JPMorgan Chase & Co. Increases Stake in Eastman Chemical (NYSE:EMN)

JPMorgan Chase & Co. grew its position in Eastman Chemical (NYSE:EMNGet Rating) by 4.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,053,889 shares of the basic materials company’s stock after acquiring an additional 394,406 shares during the quarter. JPMorgan Chase & Co. owned about 7.48% of Eastman Chemical worth $1,215,615,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in EMN. Confluence Wealth Services Inc. purchased a new position in Eastman Chemical in the 4th quarter worth about $25,000. Penserra Capital Management LLC increased its stake in Eastman Chemical by 60.0% in the 3rd quarter. Penserra Capital Management LLC now owns 264 shares of the basic materials company’s stock worth $26,000 after buying an additional 99 shares during the period. David J Yvars Group purchased a new position in Eastman Chemical in the 4th quarter worth about $30,000. Farmers & Merchants Investments Inc. increased its stake in Eastman Chemical by 292.5% in the 4th quarter. Farmers & Merchants Investments Inc. now owns 263 shares of the basic materials company’s stock worth $32,000 after buying an additional 196 shares during the period. Finally, Northwest Investment Counselors LLC purchased a new position in Eastman Chemical during the 4th quarter valued at about $40,000. 87.40% of the stock is currently owned by institutional investors and hedge funds.

In other Eastman Chemical news, SVP Mark K. Cox sold 4,858 shares of the firm’s stock in a transaction that occurred on Friday, February 25th. The shares were sold at an average price of $120.79, for a total transaction of $586,797.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.93% of the company’s stock.

EMN stock traded up $2.02 during trading on Friday, reaching $103.05. The company had a trading volume of 731,813 shares, compared to its average volume of 1,016,585. The firm has a 50-day simple moving average of $107.49 and a 200-day simple moving average of $113.67. The company has a market cap of $13.28 billion, a price-to-earnings ratio of 16.87, a price-to-earnings-growth ratio of 1.11 and a beta of 1.43. The company has a debt-to-equity ratio of 0.73, a quick ratio of 1.04 and a current ratio of 1.57. Eastman Chemical has a twelve month low of $98.24 and a twelve month high of $130.47.

Eastman Chemical (NYSE:EMNGet Rating) last released its earnings results on Thursday, April 28th. The basic materials company reported $2.06 EPS for the quarter, missing analysts’ consensus estimates of $2.18 by ($0.12). The company had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.50 billion. Eastman Chemical had a return on equity of 19.82% and a net margin of 7.59%. The firm’s revenue for the quarter was up 12.7% on a year-over-year basis. During the same quarter last year, the business earned $2.13 earnings per share. Sell-side analysts expect that Eastman Chemical will post 9.77 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, July 8th. Shareholders of record on Wednesday, June 15th will be given a dividend of $0.76 per share. This represents a $3.04 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date is Tuesday, June 14th. Eastman Chemical’s dividend payout ratio is presently 49.75%.

A number of research firms have commented on EMN. Barclays cut their target price on shares of Eastman Chemical from $130.00 to $120.00 in a research report on Monday, May 2nd. Stifel Nicolaus cut their target price on shares of Eastman Chemical to $155.00 in a research report on Monday, May 2nd. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and cut their target price for the company from $150.00 to $124.00 in a research report on Tuesday, April 19th. Piper Sandler cut their target price on shares of Eastman Chemical from $126.00 to $118.00 and set a “neutral” rating on the stock in a research report on Wednesday, March 9th. Finally, Wolfe Research reissued a “peer perform” rating and set a $114.00 target price (down previously from $130.00) on shares of Eastman Chemical in a research report on Tuesday, April 19th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $129.69.

Eastman Chemical Company Profile (Get Rating)

Eastman Chemical Company operates as a specialty materials company in the United States and internationally. The company's Additives & Functional Products segment offers hydrocarbon and rosin resins; organic acid-based solutions; amine derivative-based building blocks; metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators; specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; heat transfer and aviation fluids; insoluble sulfur and anti-degradant rubber additives; and performance resins.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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