Opus Investment Management Inc. bought a new stake in Eastman Chemical (NYSE:EMN) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,000 shares of the basic materials company’s stock, valued at approximately $379,000.

Several other hedge funds have also recently made changes to their positions in EMN. Legal & General Group Plc raised its position in shares of Eastman Chemical by 10.7% during the third quarter. Legal & General Group Plc now owns 761,062 shares of the basic materials company’s stock valued at $72,858,000 after buying an additional 73,651 shares during the last quarter. Gateway Investment Advisers LLC raised its position in shares of Eastman Chemical by 8.3% during the fourth quarter. Gateway Investment Advisers LLC now owns 228,860 shares of the basic materials company’s stock valued at $16,732,000 after buying an additional 17,444 shares during the last quarter. DNB Asset Management AS raised its position in shares of Eastman Chemical by 16.7% during the fourth quarter. DNB Asset Management AS now owns 26,125 shares of the basic materials company’s stock valued at $1,910,000 after buying an additional 3,734 shares during the last quarter. Ipswich Investment Management Co. Inc. acquired a new position in shares of Eastman Chemical during the fourth quarter valued at about $67,000. Finally, Steward Partners Investment Advisory LLC raised its position in shares of Eastman Chemical by 42.7% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 8,245 shares of the basic materials company’s stock valued at $602,000 after buying an additional 2,469 shares during the last quarter. Institutional investors own 84.25% of the company’s stock.

A number of research analysts have recently commented on the stock. Zacks Investment Research raised shares of Eastman Chemical from a “sell” rating to a “hold” rating in a research report on Tuesday, March 26th. Morgan Stanley raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and set a $90.00 price objective for the company in a research report on Thursday, January 17th. ValuEngine lowered shares of Eastman Chemical from a “sell” rating to a “strong sell” rating in a research report on Tuesday, May 7th. Cowen lowered shares of Eastman Chemical from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $94.00 to $88.00 in a research report on Wednesday, February 6th. Finally, Standpoint Research lowered shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Thursday, January 31st. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $91.27.

NYSE:EMN traded down $0.84 during mid-day trading on Thursday, hitting $72.15. The company’s stock had a trading volume of 318,655 shares, compared to its average volume of 1,203,464. Eastman Chemical has a fifty-two week low of $67.40 and a fifty-two week high of $110.17. The company has a quick ratio of 0.79, a current ratio of 1.51 and a debt-to-equity ratio of 0.95. The firm has a market capitalization of $10.08 billion, a PE ratio of 8.80, a price-to-earnings-growth ratio of 0.97 and a beta of 1.14.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.77 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.91 by ($0.14). Eastman Chemical had a return on equity of 18.60% and a net margin of 10.07%. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.61 billion. During the same period last year, the company earned $2.23 EPS. The business’s revenue for the quarter was down 8.7% on a year-over-year basis. On average, research analysts expect that Eastman Chemical will post 8.57 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 5th. Investors of record on Monday, June 17th will be given a $0.62 dividend. This represents a $2.48 annualized dividend and a yield of 3.44%. The ex-dividend date is Friday, June 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 30.24%.

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Eastman Chemical Company Profile

Eastman Chemical Company manufactures and sells materials, specialty additives, chemicals, and fibers in the United States and internationally. The company's Additives & Functional Products segment offers specialty coalescents, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and antidegradant rubber additives; performance resins and amine derivative-based building blocks; heat transfer and aviation fluids; formic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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