fourth quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company's stock worth $37,000 after purchasing an additional 278 shares during the period. Bruce G. Allen Investments LLC acquired a new stake in shares of Eastman Chemical during the fourth quarter worth approximately $38,000. Finally, Orion Capital Management LLC acquired a new stake in shares of Eastman Chemical during the third quarter worth approximately $40,000. Institutional investors and hedge funds own 83.65% of the company's stock.

Eastman Chemical Stock Performance

EMN stock traded up $1.89 on Tuesday, reaching $100.64. 1,100,801 shares of the company were exchanged, compared to its average volume of 1,078,508. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $102.71. The company has a debt-to-equity ratio of 0.77, a current ratio of 1.39 and a quick ratio of 0.71. The stock's fifty day moving average price is $95.26 and its 200 day moving average price is $87.55. The firm has a market capitalization of $11.84 billion, a PE ratio of 12.73, a PEG ratio of 1.06 and a beta of 1.54.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.20. The firm had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The business's revenue for the quarter was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.63 EPS. On average, research analysts anticipate that Eastman Chemical will post 7.75 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th will be issued a $0.81 dividend. This represents a $3.24 annualized dividend and a yield of 3.22%. The ex-dividend date is Monday, June 17th. Eastman Chemical's dividend payout ratio (DPR) is presently 41.75%.

Insider Buying and Selling at Eastman Chemical

In other news, SVP Adrian James Holt sold 4,735 shares of the company's stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 2.28% of the company's stock.

Analyst Ratings Changes

EMN has been the subject of several research reports. Mizuho raised their price target on shares of Eastman Chemical from $91.00 to $102.00 and gave the stock a "neutral" rating in a report on Friday, April 26th. Citigroup raised their price target on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a "buy" rating in a report on Wednesday, April 10th. Redburn Atlantic initiated coverage on shares of Eastman Chemical in a research report on Thursday, February 15th. They set a "buy" rating and a $110.00 price objective on the stock. Jefferies Financial Group raised shares of Eastman Chemical from a "hold" rating to a "buy" rating and raised their price objective for the company from $102.00 to $125.00 in a research report on Monday, April 29th. Finally, Barclays raised their price objective on shares of Eastman Chemical from $85.00 to $103.00 and gave the company an "equal weight" rating in a research report on Monday. Eight investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $104.18.

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.