Occudo Quantitative Strategies LP Purchases New Position in Eastman Chemical (NYSE:EMN)

Occudo Quantitative Strategies LP bought a new stake in shares of Eastman Chemical (NYSE:EMN - Free Report) during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor bought 15,815 shares of the basic materials company's stock, valued at approximately $1,444,000.

Several other hedge funds also recently modified their holdings of the business. Crews Bank & Trust bought a new position in shares of Eastman Chemical in the 4th quarter worth $27,000. Picton Mahoney Asset Management lifted its stake in Eastman Chemical by 62.3% in the fourth 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 during the period. Assetmark Inc. boosted its holdings in Eastman Chemical by 384.4% during the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock worth $34,000 after buying an additional 296 shares during the last quarter. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of Eastman Chemical during the 4th quarter worth about $35,000. Finally, Stonebridge Financial Group LLC acquired a new position in shares of Eastman Chemical during the 4th quarter worth about $37,000. Institutional investors own 83.65% of the company's stock.

Analyst Upgrades and Downgrades

EMN has been the topic of several recent analyst reports. Piper Sandler reduced their price objective on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Mizuho upgraded shares of Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price objective for the company in a research report on Thursday, April 3rd. UBS Group reduced their target price on Eastman Chemical from $123.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Barclays decreased their target price on Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 29th. Finally, Citigroup raised Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their price target for the stock from $105.00 to $101.00 in a research 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 stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $99.15.

Eastman Chemical Trading Up 1.6%

Shares of NYSE:EMN traded up $1.28 during mid-day trading on Friday, reaching $82.53. 1,162,688 shares of the company's stock were exchanged, compared to its average volume of 1,072,956. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. Eastman Chemical has a twelve month low of $70.90 and a twelve month high of $114.50. The firm has a market capitalization of $9.53 billion, a price-to-earnings ratio of 10.75, a PEG ratio of 1.22 and a beta of 1.29. The business's fifty day moving average price is $81.63 and its 200-day moving average price is $92.00.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its 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. 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 for the quarter, compared to analysts' expectations of $2.35 billion. During the same period in the prior year, the business posted $1.61 earnings per share. The firm's revenue was down .9% on a year-over-year basis. On average, research analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.02%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical's dividend payout ratio is 42.24%.

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.