Zacks Investment Management Has $36.40 Million Stake in Eastman Chemical (NYSE:EMN)

Zacks Investment Management cut its position in shares of Eastman Chemical (NYSE:EMN - Free Report) by 9.3% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 398,624 shares of the basic materials company's stock after selling 41,032 shares during the period. Zacks Investment Management owned 0.34% of Eastman Chemical worth $36,402,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in EMN. Franklin Resources Inc. boosted its stake in Eastman Chemical by 10.8% during the fourth quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company's stock worth $528,310,000 after buying an additional 565,821 shares in the last quarter. Invesco Ltd. grew its stake in shares of Eastman Chemical by 11.1% during the fourth quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company's stock valued at $259,729,000 after purchasing an additional 284,271 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Eastman Chemical by 4.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,843,506 shares of the basic materials company's stock worth $259,669,000 after purchasing an additional 109,316 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Eastman Chemical by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 2,832,593 shares of the basic materials company's stock worth $257,986,000 after buying an additional 48,491 shares during the period. Finally, Raymond James Financial Inc. acquired a new stake in Eastman Chemical during the 4th quarter worth $150,537,000. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Stock Down 0.6 %

Shares of EMN stock traded down $0.48 during trading hours on Monday, hitting $76.28. 305,484 shares of the company were exchanged, compared to its average volume of 1,235,346. Eastman Chemical has a one year low of $70.90 and a one year high of $114.50. The business's 50-day simple moving average is $89.72 and its two-hundred day simple moving average is $95.97. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. The stock has a market capitalization of $8.79 billion, a price-to-earnings ratio of 9.93, a P/E/G ratio of 1.22 and a beta of 1.38.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. Sell-side analysts predict that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Friday, March 14th were issued a $0.83 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.35%. Eastman Chemical's payout ratio is presently 43.23%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Royal Bank of Canada upgraded shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 target price for the company in a research note on Wednesday, April 9th. Citigroup raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and cut their price target for the company from $105.00 to $101.00 in a research report on Friday, April 4th. Wells Fargo & Company reduced their price objective on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a report on Wednesday, April 9th. Bank of America upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and reduced their price objective for the company from $115.00 to $109.00 in a research note on Tuesday, January 14th. Finally, UBS Group lowered their target price on shares of Eastman Chemical from $123.00 to $115.00 and set a "buy" rating on the stock in a report on Monday, April 7th. Three equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Eastman Chemical currently has a consensus rating of "Moderate Buy" and an average price target of $107.08.

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.