New York Life Investment Management LLC Buys 219 Shares of Eastman Chemical (NYSE:EMN)

New York Life Investment Management LLC grew its position in shares of Eastman Chemical (NYSE:EMN) by 1.3% during the fourth quarter, Holdings Channel reports. The fund owned 17,426 shares of the basic materials company’s stock after purchasing an additional 219 shares during the period. New York Life Investment Management LLC’s holdings in Eastman Chemical were worth $1,565,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Morgan Stanley grew its stake 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 worth $305,258,000 after purchasing an additional 39,860 shares during the period. Invesco Ltd. boosted its holdings in shares of Eastman Chemical by 37.4% during the 3rd quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock valued at $214,496,000 after buying an additional 760,974 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Eastman Chemical by 2.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,407,774 shares of the basic materials company’s stock worth $184,724,000 after buying an additional 51,788 shares during the period. Earnest Partners LLC increased its stake in shares of Eastman Chemical by 19.9% in the 3rd quarter. Earnest Partners LLC now owns 1,807,691 shares of the basic materials company’s stock worth $138,686,000 after acquiring an additional 299,951 shares in the last quarter. Finally, Northern Trust Corp lifted its position in Eastman Chemical by 1.8% during the 3rd quarter. Northern Trust Corp now owns 1,328,396 shares of the basic materials company’s stock valued at $101,915,000 after acquiring an additional 23,009 shares during the period. Institutional investors own 83.65% of the company’s stock.

Insider Transactions at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the company’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 2.28% of the company’s stock.

Eastman Chemical Stock Up 1.3 %

Shares of Eastman Chemical stock opened at $98.75 on Tuesday. The company has a quick ratio of 0.71, a current ratio of 1.39 and a debt-to-equity ratio of 0.77. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $102.71. The company has a market cap of $11.62 billion, a price-to-earnings ratio of 12.73, a price-to-earnings-growth ratio of 1.06 and a beta of 1.54. The company’s 50 day moving average is $95.26 and its 200 day moving average is $87.55.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.20. The firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.29 billion. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The company’s revenue was down 4.2% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.63 EPS. Research analysts anticipate that Eastman Chemical will post 7.75 EPS for the current year.

Eastman Chemical Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be given a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 3.28%. The ex-dividend date is Monday, June 17th. Eastman Chemical’s payout ratio is currently 41.75%.

Wall Street Analysts Forecast Growth

EMN has been the topic of a number of recent research reports. Jefferies Financial Group upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating and upped their price objective for the stock from $102.00 to $125.00 in a report on Monday, April 29th. Wells Fargo & Company raised their price objective on Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a research report on Thursday, April 11th. Bank of America dropped their target price on Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a report on Monday, April 29th. Piper Sandler raised their price target on Eastman Chemical from $90.00 to $105.00 and gave the company a “neutral” rating in a report on Tuesday, April 30th. Finally, KeyCorp upped their price target on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Eight research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and an average target price of $104.18.

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.