Eastman Chemical (NYSE:EMN) Stock Position Lowered by Systematic Financial Management LP

Systematic Financial Management LP lessened its position in Eastman Chemical (NYSE:EMN) by 0.6% in the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,590 shares of the basic materials company’s stock after selling 145 shares during the quarter. Systematic Financial Management LP’s holdings in Eastman Chemical were worth $2,246,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Crews Bank & Trust purchased a new stake in shares of Eastman Chemical in the 4th quarter valued at approximately $27,000. Picton Mahoney Asset Management increased its stake in 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 during the period. Assetmark Inc. increased its stake in 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 during the period. Bradley & Co. Private Wealth Management LLC acquired a new position in Eastman Chemical in the 4th quarter valued at approximately $35,000. Finally, Stonebridge Financial Group LLC acquired a new position in Eastman Chemical in the 4th quarter valued at approximately $37,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Performance

NYSE:EMN opened at $82.53 on Friday. Eastman Chemical has a 1 year low of $70.90 and a 1 year high of $114.50. The firm’s fifty day simple moving average is $81.63 and its 200 day simple moving average is $91.91. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $9.53 billion, a PE ratio of 10.75, a PEG ratio of 1.22 and a beta of 1.29.

Eastman Chemical (NYSE:EMN) last posted its earnings results 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 business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period last year, the business posted $1.61 EPS. Eastman Chemical’s revenue was down .9% compared to the same quarter last year. On average, sell-side analysts anticipate that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on EMN shares. Morgan Stanley dropped their price objective on shares of Eastman Chemical from $125.00 to $115.00 and set an “overweight” rating on the stock in a research note on Monday, April 28th. Citigroup upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $105.00 to $101.00 in a research note on Friday, April 4th. JPMorgan Chase & Co. reiterated a “neutral” rating and issued a $76.00 price objective (down previously from $112.00) on shares of Eastman Chemical in a research note on Monday, April 28th. KeyCorp dropped their price objective on shares of Eastman Chemical from $120.00 to $106.00 and set an “overweight” rating on the stock in a research note on Monday, April 28th. Finally, UBS Group dropped their price objective on shares of Eastman Chemical from $123.00 to $115.00 and set a “buy” rating on the stock in a research note on Monday, April 7th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus 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.