Icon Advisers Inc. Co. Has $4.99 Million Stock Position in Eastman Chemical (NYSE:EMN)

Icon Advisers Inc. Co. increased its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 37.5% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 54,675 shares of the basic materials company's stock after purchasing an additional 14,900 shares during the period. Eastman Chemical makes up approximately 1.1% of Icon Advisers Inc. Co.'s investment portfolio, making the stock its 23rd largest position. Icon Advisers Inc. Co.'s holdings in Eastman Chemical were worth $4,993,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. James J. Burns & Company LLC acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at $741,000. Goelzer Investment Management Inc. acquired a new position in Eastman Chemical in the 4th quarter valued at about $3,319,000. Dakota Wealth Management lifted its position in shares of Eastman Chemical by 14.6% during the fourth quarter. Dakota Wealth Management now owns 44,675 shares of the basic materials company's stock worth $4,081,000 after purchasing an additional 5,700 shares in the last quarter. Franklin Resources Inc. boosted its stake in shares of Eastman Chemical by 5.7% in the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company's stock valued at $593,233,000 after purchasing an additional 282,458 shares during the period. Finally, Olstein Capital Management L.P. grew its holdings in shares of Eastman Chemical by 16.1% in the fourth quarter. Olstein Capital Management L.P. now owns 66,779 shares of the basic materials company's stock valued at $6,098,000 after purchasing an additional 9,279 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Mizuho raised shares of Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price target for the company in a research report on Thursday, April 3rd. StockNews.com raised Eastman Chemical from a "hold" rating to a "buy" rating in a research note on Saturday, January 18th. Wells Fargo & Company decreased their price objective on Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research note on Wednesday, April 9th. KeyCorp cut their target price on shares of Eastman Chemical from $128.00 to $120.00 and set an "overweight" rating on the stock in a research note on Monday. Finally, Bank of America upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and lowered their price target for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. Three equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $107.08.

Eastman Chemical Price Performance

NYSE EMN traded down $0.18 during trading hours on Friday, reaching $76.61. The company's stock had a trading volume of 1,628,810 shares, compared to its average volume of 1,019,300. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. The stock has a market cap of $8.82 billion, a PE ratio of 9.98, a PEG ratio of 1.22 and a beta of 1.38. The company's 50-day moving average is $90.20 and its two-hundred day moving average is $96.38. Eastman Chemical has a fifty-two week low of $70.90 and a fifty-two week high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating analysts' consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. Analysts forecast that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Friday, March 14th were issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.33%. The ex-dividend date of this dividend was Friday, March 14th. Eastman Chemical's payout ratio is currently 43.23%.

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.