Sumitomo Mitsui Trust Group Inc. Has $29.54 Million Stock Holdings in Eastman Chemical (NYSE:EMN)

Sumitomo Mitsui Trust Group Inc. lessened its stake in Eastman Chemical (NYSE:EMN - Free Report) by 2.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 323,499 shares of the basic materials company's stock after selling 9,675 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned 0.28% of Eastman Chemical worth $29,542,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. James J. Burns & Company LLC acquired a new position in Eastman Chemical in the 4th quarter valued at approximately $741,000. National Bank of Canada FI grew its position in Eastman Chemical by 492.9% in the third quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company's stock worth $23,863,000 after acquiring an additional 177,207 shares in the last quarter. Goelzer Investment Management Inc. bought a new stake in Eastman Chemical in the fourth quarter worth approximately $3,319,000. KBC Group NV grew its position in Eastman Chemical by 21.8% in the third quarter. KBC Group NV now owns 110,610 shares of the basic materials company's stock worth $12,383,000 after acquiring an additional 19,809 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in Eastman Chemical by 6.8% in the third quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company's stock worth $16,588,000 after acquiring an additional 9,447 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company's stock.

Eastman Chemical Stock Performance

NYSE EMN traded down $0.59 during trading on Friday, hitting $100.99. The company's stock had a trading volume of 829,322 shares, compared to its average volume of 1,167,509. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The firm has a 50 day moving average price of $94.26 and a 200 day moving average price of $100.15. The firm has a market cap of $11.71 billion, a P/E ratio of 13.15, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. Eastman Chemical has a 52 week low of $83.38 and a 52 week high of $114.50.

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 analysts' consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.40% and a net margin of 9.65%. Equities research analysts forecast that Eastman Chemical will post 8.47 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date is Friday, March 14th. Eastman Chemical's dividend payout ratio is presently 43.23%.

Analysts Set New Price Targets

EMN has been the subject of several recent research reports. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a "hold" rating for the company in a research report on Monday, November 4th. 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 research report on Monday, February 3rd. Piper Sandler boosted their target price on shares of Eastman Chemical from $102.00 to $105.00 and gave the stock a "neutral" rating in a research report on Thursday. UBS Group decreased their target price on shares of Eastman Chemical from $124.00 to $123.00 and set a "buy" rating for the company in a research report on Friday, January 31st. Finally, Citigroup downgraded shares of Eastman Chemical from a "buy" rating to a "neutral" rating and decreased their price objective for the stock from $118.00 to $104.00 in a report on Wednesday, December 18th. Six equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $113.77.

Insider Activity

In related news, SVP Julie A. Mcalindon sold 4,456 shares of the business's stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the sale, the senior vice president now owns 4,403 shares of the company's stock, valued at $466,013.52. The trade was a 50.30 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the business's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the sale, the executive vice president now directly owns 47,287 shares in the company, valued at approximately $4,965,135. This represents a 18.18 % decrease in their position. The disclosure for this sale can be found here. 1.93% of the stock is currently owned by company insiders.

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.