Versor Investments LP Makes New Investment in Eastman Chemical (NYSE:EMN)

Versor Investments LP bought a new position in Eastman Chemical (NYSE:EMN) in the fourth quarter, HoldingsChannel reports. The fund bought 6,700 shares of the basic materials company’s stock, valued at approximately $612,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Proficio Capital Partners LLC purchased a new stake in Eastman Chemical in the 4th quarter worth approximately $75,000. Bradley & Co. Private Wealth Management LLC purchased a new stake in Eastman Chemical in the 4th quarter worth approximately $35,000. Illinois Municipal Retirement Fund lifted its position in Eastman Chemical by 30.8% in the 4th quarter. Illinois Municipal Retirement Fund now owns 93,929 shares of the basic materials company’s stock worth $8,578,000 after buying an additional 22,097 shares in the last quarter. Todd Asset Management LLC raised its holdings in shares of Eastman Chemical by 1.6% during the 4th quarter. Todd Asset Management LLC now owns 434,404 shares of the basic materials company’s stock valued at $39,670,000 after purchasing an additional 6,961 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Eastman Chemical by 4.2% during the 4th quarter. Bank of New York Mellon Corp now owns 1,265,393 shares of the basic materials company’s stock valued at $115,556,000 after purchasing an additional 51,367 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Performance

NYSE:EMN opened at $97.81 on Friday. Eastman Chemical has a 1 year low of $86.59 and a 1 year high of $114.50. The firm’s fifty day simple moving average is $94.80 and its 200 day simple moving average is $100.29. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The firm has a market capitalization of $11.26 billion, a PE ratio of 12.74, a PEG ratio of 1.22 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. On average, sell-side analysts anticipate that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The business also recently declared 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 3.39%. Eastman Chemical’s dividend payout ratio is 43.23%.

Analysts Set New Price Targets

EMN has been the topic of a number of recent research reports. Piper Sandler raised their price target on shares of Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Mizuho raised their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. JPMorgan Chase & Co. raised their price target on shares of Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. UBS Group cut their price target on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a report on Friday, January 31st. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $114.08.

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.