Mitsubishi UFJ Asset Management Co. Ltd. Has $18.09 Million Holdings in Eastman Chemical (NYSE:EMN)

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Eastman Chemical (NYSE:EMN) by 16.1% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 204,027 shares of the basic materials company’s stock after purchasing an additional 28,316 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Eastman Chemical were worth $18,091,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets boosted its position in shares of Eastman Chemical by 107.0% during the third quarter. BNP Paribas Financial Markets now owns 161,467 shares of the basic materials company’s stock valued at $18,076,000 after buying an additional 83,474 shares during the last quarter. Townsquare Capital LLC purchased a new position in Eastman Chemical during the 3rd quarter worth $236,000. Glenmede Trust Co. NA grew its stake in shares of Eastman Chemical by 5.2% in the 3rd quarter. Glenmede Trust Co. NA now owns 21,193 shares of the basic materials company’s stock worth $2,373,000 after acquiring an additional 1,042 shares in the last quarter. CreativeOne Wealth LLC purchased a new stake in shares of Eastman Chemical in the third quarter valued at about $219,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Eastman Chemical by 3.2% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 62,587 shares of the basic materials company’s stock valued at $7,007,000 after purchasing an additional 1,940 shares in the last quarter. 83.65% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

EMN has been the subject of several analyst reports. Citigroup lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $118.00 to $104.00 in a research note on Wednesday, December 18th. Piper Sandler lifted their price target on Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. JPMorgan Chase & Co. upped their price objective on Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. KeyCorp lifted their target price on Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, UBS Group reduced their price target on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a research report on Friday, January 31st. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $114.08.

Eastman Chemical Stock Performance

NYSE EMN opened at $87.09 on Monday. The firm has a market cap of $10.03 billion, a P/E ratio of 11.34, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. The company’s 50 day moving average is $95.66 and its 200-day moving average is $99.37. Eastman Chemical has a 12-month low of $86.50 and a 12-month high of $114.50.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. Sell-side analysts predict that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be paid a $0.83 dividend. The ex-dividend date is Friday, March 14th. This represents a $3.32 annualized dividend and a yield of 3.81%. Eastman Chemical’s dividend payout ratio is currently 43.23%.

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.