Kornitzer Capital Management Inc. KS Buys 120 Shares of Eastman Chemical (NYSE:EMN)

Kornitzer Capital Management Inc. KS grew its position in Eastman Chemical (NYSE:EMN) by 0.1% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 105,035 shares of the basic materials company’s stock after acquiring an additional 120 shares during the period. Kornitzer Capital Management Inc. KS owned 0.09% of Eastman Chemical worth $9,434,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. First Command Advisory Services Inc. bought a new stake in shares of Eastman Chemical during the third quarter worth about $26,000. Turtle Creek Wealth Advisors LLC acquired a new position in Eastman Chemical in the 4th quarter valued at approximately $26,000. Cornerstone Planning Group LLC bought a new position in shares of Eastman Chemical during the second quarter valued at $33,000. Money Concepts Capital Corp lifted its holdings in shares of Eastman Chemical by 435.0% during the fourth quarter. Money Concepts Capital Corp now owns 428 shares of the basic materials company’s stock worth $35,000 after purchasing an additional 348 shares during the period. Finally, Sound Income Strategies LLC raised its position in Eastman Chemical by 213.8% during the 4th quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 278 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.

Insiders Place Their Bets

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total value of $415,496.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 1.93% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on EMN shares. Redburn Atlantic initiated coverage on Eastman Chemical in a research report on Thursday, February 15th. They set a “buy” rating and a $110.00 price objective for the company. Wells Fargo & Company increased their price objective on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 11th. KeyCorp boosted their target price 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. UBS Group increased their price target on Eastman Chemical from $91.00 to $93.00 and gave the stock a “neutral” rating in a report on Friday, February 2nd. Finally, Citigroup boosted their price target on Eastman Chemical from $95.00 to $114.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Seven investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $97.81.

Eastman Chemical Stock Up 0.4 %

EMN traded up $0.40 during midday trading on Friday, reaching $96.42. 698,235 shares of the company were exchanged, compared to its average volume of 939,485. The company has a market cap of $11.34 billion, a price-to-earnings ratio of 12.87, a price-to-earnings-growth ratio of 1.06 and a beta of 1.54. Eastman Chemical has a one year low of $68.89 and a one year high of $102.71. The company’s fifty day moving average price is $92.72 and its 200 day moving average price is $85.62. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Friday, February 2nd. The basic materials company reported $1.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.28 by $0.03. Eastman Chemical had a return on equity of 14.15% and a net margin of 9.71%. The business had revenue of $2.21 billion during the quarter, compared to the consensus estimate of $2.21 billion. During the same quarter in the prior year, the company posted $0.89 earnings per share. Eastman Chemical’s revenue was down 7.0% compared to the same quarter last year. As a group, analysts expect that Eastman Chemical will post 7.7 EPS for the current year.

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 3.36%. The ex-dividend date was Thursday, March 14th. Eastman Chemical’s dividend payout ratio (DPR) is presently 43.26%.

About Eastman Chemical

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.