Zweig DiMenna Associates LLC purchased a new stake in Eastman Chemical (NYSE:EMN) during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 2,400 shares of the basic materials company’s stock, valued at approximately $253,000.
A number of other large investors also recently added to or reduced their stakes in the stock. Balter Liquid Alternatives LLC purchased a new position in Eastman Chemical in the 4th quarter worth about $115,000. Advisors Preferred LLC bought a new stake in shares of Eastman Chemical during the 4th quarter valued at about $120,000. NuWave Investment Management LLC bought a new stake in shares of Eastman Chemical during the 4th quarter valued at about $123,000. Vigilant Capital Management LLC bought a new stake in shares of Eastman Chemical during the 4th quarter valued at about $126,000. Finally, Icon Wealth Partners LLC bought a new stake in shares of Eastman Chemical during the 4th quarter valued at about $138,000. Institutional investors and hedge funds own 87.30% of the company’s stock.
EMN has been the subject of a number of recent research reports. ValuEngine downgraded Eastman Chemical from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 2nd. Jefferies Group restated a “buy” rating on shares of Eastman Chemical in a research note on Friday, March 9th. Zacks Investment Research raised Eastman Chemical from a “hold” rating to a “buy” rating and set a $119.00 price objective on the stock in a report on Wednesday, March 7th. Barclays upped their price objective on Eastman Chemical from $100.00 to $108.00 and gave the stock an “equal weight” rating in a report on Monday, February 5th. Finally, SunTrust Banks increased their price target on Eastman Chemical to $105.00 and gave the company a “hold” rating in a report on Monday, February 5th. They noted that the move was a valuation call. Eight investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average price target of $105.40.
Shares of EMN opened at $108.48 on Friday. The company has a current ratio of 1.72, a quick ratio of 0.99 and a debt-to-equity ratio of 1.12. Eastman Chemical has a 12 month low of $108.01 and a 12 month high of $109.14. The company has a market capitalization of $15.49 billion, a price-to-earnings ratio of 14.25, a price-to-earnings-growth ratio of 1.35 and a beta of 1.22.
Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, April 26th. The basic materials company reported $2.23 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.09 by $0.14. The firm had revenue of $2.61 billion for the quarter, compared to analyst estimates of $2.47 billion. Eastman Chemical had a return on equity of 22.14% and a net margin of 15.08%. The business’s revenue was up 13.2% on a year-over-year basis. During the same period in the previous year, the company posted $1.83 earnings per share. research analysts anticipate that Eastman Chemical will post 8.58 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, July 6th. Stockholders of record on Friday, June 15th will be paid a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a dividend yield of 2.06%. The ex-dividend date of this dividend is Thursday, June 14th. Eastman Chemical’s dividend payout ratio is presently 29.43%.
Eastman Chemical Profile
Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
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