Sumitomo Mitsui Trust Group Inc. Has $30.28 Million Stock Position in Eastman Chemical Company (NYSE:EMN)

Sumitomo Mitsui Trust Group Inc. raised its holdings in Eastman Chemical Company (NYSE:EMN - Free Report) by 6.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 343,674 shares of the basic materials company's stock after purchasing an additional 20,175 shares during the period. Sumitomo Mitsui Trust Group Inc. owned approximately 0.30% of Eastman Chemical worth $30,281,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Picton Mahoney Asset Management raised its position in shares of Eastman Chemical by 62.3% in 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 in the last quarter. Assetmark Inc. grew its position in Eastman Chemical by 384.4% during the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock worth $34,000 after buying an additional 296 shares in the last quarter. Headlands Technologies LLC bought a new position in Eastman Chemical during the 4th quarter worth $43,000. Orion Capital Management LLC acquired a new position in Eastman Chemical in the 4th quarter valued at $47,000. Finally, Brown Brothers Harriman & Co. raised its holdings in Eastman Chemical by 135.7% in the 4th quarter. Brown Brothers Harriman & Co. now owns 528 shares of the basic materials company's stock valued at $48,000 after acquiring an additional 304 shares in the last quarter. Institutional investors own 83.65% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. The Goldman Sachs Group reduced their target price on Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating on the stock in a report on Monday, April 28th. Piper Sandler cut their price objective 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. Morgan Stanley decreased their target price on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating on the stock in a report on Monday, April 28th. Citigroup upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and dropped their target price for the company from $105.00 to $101.00 in a research report on Friday, April 4th. Finally, Royal Bank Of Canada raised shares of Eastman Chemical from a "sector perform" rating to an "outperform" rating and set a $91.00 price target for the company in a report on Wednesday, April 9th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, Eastman Chemical has a consensus rating of "Moderate Buy" and a consensus price target of $98.54.

Eastman Chemical Price Performance

NYSE:EMN traded up $0.14 on Friday, hitting $80.06. The company had a trading volume of 798,044 shares, compared to its average volume of 1,237,446. Eastman Chemical Company has a 52 week low of $70.90 and a 52 week high of $114.50. The company has a current ratio of 1.72, a quick ratio of 0.79 and a debt-to-equity ratio of 0.80. The stock has a market capitalization of $9.24 billion, a price-to-earnings ratio of 10.19, a PEG ratio of 1.91 and a beta of 1.22. The firm has a 50 day moving average of $78.58 and a two-hundred day moving average of $86.39.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.02. Eastman Chemical had a return on equity of 16.59% and a net margin of 9.85%. The company had revenue of $2.29 billion during the quarter, compared to analysts' expectations of $2.35 billion. During the same period in the prior year, the company earned $1.61 EPS. Eastman Chemical's revenue was down .9% compared to the same quarter last year. On average, research analysts anticipate that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 8th. Stockholders of record on Friday, June 13th will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 4.15%. The ex-dividend date of this dividend is Friday, June 13th. Eastman Chemical's payout ratio is 42.24%.

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.