UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Buys 110,430 Shares of Eastman Chemical (NYSE:EMN)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 23.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 582,171 shares of the basic materials company's stock after purchasing an additional 110,430 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.50% of Eastman Chemical worth $53,164,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of EMN. James J. Burns & Company LLC acquired a new position in Eastman Chemical in the 4th quarter valued at $741,000. Olstein Capital Management L.P. boosted its position in shares of Eastman Chemical by 16.1% during the 4th quarter. Olstein Capital Management L.P. now owns 66,779 shares of the basic materials company's stock worth $6,098,000 after purchasing an additional 9,279 shares in the last quarter. Barclays PLC boosted its position in shares of Eastman Chemical by 3.5% during the 3rd quarter. Barclays PLC now owns 315,044 shares of the basic materials company's stock worth $35,268,000 after purchasing an additional 10,695 shares in the last quarter. U.S. Capital Wealth Advisors LLC boosted its position in shares of Eastman Chemical by 4.3% during the 4th quarter. U.S. Capital Wealth Advisors LLC now owns 3,919 shares of the basic materials company's stock worth $358,000 after purchasing an additional 162 shares in the last quarter. Finally, Caprock Group LLC boosted its position in shares of Eastman Chemical by 4.2% during the 4th quarter. Caprock Group LLC now owns 3,196 shares of the basic materials company's stock worth $295,000 after purchasing an additional 128 shares in the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on EMN. UBS Group dropped their target price on shares of Eastman Chemical from $111.00 to $107.00 and set a "buy" rating for the company in a report on Wednesday. Piper Sandler dropped their target price on shares of Eastman Chemical from $105.00 to $99.00 and set a "neutral" rating for the company in a report on Monday, April 7th. The Goldman Sachs Group dropped their target price on shares of Eastman Chemical from $112.00 to $87.00 and set a "neutral" rating for the company in a report on Monday, April 28th. Morgan Stanley reduced 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. Finally, Barclays reduced their target price 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. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $98.54.

Eastman Chemical Stock Down 3.1%

NYSE:EMN traded down $2.54 during trading hours on Friday, hitting $78.97. The stock had a trading volume of 1,311,308 shares, compared to its average volume of 1,101,866. 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 1-year low of $70.90 and a 1-year high of $114.50. The business has a 50 day simple moving average of $79.98 and a two-hundred day simple moving average of $90.69. The company has a market cap of $9.12 billion, a PE ratio of 10.28, a price-to-earnings-growth ratio of 1.22 and a beta of 1.29.

Eastman Chemical (NYSE:EMN - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The basic materials company reported $1.91 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.02. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. The company had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter last year, the company earned $1.61 earnings per share. Eastman Chemical's revenue for the quarter was down .9% on a year-over-year basis. Analysts predict that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 8th. Shareholders of record on Friday, June 13th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $3.32 annualized dividend and a yield of 4.20%. Eastman Chemical's dividend payout ratio (DPR) is presently 42.24%.

About Eastman Chemical

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.