New York Life Investment Management LLC Has $1.49 Million Stake in Eastman Chemical (NYSE:EMN)

New York Life Investment Management LLC trimmed its position in shares of Eastman Chemical (NYSE:EMN) by 0.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,326 shares of the basic materials company’s stock after selling 129 shares during the period. New York Life Investment Management LLC’s holdings in Eastman Chemical were worth $1,491,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of EMN. Crews Bank & Trust acquired a new stake in shares of Eastman Chemical in the 4th quarter valued at approximately $27,000. Dunhill Financial LLC boosted its stake in shares of Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 162 shares in the last quarter. Bradley & Co. Private Wealth Management LLC acquired a new stake in shares of Eastman Chemical in the 4th quarter valued at approximately $35,000. Stonebridge Financial Group LLC acquired a new stake in shares of Eastman Chemical in the 4th quarter valued at approximately $37,000. Finally, Ashton Thomas Securities LLC acquired a new stake in shares of Eastman Chemical in the 3rd quarter valued at approximately $89,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on EMN. JPMorgan Chase & Co. raised their price objective on shares of Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a report on Monday, February 3rd. Barclays dropped their price objective on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a report on Monday, February 3rd. Mizuho raised their price objective on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. Finally, Royal Bank of Canada raised their price objective 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. Six research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $114.08.

Eastman Chemical Stock Down 3.5 %

Eastman Chemical stock opened at $94.38 on Tuesday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. Eastman Chemical has a 52-week low of $86.70 and a 52-week high of $114.50. The firm has a 50 day moving average price of $94.92 and a two-hundred day moving average price of $100.38. The firm has a market cap of $10.87 billion, a price-to-earnings ratio of 12.29, a PEG ratio of 1.22 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (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 predict that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.52%. Eastman Chemical’s dividend payout ratio is currently 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.