Invenomic Capital Management LP Sells 9,562 Shares of Eastman Chemical (NYSE:EMN)

Invenomic Capital Management LP lessened its position in Eastman Chemical (NYSE:EMN) by 21.6% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 34,788 shares of the basic materials company’s stock after selling 9,562 shares during the period. Invenomic Capital Management LP’s holdings in Eastman Chemical were worth $3,177,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Crews Bank & Trust acquired a new stake in Eastman Chemical in the 4th quarter worth about $27,000. Picton Mahoney Asset Management raised its position in shares of Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock valued at $29,000 after buying an additional 124 shares in the last quarter. Assetmark Inc. raised its position in shares of Eastman Chemical by 384.4% in the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock valued at $34,000 after buying an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC acquired a new position in shares of Eastman Chemical in the 4th quarter valued at approximately $35,000. Finally, Stonebridge Financial Group LLC acquired a new position in shares of Eastman Chemical in the 4th quarter valued at approximately $37,000. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Trading Up 0.0%

EMN opened at $77.48 on Monday. The stock has a market cap of $8.95 billion, a PE ratio of 10.09, a PEG ratio of 1.22 and a beta of 1.29. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The business has a 50 day moving average of $83.14 and a 200-day moving average of $92.64. Eastman Chemical has a 52 week low of $70.90 and a 52 week high of $114.50.

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

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Investors of record on Friday, June 13th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 4.28%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical’s payout ratio is currently 42.24%.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on EMN. Piper Sandler lowered their price objective on shares of Eastman Chemical from $105.00 to $99.00 and set a “neutral” rating for the company in a research report on Monday, April 7th. Wells Fargo & Company reduced 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. StockNews.com lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday, April 28th. Citigroup raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and reduced their price objective for the company from $105.00 to $101.00 in a research note on Friday, April 4th. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating and issued a $76.00 price objective (down from $112.00) on shares of Eastman Chemical in a research note on Monday, April 28th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $99.15.

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.