Eastman Chemical (NYSE:EMN) Stake Increased by Nomura Asset Management Co. Ltd.

Nomura Asset Management Co. Ltd. raised its stake in shares of Eastman Chemical (NYSE:EMN) by 0.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 60,082 shares of the basic materials company’s stock after acquiring an additional 436 shares during the quarter. Nomura Asset Management Co. Ltd. owned approximately 0.05% of Eastman Chemical worth $5,487,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in EMN. Crews Bank & Trust bought a new position in shares of Eastman Chemical during the fourth quarter worth about $27,000. Picton Mahoney Asset Management lifted its holdings in Eastman Chemical by 62.3% during the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock worth $29,000 after buying an additional 124 shares during the last quarter. Dunhill Financial LLC grew its position 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 acquiring an additional 162 shares in the last quarter. Assetmark Inc. increased its holdings in shares of Eastman Chemical by 384.4% in the 4th quarter. Assetmark Inc. now owns 373 shares of the basic materials company’s stock valued at $34,000 after acquiring an additional 296 shares during the last quarter. Finally, Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of Eastman Chemical during the 4th quarter valued at approximately $35,000. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Stock Performance

Shares of EMN opened at $88.12 on Wednesday. Eastman Chemical has a 52-week low of $85.84 and a 52-week high of $114.50. The firm has a market capitalization of $10.15 billion, a PE ratio of 11.47, a P/E/G ratio of 1.22 and a beta of 1.43. The firm has a 50-day moving average price of $95.43 and a 200 day moving average price of $99.19. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. On average, sell-side analysts anticipate that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.77%. Eastman Chemical’s dividend payout ratio (DPR) is 43.23%.

Wall Street Analysts Forecast Growth

EMN has been the subject of several recent research reports. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their target price for the company from $115.00 to $109.00 in a research note on Tuesday, January 14th. Piper Sandler increased their price objective on shares of Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Barclays lowered their target price 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. JPMorgan Chase & Co. raised their price target on Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Finally, UBS Group lowered their price objective on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a research note on Friday, January 31st. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.