Eastman Chemical (NYSE:EMN) Shares Acquired by Asset Management One Co. Ltd.

Asset Management One Co. Ltd. boosted its stake in shares of Eastman Chemical (NYSE:EMN) by 1.2% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 45,619 shares of the basic materials company’s stock after purchasing an additional 542 shares during the quarter. Asset Management One Co. Ltd.’s holdings in Eastman Chemical were worth $4,185,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the stock. Crews Bank & Trust bought a new stake in shares of Eastman Chemical in the 4th quarter worth $27,000. Dunhill Financial LLC raised its stake in shares of Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after buying an additional 162 shares in the last quarter. Stonebridge Financial Group LLC acquired a new stake in shares of Eastman Chemical during the fourth quarter worth $37,000. Northwest Investment Counselors LLC acquired a new stake in shares of Eastman Chemical during the third quarter worth $38,000. Finally, Exchange Traded Concepts LLC raised its position in shares of Eastman Chemical by 784.4% during the third quarter. Exchange Traded Concepts LLC now owns 681 shares of the basic materials company’s stock worth $76,000 after purchasing an additional 604 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Insider Transactions at Eastman Chemical

In other news, SVP Julie A. Mcalindon sold 4,456 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the sale, the senior vice president now owns 4,403 shares in the company, valued at $466,013.52. This trade represents a 50.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the sale, the executive vice president now owns 47,287 shares of the company’s stock, valued at approximately $4,965,135. The trade was a 18.18 % decrease in their position. The disclosure for this sale can be found here. Insiders own 1.93% of the company’s stock.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $101.32 on Thursday. The stock’s 50 day moving average is $94.40 and its 200-day moving average is $100.17. The company has a market capitalization of $11.74 billion, a price-to-earnings ratio of 13.19, a PEG ratio of 1.23 and a beta of 1.44. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. Eastman Chemical has a 12 month low of $83.72 and a 12 month high of $114.50.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.40% and a net margin of 9.65%. Equities research analysts expect that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be given a dividend of $0.83 per share. The ex-dividend date is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.28%. Eastman Chemical’s dividend payout ratio (DPR) is presently 43.23%.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on EMN shares. Citigroup lowered Eastman Chemical from a “buy” rating to a “neutral” rating and cut their target price for the stock from $118.00 to $104.00 in a research report on Wednesday, December 18th. Mizuho boosted their target price on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. UBS Group cut their target price on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and cut their target price for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. Finally, Piper Sandler lifted their price target on Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical presently has an average rating of “Moderate Buy” and an average target price of $114.08.

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.