Quantinno Capital Management LP Purchases 54,628 Shares of Eastman Chemical (NYSE:EMN)

Quantinno Capital Management LP raised its stake in Eastman Chemical (NYSE:EMN - Free Report) by 126.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 97,951 shares of the basic materials company's stock after purchasing an additional 54,628 shares during the quarter. Quantinno Capital Management LP owned approximately 0.08% of Eastman Chemical worth $8,945,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the stock. Mufg Securities Americas Inc. acquired a new position in Eastman Chemical in the 4th quarter valued at $156,000. Nomura Holdings Inc. bought a new stake in shares of Eastman Chemical in the 4th quarter valued at about $349,000. Nuveen Asset Management LLC grew its position in shares of Eastman Chemical by 2.4% in the 4th quarter. Nuveen Asset Management LLC now owns 249,867 shares of the basic materials company's stock valued at $22,818,000 after buying an additional 5,933 shares during the last quarter. Occudo Quantitative Strategies LP bought a new stake in shares of Eastman Chemical during the 4th quarter valued at about $1,444,000. Finally, Millennium Management LLC raised its stake in Eastman Chemical by 6,019.3% during the 4th quarter. Millennium Management LLC now owns 114,676 shares of the basic materials company's stock worth $10,472,000 after buying an additional 112,802 shares during the period. 83.65% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

EMN has been the topic of a number of recent analyst reports. Piper Sandler dropped their price target on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. UBS Group lowered their price target on Eastman Chemical from $123.00 to $115.00 and set a "buy" rating for the company in a research report on Monday, April 7th. Wells Fargo & Company decreased their target price on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. KeyCorp dropped their price target on Eastman Chemical from $120.00 to $106.00 and set an "overweight" rating on the stock in a research note on Monday, April 28th. Finally, StockNews.com downgraded Eastman Chemical from a "buy" rating to a "hold" rating in a research report on Monday, April 28th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $99.15.

Eastman Chemical Stock Performance

Shares of NYSE EMN traded down $0.49 during trading hours on Monday, hitting $82.09. 1,412,323 shares of the company's stock were exchanged, compared to its average volume of 1,076,555. Eastman Chemical has a 1-year low of $70.90 and a 1-year high of $114.50. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The stock has a market capitalization of $9.48 billion, a price-to-earnings ratio of 10.69, a PEG ratio of 1.22 and a beta of 1.29. The company's 50-day moving average price is $81.63 and its 200-day moving average price is $91.82.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the prior year, the company posted $1.61 earnings per share. The business's revenue for the quarter was down .9% compared to the same quarter last year. On average, sell-side analysts expect that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

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 issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 4.04%. The ex-dividend date of this dividend is Friday, June 13th. 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.