Eastman Chemical (NYSE:EMN) Shares Sold by Two Sigma Investments LP

Two Sigma Investments LP cut its holdings in Eastman Chemical (NYSE:EMN) by 10.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,185 shares of the basic materials company’s stock after selling 2,636 shares during the quarter. Two Sigma Investments LP’s holdings in Eastman Chemical were worth $2,026,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of EMN. Brighton Jones LLC acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at approximately $202,000. Pacer Advisors Inc. grew its position in shares of Eastman Chemical by 82.9% in the fourth quarter. Pacer Advisors Inc. now owns 16,123 shares of the basic materials company’s stock valued at $1,472,000 after purchasing an additional 7,307 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its position in shares of Eastman Chemical by 1.1% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 19,774 shares of the basic materials company’s stock valued at $1,806,000 after purchasing an additional 206 shares during the last quarter. Crews Bank & Trust acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at approximately $27,000. Finally, Caprock Group LLC grew its position in shares of Eastman Chemical by 4.2% in the fourth quarter. Caprock Group LLC now owns 3,196 shares of the basic materials company’s stock valued at $295,000 after purchasing an additional 128 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Stock Performance

NYSE:EMN opened at $78.36 on Monday. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The company has a market cap of $9.05 billion, a P/E ratio of 10.20, a P/E/G ratio of 1.22 and a beta of 1.29. Eastman Chemical has a fifty-two week low of $70.90 and a fifty-two week high of $114.50. The firm’s 50 day moving average is $79.76 and its two-hundred day moving average is $90.40.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.02. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the firm posted $1.61 earnings per share. Eastman Chemical’s revenue was down .9% on a year-over-year basis. Analysts expect that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.24%. The ex-dividend date is Friday, June 13th. Eastman Chemical’s dividend payout ratio is presently 42.24%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on EMN shares. 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 on the stock in a research report on Wednesday, April 9th. Morgan Stanley decreased their target price on shares of Eastman Chemical from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Monday, April 28th. The Goldman Sachs Group decreased their target price on shares of Eastman Chemical from $112.00 to $87.00 and set a “neutral” rating on the stock in a research report on Monday, April 28th. Wall Street Zen lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Monday, April 28th. Finally, KeyCorp decreased their target price on shares of Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating on the stock in a research report on Monday, April 28th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Eastman Chemical has an average rating of “Moderate Buy” and a consensus target price of $98.54.

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.