13,257 Shares in Eastman Chemical Company $EMN Acquired by AIA Group Ltd

AIA Group Ltd acquired a new stake in Eastman Chemical Company (NYSE:EMN) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 13,257 shares of the basic materials company’s stock, valued at approximately $836,000.

A number of other large investors have also recently added to or reduced their stakes in EMN. Allworth Financial LP grew its position in Eastman Chemical by 3.8% in the third quarter. Allworth Financial LP now owns 203,926 shares of the basic materials company’s stock worth $12,858,000 after acquiring an additional 7,516 shares in the last quarter. Sunbelt Securities Inc. increased its position in Eastman Chemical by 7.7% during the third quarter. Sunbelt Securities Inc. now owns 3,503 shares of the basic materials company’s stock worth $221,000 after buying an additional 249 shares during the last quarter. Captrust Financial Advisors raised its holdings in Eastman Chemical by 29.2% during the third quarter. Captrust Financial Advisors now owns 32,127 shares of the basic materials company’s stock valued at $2,026,000 after buying an additional 7,256 shares in the last quarter. Aldebaran Financial Inc. lifted its position in shares of Eastman Chemical by 8.1% in the third quarter. Aldebaran Financial Inc. now owns 8,529 shares of the basic materials company’s stock worth $538,000 after buying an additional 642 shares during the last quarter. Finally, Danske Bank A S acquired a new position in shares of Eastman Chemical during the 3rd quarter valued at about $50,000. 83.65% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

EMN has been the topic of a number of recent research reports. Wells Fargo & Company reiterated an “equal weight” rating and set a $70.00 price target on shares of Eastman Chemical in a research note on Friday, December 19th. Bank of America raised their price objective on shares of Eastman Chemical from $74.00 to $79.00 and gave the stock a “buy” rating in a report on Monday, February 2nd. Citigroup increased their price objective on Eastman Chemical from $78.00 to $84.00 and gave the stock a “buy” rating in a research note on Thursday, March 12th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Eastman Chemical from $64.00 to $72.00 and gave the company a “hold” rating in a report on Monday, February 2nd. Finally, Evercore set a $75.00 price target on Eastman Chemical in a research report on Wednesday, February 18th. Seven investment analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $79.64.

Eastman Chemical Price Performance

NYSE:EMN opened at $65.27 on Friday. Eastman Chemical Company has a 52-week low of $56.11 and a 52-week high of $90.95. The company has a market cap of $7.45 billion, a P/E ratio of 15.96, a P/E/G ratio of 1.52 and a beta of 1.20. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.63 and a current ratio of 1.37. The stock’s 50-day simple moving average is $72.85 and its 200 day simple moving average is $66.37.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.76 by ($0.01). The firm had revenue of $1.97 billion during the quarter, compared to the consensus estimate of $2.03 billion. Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The firm’s revenue for the quarter was down 12.1% compared to the same quarter last year. During the same period in the previous year, the company posted $1.87 earnings per share. As a group, sell-side analysts forecast that Eastman Chemical Company will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 8th. Shareholders of record on Friday, March 13th will be paid a dividend of $0.84 per share. This represents a $3.36 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date is Friday, March 13th. Eastman Chemical’s dividend payout ratio is presently 82.15%.

Eastman Chemical Company Profile

Eastman Chemical Company (NYSE: EMN) is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company’s main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.