Eastman Chemical (NYSE:EMN) Shares Purchased by Adage Capital Partners GP L.L.C.

Adage Capital Partners GP L.L.C. raised its position in Eastman Chemical (NYSE:EMN) by 18.0% during the 4th quarter, Holdings Channel.com reports. The firm owned 165,343 shares of the basic materials company’s stock after acquiring an additional 25,200 shares during the quarter. Adage Capital Partners GP L.L.C.’s holdings in Eastman Chemical were worth $15,099,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the business. Raymond James Financial Inc. acquired a new position in shares of Eastman Chemical during the fourth quarter valued at $150,537,000. Capital World Investors bought a new position in Eastman Chemical in the 4th quarter valued at about $137,848,000. Norges Bank acquired a new position in Eastman Chemical during the 4th quarter valued at about $137,416,000. Wealthfront Advisers LLC raised its position in shares of Eastman Chemical by 3,136.8% during the 4th quarter. Wealthfront Advisers LLC now owns 736,011 shares of the basic materials company’s stock worth $67,213,000 after buying an additional 713,272 shares in the last quarter. Finally, Capital Research Global Investors lifted its stake in shares of Eastman Chemical by 13.4% in the 4th quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company’s stock worth $537,561,000 after acquiring an additional 697,388 shares during the period. Institutional investors own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

EMN has been the topic of a number of research analyst reports. Wells Fargo & Company lowered their price objective on shares of Eastman Chemical from $125.00 to $90.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 9th. Barclays dropped their price objective on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a research note on Monday, February 3rd. UBS Group decreased their target price on Eastman Chemical from $123.00 to $115.00 and set a “buy” rating for the company in a research note on Monday, April 7th. Mizuho upgraded shares of Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 price target on the stock in a research report on Thursday, April 3rd. Finally, Piper Sandler cut their price target on shares of Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating for the company in a report on Monday, April 7th. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Eastman Chemical presently has an average rating of “Moderate Buy” and a consensus price target of $107.08.

Eastman Chemical Stock Performance

Eastman Chemical stock opened at $75.80 on Friday. 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 company has a market cap of $8.73 billion, a P/E ratio of 9.87, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38. Eastman Chemical has a fifty-two week low of $70.90 and a fifty-two week high of $114.50. The firm’s 50 day simple moving average is $87.38 and its 200-day simple moving average is $94.99.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 9.65% and a return on equity of 16.27%. As a group, equities research analysts predict that Eastman Chemical will post 8.55 EPS 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 given a dividend of $0.83 per share. The ex-dividend date of this dividend was Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a yield of 4.38%. Eastman Chemical’s payout ratio is presently 43.23%.

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.