Balyasny Asset Management L.P. Has $437,000 Position in Eastman Chemical (NYSE:EMN)

Balyasny Asset Management L.P. lessened its holdings in shares of Eastman Chemical (NYSE:EMN) by 97.6% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 4,780 shares of the basic materials company’s stock after selling 197,685 shares during the period. Balyasny Asset Management L.P.’s holdings in Eastman Chemical were worth $437,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. James J. Burns & Company LLC bought a new stake in Eastman Chemical in the fourth quarter valued at about $741,000. Goelzer Investment Management Inc. acquired a new position in shares of Eastman Chemical during the 4th quarter worth about $3,319,000. Dakota Wealth Management increased its stake in shares of Eastman Chemical by 14.6% in the 4th quarter. Dakota Wealth Management now owns 44,675 shares of the basic materials company’s stock valued at $4,081,000 after acquiring an additional 5,700 shares during the last quarter. Olstein Capital Management L.P. increased its stake in shares of Eastman Chemical by 16.1% in the 4th quarter. Olstein Capital Management L.P. now owns 66,779 shares of the basic materials company’s stock valued at $6,098,000 after acquiring an additional 9,279 shares during the last quarter. Finally, Barclays PLC raised its position in shares of Eastman Chemical by 3.5% in the 3rd quarter. Barclays PLC now owns 315,044 shares of the basic materials company’s stock valued at $35,268,000 after acquiring an additional 10,695 shares during the period. Institutional investors own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on EMN shares. KeyCorp lowered their target price on shares of Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating for the company in a research note on Monday, April 28th. 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. Morgan Stanley dropped their price objective on Eastman Chemical from $125.00 to $115.00 and set an “overweight” rating on the stock in a research note on Monday, April 28th. The Goldman Sachs Group decreased their target price on Eastman Chemical from $112.00 to $87.00 and set a “neutral” rating for the company in a research note on Monday, April 28th. Finally, Royal Bank of Canada upgraded Eastman Chemical from a “sector perform” rating to an “outperform” rating and set a $91.00 price target for the company in a report on Wednesday, April 9th. 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.com, Eastman Chemical presently has an average rating of “Moderate Buy” and a consensus price target of $99.15.

Eastman Chemical Stock Up 1.6%

NYSE:EMN opened at $82.53 on Friday. The company has a market cap of $9.53 billion, a PE ratio of 10.75, a PEG ratio of 1.22 and a beta of 1.29. The stock has a 50-day simple moving average of $81.63 and a 200 day simple moving average of $92.00. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. 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 quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) 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 company had revenue of $2.29 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same period last year, the company earned $1.61 earnings per share. The firm’s revenue was down .9% compared to the same quarter last year. On average, sell-side analysts expect that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.02%. Eastman Chemical’s dividend payout ratio is 42.24%.

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.