Eastman Chemical (NYSE:EMN) Shares Sold by Lighthouse Investment Partners LLC

Lighthouse Investment Partners LLC lowered its stake in shares of Eastman Chemical (NYSE:EMN) by 38.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 10,000 shares of the basic materials company’s stock after selling 6,348 shares during the period. Lighthouse Investment Partners LLC’s holdings in Eastman Chemical were worth $913,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Crews Bank & Trust acquired a new stake in shares of Eastman Chemical during the fourth quarter valued at $27,000. Picton Mahoney Asset Management boosted its stake 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 valued at $29,000 after acquiring an additional 124 shares during the last quarter. Assetmark Inc. boosted its stake 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 valued at $34,000 after acquiring an additional 296 shares during the last quarter. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of Eastman Chemical during the fourth quarter valued at $35,000. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of Eastman Chemical during the fourth quarter valued at $37,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on EMN. The Goldman Sachs Group decreased their price target on Eastman Chemical from $112.00 to $87.00 and set a “neutral” rating on the stock in a research note on Monday, April 28th. Wells Fargo & Company decreased their price target on Eastman Chemical from $125.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 9th. Royal Bank of Canada raised Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 price target on the stock in a research note on Wednesday, April 9th. Citigroup raised Eastman Chemical from a “neutral” rating to a “buy” rating and decreased their price target for the stock from $105.00 to $101.00 in a research note on Friday, April 4th. Finally, UBS Group decreased their price target on Eastman Chemical from $123.00 to $115.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $99.15.

Eastman Chemical Stock Performance

NYSE EMN opened at $80.70 on Thursday. The firm has a market capitalization of $9.32 billion, a P/E ratio of 10.51, a P/E/G 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 debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The business’s 50-day simple moving average is $82.18 and its 200-day simple moving average is $92.33.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.02. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates 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 was down .9% compared to the same quarter last year. During the same period in the previous year, the company posted $1.61 EPS. Equities analysts predict that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 4.11%. The ex-dividend date is Friday, June 13th. Eastman Chemical’s dividend payout ratio (DPR) is presently 42.24%.

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.