OVERSEA CHINESE BANKING Corp Ltd Makes New Investment in Eastman Chemical Company (NYSE:EMN)

OVERSEA CHINESE BANKING Corp Ltd bought a new stake in Eastman Chemical Company (NYSE:EMN - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 3,900 shares of the basic materials company's stock, valued at approximately $344,000.

A number of other institutional investors have also added to or reduced their stakes in the stock. Capital Research Global Investors increased its position in Eastman Chemical by 13.4% during the 4th quarter. Capital Research Global Investors now owns 5,886,564 shares of the basic materials company's stock worth $537,561,000 after purchasing an additional 697,388 shares in the last quarter. Franklin Resources Inc. increased its position in Eastman Chemical by 10.8% during the 4th quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company's stock worth $528,310,000 after purchasing an additional 565,821 shares in the last quarter. Invesco Ltd. grew its holdings in Eastman Chemical by 11.1% during the 4th quarter. Invesco Ltd. now owns 2,844,165 shares of the basic materials company's stock worth $259,729,000 after acquiring an additional 284,271 shares during the last quarter. Massachusetts Financial Services Co. MA grew its holdings in Eastman Chemical by 4.0% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 2,843,506 shares of the basic materials company's stock worth $259,669,000 after acquiring an additional 109,316 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Eastman Chemical by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 2,832,593 shares of the basic materials company's stock worth $257,986,000 after acquiring an additional 48,491 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Stock Up 1.0%

NYSE EMN traded up $0.77 on Thursday, hitting $78.32. 434,105 shares of the company were exchanged, compared to its average volume of 1,245,986. The company has a market cap of $9.04 billion, a PE ratio of 9.96, a PEG ratio of 1.85 and a beta of 1.22. Eastman Chemical Company has a 12 month low of $70.90 and a 12 month high of $114.50. The stock has a fifty day moving average of $79.06 and a 200-day moving average of $85.73. The company has a current ratio of 1.72, a quick ratio of 0.79 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its earnings results on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.02. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.35 billion. Eastman Chemical had a net margin of 9.85% and a return on equity of 16.59%. Eastman Chemical's revenue was down .9% on a year-over-year basis. During the same period in the prior year, the firm earned $1.61 earnings per share. As a group, analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th were issued a dividend of $0.83 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $3.32 annualized dividend and a yield of 4.24%. Eastman Chemical's payout ratio is 42.24%.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. UBS Group reduced their target price on shares of Eastman Chemical from $107.00 to $101.00 and set a "buy" rating on the stock in a report on Wednesday, July 9th. Piper Sandler reduced their target price on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating on the stock in a report on Monday, April 7th. JPMorgan Chase & Co. reissued a "neutral" rating and set a $76.00 target price (down from $112.00) on shares of Eastman Chemical in a report on Monday, April 28th. The Goldman Sachs Group reduced their target price on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Finally, Wall Street Zen lowered shares of Eastman Chemical from a "buy" rating to a "hold" rating in a report on Monday, April 28th. Six investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. Based on data from MarketBeat, Eastman Chemical presently has an average rating of "Moderate Buy" and a consensus target price of $97.08.

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.