Magnetar Financial LLC Buys New Holdings in Eastman Chemical (NYSE:EMN)

Magnetar Financial LLC bought a new stake in shares of Eastman Chemical (NYSE:EMN) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 44,256 shares of the basic materials company’s stock, valued at approximately $4,041,000.

Other institutional investors also recently bought and sold shares of the company. Crews Bank & Trust purchased a new stake in Eastman Chemical during the 4th quarter valued at about $27,000. Picton Mahoney Asset Management lifted its holdings 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 worth $29,000 after buying an additional 124 shares during the period. Assetmark Inc. lifted its holdings in Eastman Chemical by 384.4% in the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock worth $34,000 after buying an additional 296 shares during the period. Bradley & Co. Private Wealth Management LLC purchased a new stake in Eastman Chemical in the 4th quarter worth approximately $35,000. Finally, Dunhill Financial LLC lifted its holdings in Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after buying an additional 162 shares during the period. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have weighed in on EMN. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $110.00 to $125.00 in a report on Tuesday, November 26th. Mizuho increased their price objective on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Barclays dropped their price objective on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Royal Bank of Canada increased their target price on Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 4th. Finally, JPMorgan Chase & Co. increased their target price on Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Six analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus target price of $114.08.

Eastman Chemical Stock Down 1.7 %

EMN stock opened at $89.83 on Friday. Eastman Chemical has a twelve month low of $86.70 and a twelve month high of $114.50. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The firm has a market cap of $10.35 billion, a PE ratio of 11.70, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. The business has a 50 day moving average of $95.90 and a 200 day moving average of $99.79.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share 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, research analysts forecast that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.70%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s payout ratio is 43.23%.

Eastman Chemical 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.