Nomura Holdings Inc. Makes New $214,000 Investment in Eastman Chemical (NYSE:EMN)

Nomura Holdings Inc. purchased a new position in shares of Eastman Chemical (NYSE:EMN) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 2,380 shares of the basic materials company’s stock, valued at approximately $214,000.

Other hedge funds have also made changes to their positions in the company. Burns J W & Co. Inc. NY acquired a new stake in Eastman Chemical in the fourth quarter worth $205,000. Massachusetts Financial Services Co. MA boosted its stake in Eastman Chemical by 7.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,575,783 shares of the basic materials company’s stock valued at $231,357,000 after purchasing an additional 168,009 shares during the period. Cetera Trust Company N.A bought a new position in Eastman Chemical in the 4th quarter worth about $812,000. Vanguard Group Inc. increased its stake in shares of Eastman Chemical by 0.4% in the fourth quarter. Vanguard Group Inc. now owns 14,839,723 shares of the basic materials company’s stock valued at $1,332,904,000 after purchasing an additional 61,580 shares during the period. Finally, Wedge Capital Management L L P NC raised its holdings in shares of Eastman Chemical by 17.6% during the fourth quarter. Wedge Capital Management L L P NC now owns 99,419 shares of the basic materials company’s stock valued at $8,930,000 after buying an additional 14,898 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.

Insider Buying and Selling

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 stock was 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 SEC, which is accessible through the SEC website. In related news, SVP Adrian James Holt sold 1,975 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $99.22, for a total transaction of $195,959.50. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Mark J. Costa sold 102,390 shares of the stock in a transaction that occurred on Tuesday, May 7th. The stock was 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 owns 395,699 shares of the company’s stock, valued at approximately $39,878,545.22. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,027 shares of company stock valued at $10,885,638. Corporate insiders own 1.93% of the company’s stock.

Eastman Chemical Price Performance

NYSE EMN opened at $98.61 on Monday. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $105.98. The stock’s 50-day moving average price is $99.11 and its two-hundred day moving average price is $92.86. The company has a market cap of $11.60 billion, a PE ratio of 12.71, a PEG ratio of 1.06 and a beta of 1.51. The company has a current ratio of 1.39, a quick ratio of 0.71 and a debt-to-equity ratio of 0.77.

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

Eastman Chemical Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be given a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 3.29%. The ex-dividend date of this dividend is Monday, June 17th. Eastman Chemical’s payout ratio is 41.75%.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on EMN shares. Piper Sandler boosted their price target on Eastman Chemical from $90.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 30th. Citigroup boosted their price target on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Mizuho increased their price objective on shares of Eastman Chemical from $91.00 to $102.00 and gave the company a “neutral” rating in a report on Friday, April 26th. Bank of America dropped their target price on Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a report on Monday, April 29th. Finally, KeyCorp increased their price target on Eastman Chemical from $101.00 to $121.00 and gave the company an “overweight” rating in a research note on Tuesday, April 9th. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and an average target price of $107.50.

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.