Capital Research Global Investors Grows Stake in Eastman Chemical (NYSE:EMN)

Capital Research Global Investors raised its position in Eastman Chemical (NYSE:EMN - Free Report) by 13.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,886,564 shares of the basic materials company's stock after acquiring an additional 697,388 shares during the quarter. Capital Research Global Investors owned approximately 5.08% of Eastman Chemical worth $537,561,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Crews Bank & Trust bought a new position in Eastman Chemical during the 4th quarter valued at approximately $27,000. Picton Mahoney Asset Management increased its stake in shares of Eastman Chemical by 62.3% during the fourth quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock valued at $29,000 after buying an additional 124 shares during the period. Assetmark Inc. raised its holdings in shares of Eastman Chemical by 384.4% during the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock valued at $34,000 after acquiring an additional 296 shares in the last quarter. Bradley & Co. Private Wealth Management LLC purchased a new stake in Eastman Chemical in the fourth quarter worth $35,000. Finally, Stonebridge Financial Group LLC bought a new stake in Eastman Chemical in the fourth quarter valued at $37,000. 83.65% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

EMN has been the subject of several research analyst reports. Piper Sandler dropped their target price on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a research report on Monday, April 7th. Barclays cut their price objective on Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating on the stock in a research report on Monday, February 3rd. Bank of America upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and reduced their target price for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. Royal Bank of Canada upgraded Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price target on the stock in a research report on Wednesday, April 9th. Finally, StockNews.com raised Eastman Chemical from a "hold" rating to a "buy" rating in a research note on Saturday, January 18th. Three research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $107.08.

Eastman Chemical Stock Up 3.1 %

Eastman Chemical stock traded up $2.40 during trading hours on Tuesday, hitting $79.34. The stock had a trading volume of 1,861,633 shares, compared to its average volume of 1,026,944. The stock's 50-day moving average price is $88.78 and its 200-day moving average price is $95.63. The stock has a market capitalization of $9.14 billion, a P/E ratio of 10.33, a price-to-earnings-growth ratio of 1.22 and a beta of 1.38. Eastman Chemical has a 12-month low of $70.90 and a 12-month high of $114.50. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. Equities research analysts anticipate that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, April 7th. Shareholders of record on Friday, March 14th were paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 4.18%. The ex-dividend date of this dividend was Friday, March 14th. Eastman Chemical's dividend payout ratio is currently 43.23%.

About Eastman Chemical

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.