Nippon Life Global Investors Americas Inc. acquired a new stake in Eastman Chemical (NYSE:EMN) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 29,950 shares of the basic materials company’s stock, valued at approximately $2,774,000.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. grew its holdings in shares of Eastman Chemical by 2.7% during the fourth quarter. BlackRock Inc. now owns 12,147,844 shares of the basic materials company’s stock worth $1,125,377,000 after buying an additional 320,786 shares during the last quarter. Ameriprise Financial Inc. boosted its holdings in Eastman Chemical by 8.3% in the 3rd quarter. Ameriprise Financial Inc. now owns 2,930,981 shares of the basic materials company’s stock valued at $265,234,000 after purchasing an additional 223,382 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Eastman Chemical by 4.1% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,238,187 shares of the basic materials company’s stock valued at $202,526,000 after purchasing an additional 87,674 shares in the last quarter. Geode Capital Management LLC boosted its holdings in Eastman Chemical by 1.9% in the 4th quarter. Geode Capital Management LLC now owns 1,799,218 shares of the basic materials company’s stock valued at $166,377,000 after purchasing an additional 34,079 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its holdings in Eastman Chemical by 6,003.3% in the 4th quarter. Victory Capital Management Inc. now owns 1,700,749 shares of the basic materials company’s stock valued at $157,557,000 after purchasing an additional 1,672,883 shares in the last quarter. Institutional investors and hedge funds own 85.59% of the company’s stock.
Shares of Eastman Chemical (EMN) traded down $1.86 during trading hours on Wednesday, hitting $107.49. 1,106,908 shares of the company’s stock traded hands, compared to its average volume of 1,560,000. The company has a quick ratio of 0.82, a current ratio of 1.59 and a debt-to-equity ratio of 1.12. The firm has a market capitalization of $15,370.00, a price-to-earnings ratio of 15.03, a P/E/G ratio of 1.46 and a beta of 1.25. Eastman Chemical has a 12 month low of $76.02 and a 12 month high of $112.45.
The company also recently declared a quarterly dividend, which will be paid on Friday, April 6th. Investors of record on Thursday, March 15th will be given a $0.56 dividend. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $2.24 annualized dividend and a dividend yield of 2.08%. Eastman Chemical’s dividend payout ratio (DPR) is presently 31.33%.
In other Eastman Chemical news, CFO Curtis E. Espeland sold 47,000 shares of the stock in a transaction that occurred on Friday, March 2nd. The shares were sold at an average price of $100.00, for a total value of $4,700,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Damon Cary Warmack sold 4,417 shares of the firm’s stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $98.60, for a total transaction of $435,516.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 134,335 shares of company stock valued at $13,334,831. 1.14% of the stock is owned by insiders.
A number of research firms have recently issued reports on EMN. Wells Fargo & Co reiterated an “outperform” rating and set a $115.00 price target (up from $108.00) on shares of Eastman Chemical in a research report on Tuesday, February 20th. Zacks Investment Research downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday, January 5th. Cowen reiterated an “outperform” rating and issued a $106.00 price target (up from $92.00) on shares of Eastman Chemical in a report on Friday, December 8th. KeyCorp reiterated a “buy” rating and issued a $118.00 price target (up from $108.00) on shares of Eastman Chemical in a report on Monday, January 8th. Finally, Tudor Pickering assumed coverage on shares of Eastman Chemical in a research note on Tuesday, November 14th. They set a “hold” rating for the company. Eight research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. Eastman Chemical currently has an average rating of “Buy” and a consensus price target of $103.27.
Eastman Chemical Profile
Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.
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