Brevan Howard Capital Management LP Purchases Shares of 10,709 Eastman Chemical (NYSE:EMN)

Brevan Howard Capital Management LP acquired a new stake in Eastman Chemical (NYSE:EMN) during the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 10,709 shares of the basic materials company’s stock, valued at approximately $978,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Crews Bank & Trust acquired a new position in Eastman Chemical in the 4th quarter valued at about $27,000. Picton Mahoney Asset Management boosted its holdings in shares of Eastman Chemical by 62.3% during the fourth 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 during the period. Assetmark Inc. grew its position in shares of Eastman Chemical by 384.4% in the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 296 shares during the last quarter. Bradley & Co. Private Wealth Management LLC bought a new position in shares of Eastman Chemical during the fourth quarter worth approximately $35,000. Finally, Stonebridge Financial Group LLC acquired a new stake in Eastman Chemical during the 4th quarter worth approximately $37,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on EMN shares. Piper Sandler decreased their price objective on Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating on the stock in a report on Monday, April 7th. Barclays decreased their price target on shares of Eastman Chemical from $108.00 to $85.00 and set an “equal weight” rating on the stock in a research note on Tuesday, April 29th. KeyCorp lowered their price target on shares of Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating on the stock in a research report on Monday, April 28th. UBS Group cut their price objective on shares of Eastman Chemical from $123.00 to $115.00 and set a “buy” rating for the company in a report on Monday, April 7th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $76.00 target price (down from $112.00) on shares of Eastman Chemical in a report on Monday, April 28th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and an average target price of $99.15.

Eastman Chemical Trading Down 1.1 %

EMN opened at $75.28 on Thursday. The company’s 50 day moving average is $83.79 and its 200-day moving average is $93.25. The company has a market cap of $8.69 billion, a P/E ratio of 9.80, a PEG ratio of 1.22 and a beta of 1.29. Eastman Chemical has a 1-year low of $70.90 and a 1-year high of $114.50. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.02. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The firm had revenue of $2.29 billion for the quarter, compared to analysts’ expectations of $2.35 billion. During the same quarter in the previous year, the firm posted $1.61 earnings per share. The company’s revenue was down .9% on a year-over-year basis. Equities research analysts predict that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be given a $0.83 dividend. The ex-dividend date is Friday, June 13th. This represents a $3.32 annualized dividend and a yield of 4.41%. Eastman Chemical’s dividend payout ratio is presently 42.24%.

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.