International Assets Investment Management LLC Makes New Investment in Eastman Chemical (NYSE:EMN)

International Assets Investment Management LLC acquired a new position in Eastman Chemical (NYSE:EMN) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 95,658 shares of the basic materials company’s stock, valued at approximately $8,592,000. International Assets Investment Management LLC owned approximately 0.08% of Eastman Chemical as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in EMN. Norges Bank bought a new stake in shares of Eastman Chemical in the 4th quarter worth about $102,575,000. Balyasny Asset Management L.P. lifted its holdings in shares of Eastman Chemical by 20,789.3% in the 1st quarter. Balyasny Asset Management L.P. now owns 781,469 shares of the basic materials company’s stock worth $65,909,000 after acquiring an additional 777,728 shares during the last quarter. Invesco Ltd. lifted its holdings in shares of Eastman Chemical by 37.4% in the 3rd quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock worth $214,496,000 after acquiring an additional 760,974 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Eastman Chemical by 451.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 872,088 shares of the basic materials company’s stock worth $73,553,000 after acquiring an additional 713,832 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in shares of Eastman Chemical by 138.1% in the 4th quarter. AQR Capital Management LLC now owns 749,206 shares of the basic materials company’s stock worth $60,880,000 after acquiring an additional 434,508 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. Stifel Nicolaus lowered their target price on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating for the company in a report on Monday, February 5th. Redburn Atlantic started coverage on shares of Eastman Chemical in a report on Thursday, February 15th. They set a “buy” rating and a $110.00 price objective for the company. Citigroup lifted their price objective on shares of Eastman Chemical from $95.00 to $114.00 and gave the company a “buy” rating in a report on Wednesday. KeyCorp lifted their price objective on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Finally, Royal Bank of Canada decreased their price objective on shares of Eastman Chemical from $91.00 to $89.00 and set a “sector perform” rating for the company in a report on Tuesday, February 6th. Seven equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, Eastman Chemical currently has an average rating of “Moderate Buy” and an average price target of $97.13.

Insiders Place Their Bets

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total transaction of $415,496.25. The transaction was disclosed in a filing with the SEC, which is available at this link. 1.93% of the stock is owned by insiders.

Eastman Chemical Stock Down 2.0 %

Shares of Eastman Chemical stock opened at $97.98 on Friday. The firm’s 50 day moving average price is $91.34 and its 200-day moving average price is $84.97. The company has a quick ratio of 0.70, a current ratio of 1.35 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 52-week low of $68.89 and a 52-week high of $102.71. The company has a market cap of $11.52 billion, a P/E ratio of 13.08, a PEG ratio of 1.11 and a beta of 1.54.

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

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were given a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 3.31%. The ex-dividend date was Thursday, March 14th. Eastman Chemical’s dividend payout ratio is presently 43.26%.

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.