Eastman Chemical (NYSE:EMN) Shares Purchased by Brown Brothers Harriman & Co.

Brown Brothers Harriman & Co. boosted its holdings in shares of Eastman Chemical (NYSE:EMN) by 135.7% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 528 shares of the basic materials company’s stock after purchasing an additional 304 shares during the quarter. Brown Brothers Harriman & Co.’s holdings in Eastman Chemical were worth $48,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Private Trust Co. NA increased its stake in shares of Eastman Chemical by 14.0% in the fourth quarter. Private Trust Co. NA now owns 837 shares of the basic materials company’s stock worth $76,000 after buying an additional 103 shares during the last quarter. Blue Trust Inc. grew its holdings in Eastman Chemical by 2.2% during the 4th quarter. Blue Trust Inc. now owns 5,505 shares of the basic materials company’s stock worth $503,000 after acquiring an additional 116 shares in the last quarter. Picton Mahoney Asset Management increased its position in shares of Eastman Chemical by 62.3% in the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company’s stock worth $29,000 after purchasing an additional 124 shares during the last quarter. Caprock Group LLC raised its stake in shares of Eastman Chemical by 4.2% in the 4th quarter. Caprock Group LLC now owns 3,196 shares of the basic materials company’s stock valued at $295,000 after purchasing an additional 128 shares in the last quarter. Finally, Global Retirement Partners LLC lifted its position in shares of Eastman Chemical by 1.4% during the fourth quarter. Global Retirement Partners LLC now owns 9,268 shares of the basic materials company’s stock worth $846,000 after purchasing an additional 132 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Stock Performance

EMN opened at $88.35 on Thursday. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The business’s 50 day moving average is $95.36 and its 200-day moving average is $99.11. The stock has a market cap of $10.18 billion, a PE ratio of 11.50, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. Eastman Chemical has a twelve month low of $85.84 and a twelve month high of $114.50.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. On average, analysts predict that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be given a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.76%. Eastman Chemical’s dividend payout ratio (DPR) is 43.23%.

Analysts Set New Price Targets

Several analysts have issued reports on the company. KeyCorp upped their price objective on Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. Royal Bank of Canada raised their price objective on Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 4th. UBS Group lowered their target price on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a research note on Friday, January 31st. Piper Sandler raised their price target on shares of Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a research report on Thursday, February 13th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Six analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Eastman Chemical currently has an average 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.