Y Intercept Hong Kong Ltd Trims Stake in Eastman Chemical (NYSE:EMN)

Y Intercept Hong Kong Ltd decreased its position in Eastman Chemical (NYSE:EMN - Free Report) by 68.2% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 4,913 shares of the basic materials company's stock after selling 10,527 shares during the period. Y Intercept Hong Kong Ltd's holdings in Eastman Chemical were worth $449,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in EMN. Crews Bank & Trust bought a new position in Eastman Chemical in the 4th quarter worth $27,000. Dunhill Financial LLC increased its stake 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. Stonebridge Financial Group LLC purchased a new position in shares of Eastman Chemical during the fourth quarter valued at approximately $37,000. Versant Capital Management Inc boosted its position in shares of Eastman Chemical by 32.4% in the 4th quarter. Versant Capital Management Inc now owns 916 shares of the basic materials company's stock worth $84,000 after purchasing an additional 224 shares in the last quarter. Finally, CENTRAL TRUST Co grew its stake in shares of Eastman Chemical by 27.6% in the 4th quarter. CENTRAL TRUST Co now owns 924 shares of the basic materials company's stock worth $84,000 after buying an additional 200 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

EMN has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted 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. Bank of America raised 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 research report on Tuesday, January 14th. Royal Bank of Canada increased their price objective on shares of Eastman Chemical from $101.00 to $103.00 and gave the company a "sector perform" rating in a research report on Tuesday, February 4th. UBS Group reduced their price objective on shares of Eastman Chemical from $124.00 to $123.00 and set a "buy" rating for the company in a research note on Friday, January 31st. Finally, Mizuho upped their target price on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a "neutral" rating in a research note on Tuesday, November 26th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $114.08.

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Eastman Chemical Stock Performance

Shares of EMN traded down $0.61 during mid-day trading on Thursday, hitting $97.12. 254,011 shares of the company traded hands, compared to its average volume of 1,060,305. Eastman Chemical has a 1 year low of $86.70 and a 1 year high of $114.50. 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 50-day moving average price of $95.14 and a two-hundred day moving average price of $100.30. The stock has a market cap of $11.19 billion, a price-to-earnings ratio of 12.59, a P/E/G ratio of 1.22 and a beta of 1.44.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share 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%. Equities analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.42%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical's dividend payout ratio is 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.