Erste Asset Management GmbH Boosts Stock Position in Eastman Chemical (NYSE:EMN)

Erste Asset Management GmbH increased its holdings in shares of Eastman Chemical (NYSE:EMN) by 2.4% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 58,800 shares of the basic materials company’s stock after buying an additional 1,400 shares during the period. Erste Asset Management GmbH owned about 0.05% of Eastman Chemical worth $5,394,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in EMN. Raymond James Financial Inc. acquired a new stake in Eastman Chemical in the 4th quarter worth about $150,537,000. Wealthfront Advisers LLC boosted its stake in Eastman Chemical by 3,136.8% during the 4th quarter. Wealthfront Advisers LLC now owns 736,011 shares of the basic materials company’s stock worth $67,213,000 after purchasing an additional 713,272 shares during the last quarter. PNC Financial Services Group Inc. boosted its stake in Eastman Chemical by 57.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock worth $104,755,000 after purchasing an additional 340,562 shares during the last quarter. Franklin Resources Inc. boosted its stake in Eastman Chemical by 5.7% during the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after purchasing an additional 282,458 shares during the last quarter. Finally, National Bank of Canada FI boosted its position in Eastman Chemical by 492.9% during the third quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock worth $23,863,000 after acquiring an additional 177,207 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on EMN. Royal Bank of Canada boosted their price target on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 4th. JPMorgan Chase & Co. boosted their price objective on Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Mizuho raised their target price on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. UBS Group lowered their price target on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Finally, Piper Sandler raised their price objective 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. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $114.08.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $91.03 on Friday. The firm’s 50 day moving average price is $95.64 and its 200-day moving average price is $100.14. 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 has a one year low of $86.70 and a one year high of $114.50. The firm has a market cap of $10.48 billion, a P/E ratio of 11.85, a P/E/G ratio of 1.22 and a beta of 1.43.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. As a group, equities research analysts predict that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently declared 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 of this dividend is Friday, March 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.65%. Eastman Chemical’s dividend payout ratio is presently 43.23%.

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.