DRW Securities LLC Makes New Investment in Eastman Chemical (NYSE:EMN)

DRW Securities LLC purchased a new position in shares of Eastman Chemical (NYSE:EMN) in the fourth quarter, HoldingsChannel reports. The firm purchased 2,485 shares of the basic materials company’s stock, valued at approximately $227,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of EMN. APG Asset Management N.V. acquired a new stake in shares of Eastman Chemical during the fourth quarter valued at about $5,653,000. Advisory Services Network LLC increased its holdings in Eastman Chemical by 36.3% in the 4th quarter. Advisory Services Network LLC now owns 14,653 shares of the basic materials company’s stock valued at $1,338,000 after purchasing an additional 3,899 shares during the last quarter. Renaissance Technologies LLC raised its position in Eastman Chemical by 127.3% in the fourth quarter. Renaissance Technologies LLC now owns 173,040 shares of the basic materials company’s stock valued at $15,802,000 after purchasing an additional 96,900 shares during the period. Invesco Ltd. lifted its stake in Eastman Chemical by 11.1% during the fourth quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company’s stock worth $259,729,000 after purchasing an additional 284,271 shares in the last quarter. Finally, Bank of Montreal Can boosted its position in shares of Eastman Chemical by 21.7% during the fourth quarter. Bank of Montreal Can now owns 442,303 shares of the basic materials company’s stock worth $40,391,000 after buying an additional 78,937 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Stock Performance

NYSE:EMN opened at $78.22 on Friday. Eastman Chemical has a 12 month low of $70.90 and a 12 month high of $114.50. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.51 and a quick ratio of 0.78. The firm has a market capitalization of $9.01 billion, a PE ratio of 10.18, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38. The business’s fifty day moving average price is $92.01 and its 200 day moving average price is $97.24.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 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%. On average, sell-side analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 7th. Stockholders of record on Friday, March 14th were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 4.24%. The ex-dividend date was Friday, March 14th. Eastman Chemical’s payout ratio is 43.23%.

Analysts Set New Price Targets

EMN has been the topic of several research analyst reports. Mizuho upgraded Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 price objective on the stock in a report on Thursday, April 3rd. KeyCorp boosted their price target on shares of Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Citigroup raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $105.00 to $101.00 in a research note on Friday, April 4th. UBS Group cut their target price 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. Finally, Barclays decreased their price target on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Three investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Eastman Chemical presently has an average rating of “Moderate Buy” and an average price target of $107.75.

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.