Magnetar Financial LLC Invests $4.04 Million in Eastman Chemical (NYSE:EMN)

Magnetar Financial LLC acquired a new position in Eastman Chemical (NYSE:EMN - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 44,256 shares of the basic materials company's stock, valued at approximately $4,041,000.

A number of other large investors also recently modified their holdings of EMN. Crews Bank & Trust bought a new stake in Eastman Chemical during the fourth quarter worth $27,000. Picton Mahoney Asset Management grew its stake in shares of Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after acquiring an additional 124 shares in the last quarter. Assetmark Inc. grew its stake in shares of Eastman Chemical by 384.4% in the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock worth $34,000 after acquiring an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC purchased a new stake in shares of Eastman Chemical in the fourth quarter valued at about $35,000. Finally, Dunhill Financial LLC lifted its position in shares of Eastman Chemical by 94.7% during the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company's stock valued at $37,000 after purchasing an additional 162 shares in the last quarter. Institutional investors own 83.65% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on EMN. Citigroup downgraded shares of Eastman Chemical from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $118.00 to $104.00 in a research report on Wednesday, December 18th. Mizuho upped their target price on Eastman Chemical from $113.00 to $117.00 and gave the company a "neutral" rating in a report on Tuesday, November 26th. Royal Bank of Canada lifted their price target on Eastman Chemical from $101.00 to $103.00 and gave the stock a "sector perform" rating in a report on Tuesday, February 4th. JPMorgan Chase & Co. upped their price objective on Eastman Chemical from $110.00 to $112.00 and gave the company an "overweight" rating in a research note on Monday, February 3rd. Finally, Piper Sandler lifted their target price on Eastman Chemical from $102.00 to $105.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $114.08.

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Eastman Chemical Stock Performance

NYSE EMN traded down $0.76 during trading on Tuesday, hitting $89.33. 1,437,936 shares of the company's stock traded hands, compared to its average volume of 913,652. 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 capitalization of $10.29 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 1.22 and a beta of 1.43. Eastman Chemical has a 12-month low of $86.70 and a 12-month high of $114.50. The business has a 50 day moving average of $95.94 and a 200-day moving average of $99.64.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results 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 net margin of 9.65% and a return on equity of 16.27%. As a group, equities research analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.72%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical's dividend payout ratio (DPR) is presently 43.23%.

Eastman Chemical Company 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.