Renaissance Technologies LLC Grows Position in Eastman Chemical (NYSE:EMN)

Renaissance Technologies LLC raised its stake in Eastman Chemical (NYSE:EMN - Free Report) by 127.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 173,040 shares of the basic materials company's stock after purchasing an additional 96,900 shares during the period. Renaissance Technologies LLC owned 0.15% of Eastman Chemical worth $15,802,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the company. James J. Burns & Company LLC purchased a new stake in Eastman Chemical during the fourth quarter valued at approximately $741,000. Goelzer Investment Management Inc. purchased a new position in Eastman Chemical during the 4th quarter worth $3,319,000. Dakota Wealth Management increased its position in Eastman Chemical by 14.6% during the 4th quarter. Dakota Wealth Management now owns 44,675 shares of the basic materials company's stock valued at $4,081,000 after buying an additional 5,700 shares in the last quarter. Franklin Resources Inc. boosted its holdings in Eastman Chemical by 5.7% in the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company's stock worth $593,233,000 after acquiring an additional 282,458 shares in the last quarter. Finally, Olstein Capital Management L.P. grew its position in Eastman Chemical by 16.1% during the 4th quarter. Olstein Capital Management L.P. now owns 66,779 shares of the basic materials company's stock worth $6,098,000 after purchasing an additional 9,279 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

EMN has been the topic of several research 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 research note on Monday, April 7th. Royal Bank of Canada upgraded shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price objective on the stock in a research note on Wednesday, April 9th. UBS Group decreased their price objective on Eastman Chemical from $123.00 to $115.00 and set a "buy" rating for the company in a report on Monday, April 7th. Citigroup raised Eastman Chemical from a "neutral" rating to a "buy" rating and decreased their price target for the company from $105.00 to $101.00 in a report on Friday, April 4th. Finally, Barclays dropped their price objective on shares of Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating on the stock in a research note on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $107.08.

Eastman Chemical Price Performance

Shares of EMN traded down $0.18 during mid-day trading on Friday, hitting $76.61. 1,628,810 shares of the company were exchanged, compared to its average volume of 1,021,936. 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 1-year low of $70.90 and a 1-year high of $114.50. The stock has a market cap of $8.82 billion, a price-to-earnings ratio of 9.98, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38. The company has a 50 day moving average of $89.72 and a 200-day moving average of $95.97.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating analysts' consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. Analysts expect that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Friday, March 14th were given a dividend of $0.83 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a yield of 4.33%. Eastman Chemical's payout ratio is presently 43.23%.

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.