Mitsubishi UFJ Asset Management Co. Ltd. Acquires 480 Shares of Eastman Chemical (NYSE:EMN)

Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Eastman Chemical (NYSE:EMNFree Report) by 0.4% in the fourth quarter, HoldingsChannel reports. The firm owned 121,556 shares of the basic materials company’s stock after purchasing an additional 480 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Eastman Chemical were worth $10,698,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. New Mexico Educational Retirement Board grew its holdings in Eastman Chemical by 6.9% in the 3rd quarter. New Mexico Educational Retirement Board now owns 6,186 shares of the basic materials company’s stock valued at $475,000 after buying an additional 400 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Eastman Chemical by 7.2% in the third quarter. Daiwa Securities Group Inc. now owns 9,991 shares of the basic materials company’s stock valued at $767,000 after acquiring an additional 669 shares during the period. Empirical Finance LLC boosted its position in shares of Eastman Chemical by 9.0% in the third quarter. Empirical Finance LLC now owns 4,372 shares of the basic materials company’s stock valued at $335,000 after acquiring an additional 360 shares during the period. Duality Advisers LP acquired a new stake in shares of Eastman Chemical in the third quarter worth $839,000. Finally, California Public Employees Retirement System increased its position in Eastman Chemical by 0.4% during the third quarter. California Public Employees Retirement System now owns 234,071 shares of the basic materials company’s stock worth $17,958,000 after acquiring an additional 997 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Stock Up 0.3 %

EMN opened at $100.38 on Friday. The firm has a market cap of $11.81 billion, a price-to-earnings ratio of 12.94, a PEG ratio of 1.09 and a beta of 1.54. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39. The firm’s 50-day simple moving average is $97.61 and its 200-day simple moving average is $89.27. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $102.71.

Eastman Chemical (NYSE:EMNGet Free Report) last issued its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, topping the consensus estimate of $1.41 by $0.20. The firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.63 earnings per share. Equities research analysts anticipate that Eastman Chemical will post 7.75 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be issued a dividend of $0.81 per share. The ex-dividend date of this dividend is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a yield of 3.23%. Eastman Chemical’s dividend payout ratio is 41.75%.

Insider Buying and Selling at Eastman Chemical

In other news, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the sale, the chief executive officer now directly owns 395,699 shares in the company, valued at $39,878,545.22. The sale was disclosed in a filing with the SEC, which is accessible through this link. In related news, CEO Mark J. Costa sold 102,390 shares of the firm’s stock in a transaction that occurred on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the sale, the chief executive officer now owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Adrian James Holt sold 4,735 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total transaction of $415,496.25. The disclosure for this sale can be found here. In the last quarter, insiders sold 110,787 shares of company stock worth $11,105,175. 1.93% of the stock is currently owned by insiders.

Analyst Ratings Changes

EMN has been the topic of several research analyst reports. KeyCorp raised their price target on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 9th. Redburn Atlantic assumed coverage on Eastman Chemical in a research note on Thursday, February 15th. They set a “buy” rating and a $110.00 price target on the stock. Barclays upped their price target on Eastman Chemical from $85.00 to $103.00 and gave the company an “equal weight” rating in a report on Monday, May 6th. Royal Bank of Canada lifted their price objective on Eastman Chemical from $100.00 to $104.00 and gave the stock a “sector perform” rating in a report on Tuesday, April 30th. Finally, Citigroup boosted their price objective on Eastman Chemical from $95.00 to $114.00 and gave the company a “buy” rating in a research report on Wednesday, April 10th. Seven investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $104.18.

View Our Latest Analysis on EMN

Eastman Chemical Profile

(Free Report)

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.

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

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