Walnut Level Capital LLC Has $14.71 Million Stake in Eastman Chemical (NYSE:EMN)

Walnut Level Capital LLC lifted its stake in Eastman Chemical (NYSE:EMN) by 4.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 161,042 shares of the basic materials company’s stock after acquiring an additional 7,500 shares during the quarter. Eastman Chemical accounts for about 5.6% of Walnut Level Capital LLC’s investment portfolio, making the stock its 6th largest holding. Walnut Level Capital LLC owned 0.14% of Eastman Chemical worth $14,706,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Crews Bank & Trust purchased a new position in shares of Eastman Chemical in the fourth quarter worth approximately $27,000. Picton Mahoney Asset Management boosted its holdings in shares of Eastman Chemical by 62.3% in the fourth 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 last quarter. Assetmark Inc. boosted its holdings in shares of Eastman Chemical by 384.4% in the fourth 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 last quarter. Bradley & Co. Private Wealth Management LLC purchased a new position in shares of Eastman Chemical in the fourth quarter worth approximately $35,000. Finally, Dunhill Financial LLC lifted its holdings in Eastman Chemical by 94.7% during the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 162 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on EMN shares. Piper Sandler lifted 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. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their price target for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. UBS Group lowered 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, KeyCorp lifted their price target on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a 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 company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $114.08.

Eastman Chemical Trading Down 1.5 %

Shares of EMN opened at $88.55 on Monday. The company’s fifty day moving average is $95.92 and its 200 day moving average is $99.69. Eastman Chemical has a fifty-two week low of $86.70 and a fifty-two week high of $114.50. The stock has a market capitalization of $10.20 billion, a PE ratio of 11.53, a P/E/G ratio of 1.22 and a beta of 1.43. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share 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%. Sell-side analysts expect that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical’s dividend payout ratio is presently 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.