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Eastman Chemical Company (NYSE:EMN) Shares Bought by Sumitomo Mitsui Trust Group Inc.

Eastman Chemical logo with Basic Materials background

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

Several other institutional investors have also recently added to or reduced their stakes in the company. Picton Mahoney Asset Management lifted its stake in shares of Eastman Chemical by 62.3% during the 4th quarter. Picton Mahoney Asset Management now owns 323 shares of the basic materials company's stock worth $29,000 after purchasing an additional 124 shares during the period. Assetmark Inc. increased its stake in Eastman Chemical by 384.4% in the fourth quarter. Assetmark Inc. now owns 373 shares of the basic materials company's stock valued at $34,000 after purchasing an additional 296 shares during the last quarter. Headlands Technologies LLC purchased a new position in Eastman Chemical during the fourth quarter worth about $43,000. Orion Capital Management LLC acquired a new stake in Eastman Chemical in the 4th quarter worth about $47,000. Finally, Brown Brothers Harriman & Co. grew 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 buying an additional 304 shares during the period. Institutional investors and hedge funds own 83.65% of the company's stock.

Eastman Chemical Stock Up 0.2%

Shares of EMN traded up $0.14 during midday trading on Friday, reaching $80.06. 798,044 shares of the company were exchanged, compared to its average volume of 1,236,188. Eastman Chemical Company has a 1-year low of $70.90 and a 1-year high of $114.50. The stock has a 50-day moving average price of $78.58 and a 200-day moving average price of $86.36. 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 company has a market cap of $9.24 billion, a price-to-earnings ratio of 10.19, a P/E/G ratio of 1.91 and a beta of 1.22.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The basic materials company reported $1.91 EPS for the quarter, topping the consensus estimate of $1.89 by $0.02. Eastman Chemical had a return on equity of 16.59% and a net margin of 9.85%. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same period in the previous year, the company posted $1.61 EPS. Eastman Chemical's revenue for the quarter was down .9% on a year-over-year basis. Research analysts expect 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. Investors of record on Friday, June 13th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 4.15%. The ex-dividend date is Friday, June 13th. Eastman Chemical's payout ratio is 42.24%.

Analyst Ratings Changes

Several research analysts have recently weighed in on EMN shares. Barclays cut their price objective on shares of Eastman Chemical from $108.00 to $85.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 29th. Citigroup raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and cut their price target for the stock from $105.00 to $101.00 in a research note on Friday, April 4th. Morgan Stanley lowered their price objective on shares of Eastman Chemical from $125.00 to $115.00 and set an "overweight" rating for the company in a research note on Monday, April 28th. JPMorgan Chase & Co. restated a "neutral" rating and set a $76.00 price objective (down from $112.00) on shares of Eastman Chemical in a report on Monday, April 28th. Finally, UBS Group reduced their target price on Eastman Chemical from $111.00 to $107.00 and set a "buy" rating on the stock in a report on Wednesday, May 28th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $98.54.

Get Our Latest Research Report on EMN

About Eastman Chemical

(Free Report)

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.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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