Quantbot Technologies LP Acquires New Shares in Eastman Chemical (NYSE:EMN)

Quantbot Technologies LP bought a new position in Eastman Chemical (NYSE:EMN) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 3,177 shares of the basic materials company’s stock, valued at approximately $290,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. lifted its position in Eastman Chemical by 62.9% during the fourth quarter. Whittier Trust Co. of Nevada Inc. now owns 1,212 shares of the basic materials company’s stock valued at $111,000 after purchasing an additional 468 shares during the period. iA Global Asset Management Inc. lifted its holdings in shares of Eastman Chemical by 42.0% during the 4th quarter. iA Global Asset Management Inc. now owns 7,708 shares of the basic materials company’s stock valued at $704,000 after buying an additional 2,279 shares during the period. Magnetar Financial LLC purchased a new position in shares of Eastman Chemical in the 4th quarter worth $4,041,000. Xponance Inc. increased its position in Eastman Chemical by 11.3% during the fourth quarter. Xponance Inc. now owns 18,092 shares of the basic materials company’s stock valued at $1,652,000 after acquiring an additional 1,834 shares during the last quarter. Finally, Intech Investment Management LLC lifted its holdings in Eastman Chemical by 20.3% in the fourth quarter. Intech Investment Management LLC now owns 2,591 shares of the basic materials company’s stock valued at $237,000 after acquiring an additional 438 shares during the period. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Trading Down 2.1 %

Eastman Chemical stock opened at $87.09 on Friday. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The firm’s 50 day moving average price is $95.66 and its 200-day moving average price is $99.37. Eastman Chemical has a 1 year low of $86.50 and a 1 year high of $114.50. The stock has a market cap of $10.03 billion, a P/E ratio of 11.34, a PEG ratio of 1.22 and a beta of 1.43.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 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%. On average, equities analysts predict that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.83 per share. The ex-dividend date is Friday, March 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.81%. Eastman Chemical’s dividend payout ratio (DPR) is 43.23%.

Analyst Ratings Changes

EMN has been the subject of several research reports. Piper Sandler upped their price target on shares of Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a research report on Thursday, February 13th. KeyCorp upped their target price on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Citigroup cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $118.00 to $104.00 in a research note on Wednesday, December 18th. UBS Group decreased their target price on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a report on Friday, January 31st. Finally, Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and cut their price target for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and an average price target of $114.08.

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.