Wellington Management Group LLP Takes $1.54 Million Position in Eastman Chemical (NYSE:EMN)

Wellington Management Group LLP acquired a new position in shares of Eastman Chemical (NYSE:EMN - Free Report) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 16,900 shares of the basic materials company's stock, valued at approximately $1,543,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of EMN. Crews Bank & Trust acquired a new position in Eastman Chemical in the 4th quarter worth about $27,000. Picton Mahoney Asset Management boosted its position in Eastman Chemical by 62.3% during the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after buying an additional 124 shares during the period. Assetmark Inc. increased its position in Eastman Chemical by 384.4% in the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock valued at $34,000 after acquiring an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of Eastman Chemical during the fourth quarter worth $35,000. Finally, Stonebridge Financial Group LLC acquired a new stake in Eastman Chemical in the fourth quarter valued at $37,000. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Performance

Shares of NYSE EMN traded down $0.18 during midday trading on Friday, reaching $76.61. The company's stock had a trading volume of 1,628,810 shares, compared to its average volume of 1,020,641. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The stock has a market capitalization of $8.82 billion, a P/E ratio of 9.98, a PEG ratio of 1.22 and a beta of 1.38. The firm has a 50 day moving average price of $89.72 and a 200-day moving average price of $96.15. Eastman Chemical has a 12-month low of $70.90 and a 12-month 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 earnings per share (EPS) for the quarter, topping 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 analysts predict that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 14th were issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 4.33%. The ex-dividend date of this dividend was Friday, March 14th. Eastman Chemical's dividend payout ratio (DPR) is presently 43.23%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on EMN. Wells Fargo & Company decreased their price target 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. JPMorgan Chase & Co. increased their price objective on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an "overweight" rating in a research report on Monday, February 3rd. Mizuho upgraded Eastman Chemical from a "neutral" rating to an "outperform" rating and set a $105.00 price target for the company in a report on Thursday, April 3rd. KeyCorp cut their target price on Eastman Chemical from $128.00 to $120.00 and set an "overweight" rating on the stock in a research report on Monday. Finally, Barclays reduced their price objective on shares of Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating for the company in a research report on Monday, February 3rd. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $107.08.

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.