13,325 Shares in Eastman Chemical (NYSE:EMN) Purchased by DoubleLine ETF Adviser LP

DoubleLine ETF Adviser LP purchased a new position in shares of Eastman Chemical (NYSE:EMN) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 13,325 shares of the basic materials company’s stock, valued at approximately $1,217,000.

A number of other large investors have also recently bought and sold shares of EMN. Caisse DE Depot ET Placement DU Quebec raised its holdings in Eastman Chemical by 18.2% in the 4th quarter. Caisse DE Depot ET Placement DU Quebec now owns 111,130 shares of the basic materials company’s stock valued at $10,148,000 after buying an additional 17,130 shares during the last quarter. Freestone Grove Partners LP acquired a new position in shares of Eastman Chemical during the fourth quarter valued at about $559,000. Comerica Bank raised its stake in shares of Eastman Chemical by 1.3% in the fourth quarter. Comerica Bank now owns 38,954 shares of the basic materials company’s stock worth $3,557,000 after purchasing an additional 508 shares during the last quarter. Kapitalo Investimentos Ltda purchased a new position in Eastman Chemical during the 4th quarter worth $231,000. Finally, Northern Trust Corp increased its stake in Eastman Chemical by 10.3% in the 4th quarter. Northern Trust Corp now owns 1,377,400 shares of the basic materials company’s stock valued at $125,784,000 after buying an additional 128,488 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Stock Performance

Shares of NYSE:EMN opened at $76.28 on Friday. The firm has a 50 day moving average of $85.51 and a 200 day moving average of $94.16. Eastman Chemical has a 52 week low of $70.90 and a 52 week high of $114.50. The company has a market capitalization of $8.79 billion, a price-to-earnings ratio of 9.93, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38. 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 posted its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.02. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.35 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The firm’s revenue for the quarter was down .9% on a year-over-year basis. During the same period in the prior year, the business posted $1.61 earnings per share. On average, sell-side analysts predict that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

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 given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 4.35%. Eastman Chemical’s payout ratio is currently 42.24%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on EMN. Barclays reduced their price objective on Eastman Chemical from $108.00 to $85.00 and set an “equal weight” rating for the company in a report on Tuesday. KeyCorp reduced their target price on Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating for the company in a research report on Monday. StockNews.com cut Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Monday. JPMorgan Chase & Co. reissued a “neutral” rating and set a $76.00 price target (down from $112.00) on shares of Eastman Chemical in a research note on Monday. Finally, Morgan Stanley reduced their price target on Eastman Chemical from $125.00 to $115.00 and set an “overweight” rating on the stock in a research report on Monday. Six 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 company has an average 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.