Allworth Financial LP Buys 205 Shares of Eastman Chemical (NYSE:EMN)

Allworth Financial LP lifted its stake in shares of Eastman Chemical (NYSE:EMN) by 16.7% in the fourth quarter, HoldingsChannel.com reports. The fund owned 1,434 shares of the basic materials company’s stock after acquiring an additional 205 shares during the quarter. Allworth Financial LP’s holdings in Eastman Chemical were worth $129,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in the stock. Norges Bank bought a new stake in Eastman Chemical in the fourth quarter worth $102,575,000. Balyasny Asset Management L.P. lifted its stake in Eastman Chemical by 20,789.3% in the first quarter. Balyasny Asset Management L.P. now owns 781,469 shares of the basic materials company’s stock worth $65,909,000 after purchasing an additional 777,728 shares during the last quarter. Invesco Ltd. lifted its stake in Eastman Chemical by 37.4% in the third quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock worth $214,496,000 after purchasing an additional 760,974 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Eastman Chemical by 451.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 872,088 shares of the basic materials company’s stock worth $73,553,000 after purchasing an additional 713,832 shares during the last quarter. Finally, AQR Capital Management LLC lifted its stake in Eastman Chemical by 138.1% in the fourth quarter. AQR Capital Management LLC now owns 749,206 shares of the basic materials company’s stock worth $60,880,000 after purchasing an additional 434,508 shares during the last quarter. 83.65% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the company’s stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 1.93% of the company’s stock.

Eastman Chemical Price Performance

Shares of NYSE EMN opened at $97.98 on Friday. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $102.71. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.35 and a quick ratio of 0.70. The company’s 50-day moving average is $91.34 and its 200 day moving average is $84.90. The stock has a market capitalization of $11.52 billion, a P/E ratio of 13.08, a P/E/G ratio of 1.11 and a beta of 1.54.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Friday, February 2nd. The basic materials company reported $1.31 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.28 by $0.03. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.15%. The company had revenue of $2.21 billion for the quarter, compared to analysts’ expectations of $2.21 billion. During the same quarter in the previous year, the company earned $0.89 earnings per share. Eastman Chemical’s quarterly revenue was down 7.0% on a year-over-year basis. On average, sell-side analysts expect that Eastman Chemical will post 7.7 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were issued a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend was Thursday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 43.26%.

Wall Street Analyst Weigh In

Several analysts have weighed in on the stock. UBS Group boosted their price target on shares of Eastman Chemical from $91.00 to $93.00 and gave the stock a “neutral” rating in a research note on Friday, February 2nd. Redburn Atlantic assumed coverage on shares of Eastman Chemical in a research note on Thursday, February 15th. They issued a “buy” rating and a $110.00 price target for the company. Royal Bank of Canada lowered their price target on shares of Eastman Chemical from $91.00 to $89.00 and set a “sector perform” rating for the company in a research note on Tuesday, February 6th. Citigroup upped their price objective on shares of Eastman Chemical from $95.00 to $114.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, KeyCorp upped their price objective on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a research note on Tuesday. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $97.13.

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.