Invenomic Capital Management LP Has $17.98 Million Stock Holdings in Eastman Chemical (NYSE:EMN)

Invenomic Capital Management LP increased its position in shares of Eastman Chemical (NYSE:EMN) by 42.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 179,410 shares of the basic materials company’s stock after acquiring an additional 53,143 shares during the quarter. Invenomic Capital Management LP owned about 0.15% of Eastman Chemical worth $17,980,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Turtle Creek Wealth Advisors LLC acquired a new position in Eastman Chemical in the fourth quarter valued at about $26,000. Northwest Investment Counselors LLC acquired a new position in Eastman Chemical in the first quarter valued at about $34,000. EntryPoint Capital LLC acquired a new position in Eastman Chemical in the first quarter valued at about $38,000. Advantage Trust Co bought a new stake in shares of Eastman Chemical in the fourth quarter worth about $40,000. Finally, Quent Capital LLC increased its holdings in shares of Eastman Chemical by 154.3% in the fourth quarter. Quent Capital LLC now owns 646 shares of the basic materials company’s stock worth $58,000 after acquiring an additional 392 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analyst Ratings Changes

EMN has been the subject of several recent analyst reports. Deutsche Bank Aktiengesellschaft increased their price target on Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a report on Monday. Bank of America lowered their price target on Eastman Chemical from $113.00 to $112.00 and set a “buy” rating for the company in a report on Monday, April 29th. Wells Fargo & Company increased their price target on Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a report on Thursday, April 11th. KeyCorp increased their price target on Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a report on Tuesday, April 9th. Finally, Barclays increased their price target on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a report on Monday. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and an average price target of $108.50.

Eastman Chemical Stock Up 2.0 %

NYSE EMN traded up $2.02 during trading hours on Tuesday, hitting $103.27. 983,429 shares of the company traded hands, compared to its average volume of 982,149. The business’s 50-day moving average is $98.92 and its 200-day moving average is $94.67. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $105.98. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39. The stock has a market capitalization of $12.15 billion, a price-to-earnings ratio of 13.31, a P/E/G ratio of 1.11 and a beta of 1.46.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, beating the consensus estimate of $2.01 by $0.14. Eastman Chemical had a return on equity of 14.06% and a net margin of 9.65%. The firm had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same period in the prior year, the firm posted $1.99 earnings per share. The business’s quarterly revenue was up 1.7% compared to the same quarter last year. Sell-side analysts anticipate that Eastman Chemical will post 7.69 earnings per share for the current year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, July 9th. Investors of record on Monday, June 17th were paid a $0.81 dividend. This represents a $3.24 annualized dividend and a yield of 3.14%. The ex-dividend date of this dividend was Monday, June 17th. Eastman Chemical’s payout ratio is 41.75%.

Insider Activity

In other news, SVP Adrian James Holt sold 1,975 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $99.22, for a total transaction of $195,959.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of Eastman Chemical stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $99.22, for a total value of $195,959.50. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Mark J. Costa sold 102,390 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the sale, the chief executive officer now directly owns 395,699 shares in the company, valued at approximately $39,878,545.22. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 108,027 shares of company stock valued at $10,885,638. Insiders own 1.93% of the company’s stock.

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.