Renaissance Technologies LLC grew its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 127.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 173,040 shares of the basic materials company's stock after purchasing an additional 96,900 shares during the quarter. Renaissance Technologies LLC owned approximately 0.15% of Eastman Chemical worth $15,802,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. James J. Burns & Company LLC purchased a new stake in Eastman Chemical during the 4th quarter valued at approximately $741,000. Goelzer Investment Management Inc. purchased a new position in shares of 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 4th quarter. Dakota Wealth Management now owns 44,675 shares of the basic materials company's stock valued at $4,081,000 after acquiring an additional 5,700 shares during the period. Franklin Resources Inc. increased its stake in Eastman Chemical by 5.7% in the 3rd 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 in the last quarter. Finally, Olstein Capital Management L.P. raised its stake in shares of Eastman Chemical by 16.1% during the 4th quarter. Olstein Capital Management L.P. now owns 66,779 shares of the basic materials company's stock worth $6,098,000 after buying an additional 9,279 shares during the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.
Eastman Chemical Trading Down 0.2 %
Eastman Chemical stock traded down $0.18 during trading on Friday, reaching $76.61. The company 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 firm has a market capitalization of $8.82 billion, a price-to-earnings ratio of 9.98, a PEG ratio of 1.22 and a beta of 1.38. Eastman Chemical has a 12-month low of $70.90 and a 12-month high of $114.50. The stock's 50 day moving average price is $90.20 and its two-hundred day moving average price is $96.38.
Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, topping 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%. As a group, equities analysts expect that Eastman Chemical will post 8.55 earnings per share for the current fiscal 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 was Friday, March 14th. Eastman Chemical's payout ratio is currently 43.23%.
Wall Street Analysts Forecast Growth
EMN has been the topic of several research reports. Barclays lowered their price target on shares of Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating on the stock in a research report on Monday, February 3rd. Royal Bank of Canada raised Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price target for the company in a research report on Wednesday, April 9th. Piper Sandler reduced their price objective on Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a research report on Monday, April 7th. JPMorgan Chase & Co. lifted their price objective on Eastman Chemical from $110.00 to $112.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. Finally, Wells Fargo & Company reduced their target price on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating on the stock in a report on Wednesday, April 9th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $107.08.
View Our Latest Stock Report on Eastman Chemical
About Eastman Chemical
(
Free Report)
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.
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