Eastman Chemical (NYSE:EMN) Shares Bought by Principal Street Partners LLC

Principal Street Partners LLC raised its stake in shares of Eastman Chemical (NYSE:EMN) by 1.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 61,113 shares of the basic materials company’s stock after purchasing an additional 611 shares during the period. Principal Street Partners LLC owned 0.05% of Eastman Chemical worth $5,581,000 at the end of the most recent quarter.

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

Eastman Chemical Trading Down 0.6%

EMN opened at $82.09 on Tuesday. The stock has a market capitalization of $9.48 billion, a PE ratio of 10.69, a P/E/G ratio of 1.22 and a beta of 1.29. Eastman Chemical has a one year low of $70.90 and a one 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 business’s 50 day moving average price is $81.42 and its 200 day moving average price is $91.69.

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

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.04%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical’s dividend payout ratio is presently 42.24%.

Analyst Ratings Changes

Several equities research analysts have issued reports on EMN shares. Royal Bank of Canada raised shares of Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 target price on the stock in a research note on Wednesday, April 9th. Barclays lowered 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 report on Tuesday, April 29th. Citigroup upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and cut their price objective for the company from $105.00 to $101.00 in a report on Friday, April 4th. JPMorgan Chase & Co. restated 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. Finally, Wells Fargo & Company dropped their price target on Eastman Chemical from $125.00 to $90.00 and set an “overweight” rating for the company in a research report on Wednesday, April 9th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Eastman Chemical has an average rating of “Moderate Buy” and an average price target of $99.15.

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.