Orion Capital Management LLC Purchases Shares of 520 Eastman Chemical (NYSE:EMN)

Orion Capital Management LLC purchased a new stake in Eastman Chemical (NYSE:EMN) in the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund purchased 520 shares of the basic materials company’s stock, valued at approximately $47,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Principal Street Partners LLC raised its holdings in shares of Eastman Chemical by 1.0% in the 4th quarter. Principal Street Partners LLC now owns 61,113 shares of the basic materials company’s stock worth $5,581,000 after acquiring an additional 611 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in shares of Eastman Chemical by 23.4% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 582,171 shares of the basic materials company’s stock worth $53,164,000 after acquiring an additional 110,430 shares during the last quarter. Worldquant Millennium Advisors LLC raised its holdings in shares of Eastman Chemical by 96.6% in the 4th quarter. Worldquant Millennium Advisors LLC now owns 15,591 shares of the basic materials company’s stock worth $1,424,000 after acquiring an additional 7,660 shares during the last quarter. Woodline Partners LP acquired a new stake in shares of Eastman Chemical in the 4th quarter worth about $636,000. Finally, Zurich Insurance Group Ltd FI acquired a new stake in shares of Eastman Chemical in the 4th quarter worth about $1,196,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Down 1.0%

Eastman Chemical stock opened at $81.56 on Thursday. Eastman Chemical has a twelve month low of $70.90 and a twelve month high of $114.50. The firm has a 50 day moving average price of $81.07 and a 200-day moving average price of $91.55. The company has a market capitalization of $9.42 billion, a P/E ratio of 10.62, a P/E/G 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.

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 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 business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.35 billion. During the same period in the previous year, the business earned $1.61 EPS. Eastman Chemical’s revenue was down .9% compared to the same quarter last year. As a group, equities analysts predict that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 4.07%. The ex-dividend date is Friday, June 13th. Eastman Chemical’s payout ratio is 42.24%.

Analyst Upgrades and Downgrades

EMN has been the topic of a number of analyst reports. KeyCorp lowered their target price on shares of Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating on the stock in a report on Monday, April 28th. Piper Sandler reduced 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. Morgan Stanley reduced their price objective on shares of Eastman Chemical from $125.00 to $115.00 and set an “overweight” rating for the company in a research report on Monday, April 28th. The Goldman Sachs Group reduced their price objective on shares of Eastman Chemical from $112.00 to $87.00 and set a “neutral” rating for the company in a research report on Monday, April 28th. 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 report on Monday, April 28th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.