International Assets Investment Management LLC Takes $8.59 Million Position in Eastman Chemical (NYSE:EMN)

International Assets Investment Management LLC bought a new position in Eastman Chemical (NYSE:EMN) during the fourth quarter, according to its most recent disclosure with the SEC. The firm bought 95,658 shares of the basic materials company’s stock, valued at approximately $8,592,000. International Assets Investment Management LLC owned 0.08% of Eastman Chemical as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. First Command Advisory Services Inc. purchased a new position in shares of Eastman Chemical during the 3rd quarter valued at about $26,000. Sound Income Strategies LLC lifted its holdings in Eastman Chemical by 213.8% during the fourth quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 278 shares in the last quarter. Bruce G. Allen Investments LLC bought a new position in shares of Eastman Chemical in the fourth quarter worth approximately $38,000. WASHINGTON TRUST Co increased its stake in shares of Eastman Chemical by 426.6% in the fourth quarter. WASHINGTON TRUST Co now owns 495 shares of the basic materials company’s stock worth $44,000 after purchasing an additional 401 shares in the last quarter. Finally, Orion Capital Management LLC bought a new stake in shares of Eastman Chemical during the 3rd quarter valued at $40,000. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Eastman Chemical

In related news, SVP Adrian James Holt sold 4,735 shares of the firm’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 2.28% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Royal Bank of Canada increased their price target on Eastman Chemical from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research note on Tuesday, April 30th. Mizuho boosted their price target on Eastman Chemical from $91.00 to $102.00 and gave the stock a “neutral” rating in a report on Friday, April 26th. KeyCorp increased their price objective on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a report on Tuesday, April 9th. Wells Fargo & Company boosted their target price on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a report on Thursday, April 11th. Finally, Stifel Nicolaus dropped their target price on shares of Eastman Chemical from $102.00 to $101.00 and set a “buy” rating for the company in a research report on Monday, February 5th. Eight equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $104.18.

Eastman Chemical Stock Performance

NYSE EMN opened at $98.75 on Tuesday. The company has a market cap of $11.62 billion, a P/E ratio of 12.73, a P/E/G ratio of 1.06 and a beta of 1.54. The business’s 50 day moving average price is $95.26 and its 200-day moving average price is $87.55. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $102.71. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. The business had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The business’s revenue was down 4.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.63 earnings per share. Sell-side analysts predict that Eastman Chemical will post 7.75 earnings per share for the current year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th will be paid a $0.81 dividend. This represents a $3.24 annualized dividend and a yield of 3.28%. The ex-dividend date is Monday, June 17th. Eastman Chemical’s payout ratio is currently 41.75%.

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.