Bank of New York Mellon Corp Raises Position in Eastman Chemical (NYSE:EMN)

Bank of New York Mellon Corp lifted its stake in Eastman Chemical (NYSE:EMN) by 4.2% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,265,393 shares of the basic materials company’s stock after buying an additional 51,367 shares during the period. Bank of New York Mellon Corp owned approximately 1.09% of Eastman Chemical worth $115,556,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of EMN. PNC Financial Services Group Inc. boosted its position in shares of Eastman Chemical by 57.2% in the third quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock worth $104,755,000 after buying an additional 340,562 shares during the period. Franklin Resources Inc. lifted its stake in shares of Eastman Chemical by 5.7% in the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after acquiring an additional 282,458 shares in the last quarter. National Bank of Canada FI lifted its stake in shares of Eastman Chemical by 492.9% in the third quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock worth $23,863,000 after acquiring an additional 177,207 shares in the last quarter. Victory Capital Management Inc. lifted its stake in shares of Eastman Chemical by 443.1% in the third quarter. Victory Capital Management Inc. now owns 158,253 shares of the basic materials company’s stock worth $17,716,000 after acquiring an additional 129,112 shares in the last quarter. Finally, Thrivent Financial for Lutherans raised its stake in Eastman Chemical by 15.4% during the third quarter. Thrivent Financial for Lutherans now owns 947,473 shares of the basic materials company’s stock valued at $106,070,000 after buying an additional 126,301 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Price Performance

EMN opened at $97.81 on Friday. The company has a quick ratio of 0.78, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. Eastman Chemical has a 12-month low of $86.59 and a 12-month high of $114.50. The stock has a fifty day moving average of $94.92 and a 200-day moving average of $100.35. The firm has a market capitalization of $11.26 billion, a P/E ratio of 12.74, a PEG ratio of 1.22 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.27%. Equities analysts forecast that Eastman Chemical will post 8.55 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.39%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical’s payout ratio is 43.23%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on EMN shares. Citigroup cut Eastman Chemical from a “buy” rating to a “neutral” rating and cut their price objective for the company from $118.00 to $104.00 in a research note on Wednesday, December 18th. UBS Group cut their price objective on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a research note on Friday, January 31st. Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. JPMorgan Chase & Co. increased their price objective on Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Finally, Mizuho increased their price objective on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Six equities research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $114.08.

Eastman Chemical Company Profile

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.