Bank of New York Mellon Corp Purchases 51,367 Shares of Eastman Chemical (NYSE:EMN)

Bank of New York Mellon Corp raised its holdings in Eastman Chemical (NYSE:EMN - Free Report) by 4.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,265,393 shares of the basic materials company's stock after purchasing an additional 51,367 shares during the quarter. Bank of New York Mellon Corp owned 1.09% of Eastman Chemical worth $115,556,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Crews Bank & Trust acquired a new stake in Eastman Chemical in the fourth quarter valued at about $27,000. Dunhill Financial LLC boosted its stake in shares of Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company's stock valued at $37,000 after purchasing an additional 162 shares in the last quarter. Stonebridge Financial Group LLC bought a new stake in shares of Eastman Chemical during the 4th quarter valued at approximately $37,000. Versant Capital Management Inc increased its position in Eastman Chemical by 32.4% during the 4th quarter. Versant Capital Management Inc now owns 916 shares of the basic materials company's stock worth $84,000 after purchasing an additional 224 shares in the last quarter. Finally, CENTRAL TRUST Co lifted its stake in Eastman Chemical by 27.6% in the 4th quarter. CENTRAL TRUST Co now owns 924 shares of the basic materials company's stock valued at $84,000 after purchasing an additional 200 shares during the last quarter. Institutional investors own 83.65% of the company's stock.

Eastman Chemical Trading Up 5.1 %

EMN stock traded up $4.71 during midday trading on Wednesday, hitting $97.82. The stock had a trading volume of 1,170,746 shares, compared to its average volume of 1,079,759. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The business has a fifty day moving average price of $95.02 and a two-hundred day moving average price of $100.32. Eastman Chemical has a 1-year low of $86.70 and a 1-year high of $114.50. The firm has a market cap of $11.27 billion, a P/E ratio of 12.74, a price-to-earnings-growth ratio of 1.22 and a beta of 1.44.

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Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating 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%. On average, sell-side analysts predict that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be paid a $0.83 dividend. The ex-dividend date is Friday, March 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.39%. Eastman Chemical's dividend payout ratio is currently 43.23%.

Analyst Upgrades and Downgrades

EMN has been the topic of a number of research reports. Royal Bank of Canada boosted their target price on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a "sector perform" rating in a research note on Tuesday, February 4th. Barclays dropped their target price on Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating for the company in a research report on Monday, February 3rd. StockNews.com upgraded Eastman Chemical from a "hold" rating to a "buy" rating in a report on Saturday, January 18th. KeyCorp raised their price objective on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an "overweight" rating in a report on Monday, February 3rd. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $114.08.

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.