Eastman Chemical Company (EMN) Shares Bought by Sumitomo Mitsui Trust Holdings Inc.

Eastman Chemical Company (EMN) Shares Bought by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. increased its position in Eastman Chemical Company (NYSE:EMN) by 11.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 458,420 shares of the basic materials company’s stock after buying an additional 47,889 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.31% of Eastman Chemical Company worth $37,040,000 at the end of the most recent reporting period.

Several other institutional investors also recently made changes to their positions in EMN. Norges Bank bought a new position in shares of Eastman Chemical Company during the fourth quarter worth $115,997,000. Two Sigma Investments LP increased its position in shares of Eastman Chemical Company by 19,045.8% in the fourth quarter. Two Sigma Investments LP now owns 947,290 shares of the basic materials company’s stock worth $71,246,000 after buying an additional 952,290 shares in the last quarter. Credit Suisse AG increased its position in shares of Eastman Chemical Company by 195.4% in the third quarter. Credit Suisse AG now owns 1,432,761 shares of the basic materials company’s stock worth $96,968,000 after buying an additional 947,720 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Eastman Chemical Company by 76.5% in the fourth quarter. AQR Capital Management LLC now owns 1,950,141 shares of the basic materials company’s stock worth $146,670,000 after buying an additional 845,159 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. bought a new position in shares of Eastman Chemical Company during the third quarter worth $41,501,000. 81.27% of the stock is owned by institutional investors.

Shares of Eastman Chemical Company (NYSE:EMN) traded up 1.92% during midday trading on Friday, hitting $79.61. 914,480 shares of the stock traded hands. Eastman Chemical Company has a 52 week low of $62.70 and a 52 week high of $82.39. The company has a market capitalization of $11.61 billion, a price-to-earnings ratio of 13.39 and a beta of 1.36. The firm’s 50-day moving average is $79.50 and its 200 day moving average is $76.85.

Eastman Chemical Company (NYSE:EMN) last issued its quarterly earnings data on Thursday, April 27th. The basic materials company reported $1.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.74 by $0.09. The business earned $2.30 billion during the quarter, compared to analyst estimates of $2.24 billion. Eastman Chemical Company had a net margin of 9.61% and a return on equity of 22.70%. Equities analysts forecast that Eastman Chemical Company will post $7.45 earnings per share for the current year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 5th. Shareholders of record on Thursday, June 15th will be issued a dividend of $0.51 per share. The ex-dividend date is Tuesday, June 13th. This represents a $2.04 annualized dividend and a yield of 2.56%. Eastman Chemical Company’s payout ratio is 34.99%.

A number of equities analysts have weighed in on EMN shares. Zacks Investment Research raised shares of Eastman Chemical Company from a “hold” rating to a “buy” rating and set a $91.00 target price for the company in a research note on Monday, April 3rd. Citigroup Inc reaffirmed a “buy” rating and issued a $81.00 target price (up from $79.00) on shares of Eastman Chemical Company in a research note on Friday, April 14th. Barclays PLC boosted their target price on shares of Eastman Chemical Company from $80.00 to $85.00 and gave the stock an “equal weight” rating in a research note on Monday, January 30th. TheStreet downgraded shares of Eastman Chemical Company from a “b” rating to a “c+” rating in a research note on Thursday, March 30th. Finally, Standpoint Research downgraded shares of Eastman Chemical Company from a “buy” rating to a “hold” rating in a research note on Tuesday, January 24th. Five research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $82.09.

In other Eastman Chemical Company news, Director David W. Raisbeck sold 4,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 7th. The shares were sold at an average price of $79.18, for a total transaction of $316,720.00. Following the completion of the transaction, the director now owns 24,002 shares in the company, valued at approximately $1,900,478.36. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Mark J. Costa sold 16,250 shares of the firm’s stock in a transaction that occurred on Friday, February 17th. The stock was sold at an average price of $79.97, for a total transaction of $1,299,512.50. Following the transaction, the chief executive officer now owns 181,101 shares of the company’s stock, valued at approximately $14,482,646.97. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,839 shares of company stock valued at $3,516,492. Company insiders own 1.10% of the company’s stock.

About Eastman Chemical Company

Eastman Chemical Company (Eastman) is an advanced materials and specialty additives company. The Company’s segments include Additives & Functional Products (AFP), Advanced Materials (AM), Chemical Intermediates (CI), and Fibers. In the AFP segment, it manufactures chemicals for products in the coatings, tires, consumables, building and construction, industrial applications, including solar energy markets, animal nutrition, care chemicals, crop protection, and energy markets.

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