Resona Asset Management Co. Ltd. Purchases Shares of 35,779 Eastman Chemical (NYSE:EMN)

Resona Asset Management Co. Ltd. acquired a new stake in Eastman Chemical (NYSE:EMN - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 35,779 shares of the basic materials company's stock, valued at approximately $3,270,000.

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

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the stock. Piper Sandler reduced their price objective on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a research note on Monday, April 7th. Wells Fargo & Company dropped their target price on shares of Eastman Chemical from $125.00 to $90.00 and set an "overweight" rating for the company in a research report on Wednesday, April 9th. StockNews.com raised Eastman Chemical from a "hold" rating to a "buy" rating in a research report on Saturday, January 18th. Bank of America raised shares of 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 research report on Tuesday, January 14th. Finally, KeyCorp reduced their price target on Eastman Chemical from $128.00 to $120.00 and set an "overweight" rating for the company in a report on Monday. Three analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $107.08.

Eastman Chemical Stock Performance

EMN traded down $0.91 during trading on Tuesday, reaching $78.46. 701,745 shares of the company were exchanged, compared to its average volume of 1,011,300. The firm has a 50 day moving average of $91.56 and a 200 day moving average of $96.90. The stock has a market cap of $9.04 billion, a P/E ratio of 10.21, a PEG ratio of 1.22 and a beta of 1.38. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 52 week low of $70.90 and a 52 week high of $114.50.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, topping 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 forecast that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, April 7th. Investors of record on Friday, March 14th were issued a dividend of $0.83 per share. The ex-dividend date was Friday, March 14th. This represents a $3.32 annualized dividend and a yield of 4.23%. Eastman Chemical's payout ratio is 43.23%.

Eastman Chemical 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.