Picton Mahoney Asset Management Acquires 124 Shares of Eastman Chemical (NYSE:EMN)

Picton Mahoney Asset Management raised its holdings in Eastman Chemical (NYSE:EMN) by 62.3% in the 4th quarter, HoldingsChannel reports. The firm owned 323 shares of the basic materials company’s stock after purchasing an additional 124 shares during the quarter. Picton Mahoney Asset Management’s holdings in Eastman Chemical were worth $29,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Crews Bank & Trust acquired a new stake in shares of Eastman Chemical in the 4th quarter valued at $27,000. Assetmark Inc. increased its stake 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 during the period. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of Eastman Chemical in the 4th quarter valued at $35,000. Dunhill Financial LLC increased its stake in shares of Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after buying an additional 162 shares during the period. Finally, Stonebridge Financial Group LLC acquired a new stake in shares of Eastman Chemical in the 4th quarter valued at $37,000. 83.65% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. Piper Sandler lifted their price objective on Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Barclays decreased their price objective on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. JPMorgan Chase & Co. lifted their price objective on Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Saturday, January 18th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $114.08.

Eastman Chemical Stock Up 0.2 %

NYSE:EMN opened at $91.23 on Tuesday. Eastman Chemical has a 1 year low of $86.70 and a 1 year high of $114.50. 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 stock has a market cap of $10.51 billion, a price-to-earnings ratio of 11.88, a PEG ratio of 1.22 and a beta of 1.43. The stock has a 50-day moving average price of $95.74 and a two-hundred day moving average price of $100.00.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. As a group, equities analysts expect that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.64%. Eastman Chemical’s dividend payout ratio (DPR) is 43.23%.

About Eastman Chemical

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.