Norges Bank Makes New $137.42 Million Investment in Eastman Chemical (NYSE:EMN)

Norges Bank acquired a new stake in Eastman Chemical (NYSE:EMN) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 1,504,770 shares of the basic materials company’s stock, valued at approximately $137,416,000. Norges Bank owned 1.30% of Eastman Chemical as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. James J. Burns & Company LLC purchased a new position in Eastman Chemical in the fourth quarter worth approximately $741,000. Goelzer Investment Management Inc. acquired a new position in shares of Eastman Chemical during the fourth quarter worth $3,319,000. National Bank of Canada FI raised its stake in 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 valued at $23,863,000 after buying an additional 177,207 shares in the last quarter. Dakota Wealth Management lifted its holdings in Eastman Chemical by 14.6% during the 4th quarter. Dakota Wealth Management now owns 44,675 shares of the basic materials company’s stock worth $4,081,000 after buying an additional 5,700 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in shares of Eastman Chemical by 5.7% during the 3rd 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. 83.65% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Piper Sandler boosted their target price on Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a research note on Thursday, February 13th. Royal Bank of Canada upped their target price on shares of Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a report on Tuesday, February 4th. UBS Group cut their price target on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a research note on Friday, January 31st. KeyCorp raised their price objective on Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Finally, Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and reduced their target price for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. Six investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, Eastman Chemical has a consensus rating of “Moderate Buy” and an average price target of $114.08.

Eastman Chemical Trading Up 1.3 %

NYSE:EMN opened at $88.14 on Tuesday. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The stock’s 50 day simple moving average is $95.56 and its 200-day simple moving average is $99.29. Eastman Chemical has a 12-month low of $85.84 and a 12-month high of $114.50. The firm has a market cap of $10.15 billion, a P/E ratio of 11.48, a PEG ratio of 1.22 and a beta of 1.43.

Eastman Chemical (NYSE:EMN) last released 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 anticipate that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s dividend payout ratio is presently 43.23%.

Eastman Chemical 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.