Sumitomo Mitsui Trust Holdings Inc. Purchases 12,853 Shares of Eastman Chemical (NYSE:EMN)

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Sumitomo Mitsui Trust Holdings Inc. lifted its position in Eastman Chemical (NYSE:EMN) by 2.1% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 621,879 shares of the basic materials company’s stock after buying an additional 12,853 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.46% of Eastman Chemical worth $43,308,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the stock. Hammer Asset Management LLC grew its stake in shares of Eastman Chemical by 130.7% in the second quarter. Hammer Asset Management LLC now owns 12,722 shares of the basic materials company’s stock valued at $886,000 after buying an additional 7,207 shares in the last quarter. NN Investment Partners Holdings N.V. grew its stake in shares of Eastman Chemical by 424.0% in the second quarter. NN Investment Partners Holdings N.V. now owns 1,483 shares of the basic materials company’s stock valued at $103,000 after buying an additional 1,200 shares in the last quarter. Heritage Investors Management Corp bought a new position in shares of Eastman Chemical in the second quarter valued at $216,000. Dupont Capital Management Corp grew its stake in shares of Eastman Chemical by 101.3% in the second quarter. Dupont Capital Management Corp now owns 62,564 shares of the basic materials company’s stock valued at $4,357,000 after buying an additional 31,481 shares in the last quarter. Finally, Allworth Financial LP grew its stake in shares of Eastman Chemical by 143.3% in the second quarter. Allworth Financial LP now owns 820 shares of the basic materials company’s stock valued at $57,000 after buying an additional 483 shares in the last quarter. 79.70% of the stock is owned by institutional investors and hedge funds.

EMN has been the subject of a number of research analyst reports. Deutsche Bank lifted their price objective on shares of Eastman Chemical from $68.00 to $70.00 and gave the stock a “buy” rating in a research report on Monday, May 4th. Citigroup lifted their price objective on shares of Eastman Chemical from $54.00 to $61.00 and gave the stock a “buy” rating in a research report on Thursday, April 9th. JPMorgan Chase & Co. lifted their price objective on shares of Eastman Chemical from $68.00 to $70.00 and gave the stock an “overweight” rating in a research report on Monday, May 4th. Royal Bank of Canada lifted their price objective on shares of Eastman Chemical from $48.00 to $60.00 in a research report on Monday, May 4th. Finally, Barclays reduced their price objective on shares of Eastman Chemical from $81.00 to $70.00 and set an “equal weight” rating for the company in a research report on Monday, May 4th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have issued a buy rating to the company’s stock. Eastman Chemical has an average rating of “Buy” and an average price target of $72.28.

EMN stock opened at $74.63 on Friday. The company has a market cap of $10.14 billion, a PE ratio of 12.74, a price-to-earnings-growth ratio of 3.19 and a beta of 1.66. The business has a 50-day simple moving average of $71.55 and a 200 day simple moving average of $64.82. Eastman Chemical has a 52 week low of $34.44 and a 52 week high of $83.99. The company has a quick ratio of 0.95, a current ratio of 1.66 and a debt-to-equity ratio of 0.87.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, April 30th. The basic materials company reported $2.03 EPS for the quarter, beating the Zacks’ consensus estimate of $1.72 by $0.31. The business had revenue of $2.24 billion during the quarter, compared to the consensus estimate of $2.26 billion. Eastman Chemical had a return on equity of 16.76% and a net margin of 8.85%. Eastman Chemical’s revenue for the quarter was down 5.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.77 earnings per share. On average, analysts anticipate that Eastman Chemical will post 5.89 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Friday, October 2nd. Investors of record on Tuesday, September 15th will be paid a $0.66 dividend. This represents a $2.64 dividend on an annualized basis and a yield of 3.54%. Eastman Chemical’s dividend payout ratio (DPR) is presently 37.03%.

Eastman Chemical Profile

Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company's Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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