Nissay Asset Management Corp Japan ADV boosted its position in Eastman Chemical (NYSE:EMN) by 12.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,629 shares of the basic materials company’s stock after buying an additional 1,601 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in Eastman Chemical were worth $1,019,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of EMN. Sunbelt Securities Inc. acquired a new position in Eastman Chemical in the 4th quarter valued at $4,954,000. Verus Capital Partners LLC bought a new stake in Eastman Chemical in the 4th quarter valued at $28,000. Macquarie Group Ltd. boosted its holdings in Eastman Chemical by 12.0% in the 4th quarter. Macquarie Group Ltd. now owns 105,340 shares of the basic materials company’s stock valued at $8,349,000 after purchasing an additional 11,294 shares during the period. Norges Bank bought a new stake in Eastman Chemical in the 4th quarter valued at $25,468,000. Finally, Nuveen Asset Management LLC boosted its holdings in Eastman Chemical by 13.4% in the 4th quarter. Nuveen Asset Management LLC now owns 411,503 shares of the basic materials company’s stock valued at $32,616,000 after purchasing an additional 48,479 shares during the period. Institutional investors and hedge funds own 79.70% of the company’s stock.
Shares of Eastman Chemical stock opened at $74.63 on Friday. The stock has a market capitalization of $10.14 billion, a P/E ratio of 12.74, a price-to-earnings-growth ratio of 3.19 and a beta of 1.66. The company has a quick ratio of 0.95, a current ratio of 1.66 and a debt-to-equity ratio of 0.87. The company has a 50-day simple moving average of $71.55 and a 200 day simple moving average of $64.82. Eastman Chemical has a 12-month low of $34.44 and a 12-month high of $83.99.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 2nd. Shareholders of record on Tuesday, September 15th will be given a $0.66 dividend. This represents a $2.64 annualized dividend and a yield of 3.54%. Eastman Chemical’s payout ratio is presently 37.03%.
A number of analysts have weighed in on EMN shares. Stifel Nicolaus increased their price target on shares of Eastman Chemical from $74.00 to $87.00 in a report on Tuesday, July 21st. TheStreet raised shares of Eastman Chemical from a “c” rating to a “b-” rating in a report on Wednesday, June 10th. KeyCorp raised their price objective on shares of Eastman Chemical from $83.00 to $92.00 and gave the stock an “overweight” rating in a report on Monday, July 13th. Royal Bank of Canada raised their price objective on shares of Eastman Chemical from $48.00 to $60.00 in a 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 report on Monday, May 4th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and twelve have assigned a buy rating to the company. Eastman Chemical presently has an average rating of “Buy” and an average price target of $72.28.
Eastman Chemical Company 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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