Picton Mahoney Asset Management Has $29,000 Stake in Eastman Chemical (NYSE:EMN)

Picton Mahoney Asset Management increased its stake in shares of Eastman Chemical (NYSE:EMN) by 62.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 323 shares of the basic materials company’s stock after acquiring an additional 124 shares during the period. Picton Mahoney Asset Management’s holdings in Eastman Chemical were worth $29,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Private Trust Co. NA grew its holdings in Eastman Chemical by 14.0% in the 4th quarter. Private Trust Co. NA now owns 837 shares of the basic materials company’s stock valued at $76,000 after buying an additional 103 shares during the last quarter. Blue Trust Inc. grew its holdings in Eastman Chemical by 2.2% in the 4th quarter. Blue Trust Inc. now owns 5,505 shares of the basic materials company’s stock valued at $503,000 after buying an additional 116 shares during the last quarter. Caprock Group LLC grew its holdings in Eastman Chemical by 4.2% in the 4th quarter. Caprock Group LLC now owns 3,196 shares of the basic materials company’s stock valued at $295,000 after buying an additional 128 shares during the last quarter. Global Retirement Partners LLC grew its holdings in Eastman Chemical by 1.4% in the 4th quarter. Global Retirement Partners LLC now owns 9,268 shares of the basic materials company’s stock valued at $846,000 after buying an additional 132 shares during the last quarter. Finally, Metis Global Partners LLC grew its holdings in Eastman Chemical by 3.8% in the 4th quarter. Metis Global Partners LLC now owns 3,878 shares of the basic materials company’s stock valued at $354,000 after buying an additional 143 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $91.23 on Tuesday. 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 company has a market capitalization of $10.51 billion, a PE ratio of 11.88, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. Eastman Chemical has a one year low of $86.70 and a one year high of $114.50. The business has a 50 day simple moving average of $95.74 and a 200 day simple moving average of $100.00.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, topping the consensus estimate 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 forecast 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 Monday, April 7th. Shareholders of record on Friday, March 14th will be given a $0.83 dividend. The ex-dividend date is Friday, March 14th. This represents a $3.32 annualized dividend and a yield of 3.64%. Eastman Chemical’s payout ratio is 43.23%.

Wall Street Analyst Weigh In

EMN has been the topic of a number of research analyst reports. Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $110.00 to $125.00 in a report on Tuesday, November 26th. Bank of America upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and reduced their price objective for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. UBS Group reduced their price objective on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a research report on Friday, January 31st. Citigroup downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $118.00 to $104.00 in a research report on Wednesday, December 18th. Finally, KeyCorp raised their price objective on Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and an average price target of $114.08.

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.