Capital Research Global Investors Makes New Investment in Eastman Chemical (NYSE:EMN)

Capital Research Global Investors bought a new stake in Eastman Chemical (NYSE:EMN - Free Report) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 601,726 shares of the basic materials company's stock, valued at approximately $54,047,000. Capital Research Global Investors owned 0.51% of Eastman Chemical at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Burns J W & Co. Inc. NY acquired a new stake in shares of Eastman Chemical during the fourth quarter worth about $205,000. Massachusetts Financial Services Co. MA raised its position in shares of Eastman Chemical by 7.0% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 2,575,783 shares of the basic materials company's stock worth $231,357,000 after purchasing an additional 168,009 shares during the period. Cetera Trust Company N.A acquired a new stake in shares of Eastman Chemical during the fourth quarter worth about $812,000. Wedge Capital Management L L P NC raised its position in shares of Eastman Chemical by 17.6% during the fourth quarter. Wedge Capital Management L L P NC now owns 99,419 shares of the basic materials company's stock worth $8,930,000 after purchasing an additional 14,898 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in shares of Eastman Chemical during the fourth quarter worth about $8,592,000. Institutional investors and hedge funds own 83.65% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Royal Bank of Canada raised their price target on Eastman Chemical from $100.00 to $104.00 and gave the stock a "sector perform" rating in a research report on Tuesday, April 30th. StockNews.com raised Eastman Chemical from a "hold" rating to a "buy" rating in a research report on Monday, May 13th. Redburn Atlantic started coverage on Eastman Chemical in a research report on Thursday, February 15th. They issued a "buy" rating and a $110.00 target price on the stock. Citigroup lifted their target price on Eastman Chemical from $95.00 to $114.00 and gave the company a "buy" rating in a research report on Wednesday, April 10th. Finally, Mizuho lifted their target price on Eastman Chemical from $91.00 to $102.00 and gave the company a "neutral" rating in a research report on Friday, April 26th. Six investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $106.24.

Eastman Chemical Stock Performance

Shares of NYSE EMN traded up $2.29 during midday trading on Friday, hitting $103.30. 1,714,400 shares of the company's stock were exchanged, compared to its average volume of 1,014,755. The company has a quick ratio of 0.71, a current ratio of 1.39 and a debt-to-equity ratio of 0.77. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $103.67. The company's 50 day moving average price is $98.98 and its 200 day moving average price is $91.34. The firm has a market capitalization of $12.15 billion, a PE ratio of 13.34, a price-to-earnings-growth ratio of 1.07 and a beta of 1.51.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, topping the consensus estimate of $1.41 by $0.20. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.29 billion. During the same period in the previous year, the company posted $1.63 EPS. The firm's revenue for the quarter was down 4.2% compared to the same quarter last year. As a group, analysts predict that Eastman Chemical will post 7.75 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be paid a dividend of $0.81 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $3.24 annualized dividend and a dividend yield of 3.14%. Eastman Chemical's dividend payout ratio is currently 41.75%.

Insider Buying and Selling

In related news, CEO Mark J. Costa sold 102,390 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the sale, the chief executive officer now directly owns 395,699 shares of the company's stock, valued at approximately $39,878,545.22. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of Eastman Chemical stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total value of $195,959.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Mark J. Costa sold 102,390 shares of Eastman Chemical stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the transaction, the chief executive officer now directly owns 395,699 shares of the company's stock, valued at $39,878,545.22. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,027 shares of company stock valued at $10,885,638. Insiders own 1.93% of the company's stock.

About Eastman Chemical

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.