Eastman Chemical (NYSE:EMN) Shares Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. raised its stake in Eastman Chemical (NYSE:EMN) by 34.1% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,919 shares of the basic materials company’s stock after acquiring an additional 10,399 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Eastman Chemical were worth $3,675,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Burns J W & Co. Inc. NY acquired a new position in Eastman Chemical in the fourth quarter valued at approximately $205,000. Invesco Ltd. lifted its holdings in Eastman Chemical by 37.4% in the third quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock valued at $214,496,000 after acquiring an additional 760,974 shares during the period. International Assets Investment Management LLC acquired a new position in Eastman Chemical in the fourth quarter valued at approximately $8,592,000. Charles Schwab Investment Management Inc. lifted its holdings in Eastman Chemical by 1.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,079,130 shares of the basic materials company’s stock valued at $82,791,000 after acquiring an additional 19,450 shares during the period. Finally, Morgan Stanley lifted its holdings in Eastman Chemical by 1.0% in the third quarter. Morgan Stanley now owns 3,978,856 shares of the basic materials company’s stock valued at $305,258,000 after acquiring an additional 39,860 shares during the period. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Stock Down 0.9 %

Shares of EMN opened at $96.43 on Wednesday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35. Eastman Chemical has a one year low of $68.89 and a one year high of $102.71. The stock has a market capitalization of $11.34 billion, a price-to-earnings ratio of 12.87, a PEG ratio of 1.08 and a beta of 1.54. The stock has a 50 day moving average price of $91.91 and a 200 day moving average price of $85.33.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Friday, February 2nd. The basic materials company reported $1.31 EPS for the quarter, topping the consensus estimate of $1.28 by $0.03. Eastman Chemical had a return on equity of 14.15% and a net margin of 9.71%. The firm had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.21 billion. During the same period in the previous year, the business earned $0.89 earnings per share. The firm’s revenue for the quarter was down 7.0% on a year-over-year basis. Equities research analysts forecast that Eastman Chemical will post 7.7 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were issued a $0.81 dividend. This represents a $3.24 annualized dividend and a yield of 3.36%. The ex-dividend date of this dividend was Thursday, March 14th. Eastman Chemical’s payout ratio is currently 43.26%.

Wall Street Analyst Weigh In

EMN has been the subject of a number of analyst reports. Stifel Nicolaus decreased their price target on Eastman Chemical from $102.00 to $101.00 and set a “buy” rating for the company in a report on Monday, February 5th. KeyCorp upped their target price on Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. UBS Group upped their target price on Eastman Chemical from $91.00 to $93.00 and gave the stock a “neutral” rating in a research note on Friday, February 2nd. Royal Bank of Canada reduced their target price on Eastman Chemical from $91.00 to $89.00 and set a “sector perform” rating for the company in a research note on Tuesday, February 6th. Finally, Wells Fargo & Company upped their target price on Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 11th. Seven research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $97.13.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the company’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.28% of the stock is owned by company insiders.

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.