Mitsubishi UFJ Trust & Banking Corp Sells 286 Shares of Eastman Chemical (NYSE:EMN)

Mitsubishi UFJ Trust & Banking Corp cut its position in Eastman Chemical (NYSE:EMN) by 0.5% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 54,778 shares of the basic materials company’s stock after selling 286 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Eastman Chemical were worth $5,002,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Prudential Financial Inc. increased its stake in shares of Eastman Chemical by 26.1% during the 4th quarter. Prudential Financial Inc. now owns 109,873 shares of the basic materials company’s stock worth $10,034,000 after purchasing an additional 22,722 shares during the last quarter. Walnut Level Capital LLC increased its position in Eastman Chemical by 4.9% during the fourth quarter. Walnut Level Capital LLC now owns 161,042 shares of the basic materials company’s stock worth $14,706,000 after buying an additional 7,500 shares during the last quarter. LPL Financial LLC raised its stake in Eastman Chemical by 11.0% in the fourth quarter. LPL Financial LLC now owns 190,050 shares of the basic materials company’s stock valued at $17,355,000 after buying an additional 18,827 shares during the period. KLP Kapitalforvaltning AS acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at approximately $2,154,000. Finally, Sei Investments Co. boosted its stake in shares of Eastman Chemical by 6.5% during the 4th quarter. Sei Investments Co. now owns 856,508 shares of the basic materials company’s stock worth $78,217,000 after acquiring an additional 52,522 shares during the period. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Stock Performance

EMN opened at $87.09 on Monday. The firm has a market cap of $10.03 billion, a P/E ratio of 11.34, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. The business’s fifty day moving average is $95.66 and its 200-day moving average is $99.37. Eastman Chemical has a 52-week low of $86.50 and a 52-week high of $114.50. 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 released its earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating 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 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.81%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s payout ratio is presently 43.23%.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a report on Saturday, January 18th. JPMorgan Chase & Co. lifted their target price on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. KeyCorp increased 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. Barclays reduced their price objective on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Finally, Piper Sandler increased their target price on Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus 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.