Tokio Marine Asset Management Co. Ltd. Purchases 400 Shares of Eastman Chemical (NYSE:EMN)

Tokio Marine Asset Management Co. Ltd. increased its position in shares of Eastman Chemical (NYSE:EMN) by 12.4% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,638 shares of the basic materials company’s stock after acquiring an additional 400 shares during the period. Tokio Marine Asset Management Co. Ltd.’s holdings in Eastman Chemical were worth $332,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp grew its position in Eastman Chemical by 1.4% during the 3rd quarter. State Street Corp now owns 5,285,230 shares of the basic materials company’s stock worth $595,820,000 after acquiring an additional 70,692 shares during the last quarter. Franklin Resources Inc. grew its position in Eastman Chemical by 5.7% during the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after acquiring an additional 282,458 shares during the last quarter. Geode Capital Management LLC grew its position in Eastman Chemical by 0.5% during the 3rd quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company’s stock worth $310,628,000 after acquiring an additional 13,381 shares during the last quarter. Massachusetts Financial Services Co. MA grew its position in Eastman Chemical by 3.2% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock worth $306,093,000 after acquiring an additional 83,504 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its holdings in Eastman Chemical by 15.4% during the 3rd quarter. Thrivent Financial for Lutherans now owns 947,473 shares of the basic materials company’s stock worth $106,070,000 after buying an additional 126,301 shares during the period. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Up 1.0 %

Shares of NYSE:EMN opened at $101.85 on Wednesday. The business’s 50 day simple moving average is $94.63 and its two-hundred day simple moving average is $100.07. The firm has a market cap of $11.80 billion, a P/E ratio of 13.26, a PEG ratio of 0.73 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. Eastman Chemical has a 52-week low of $80.89 and a 52-week high of $114.50.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.40% and a net margin of 9.65%. As a group, research analysts forecast that Eastman Chemical will post 8.46 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 8th. Stockholders of record on Monday, December 16th were paid a $0.83 dividend. The ex-dividend date of this dividend was Monday, December 16th. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.81. This represents a $3.32 annualized dividend and a dividend yield of 3.26%. Eastman Chemical’s dividend payout ratio is 43.23%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on EMN. Barclays cut their target price on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating on the stock in a report on Monday. UBS Group cut their target price on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a report on Friday, January 31st. KeyCorp lifted their target price on Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a report on Monday. JPMorgan Chase & Co. lifted their target price on Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Monday. Finally, Piper Sandler cut their target price on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Six research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $112.64.

Insider Transactions at Eastman Chemical

In other news, EVP Stephen Glenn Crawford sold 10,504 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total value of $1,102,920.00. Following the completion of the sale, the executive vice president now directly owns 47,287 shares of the company’s stock, valued at $4,965,135. This represents a 18.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, SVP Julie A. Mcalindon sold 4,456 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the sale, the senior vice president now directly owns 4,403 shares of the company’s stock, valued at approximately $466,013.52. This trade represents a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 2.28% of the company’s stock.

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.