Sanctuary Advisors LLC Has $2.75 Million Stake in Eastman Chemical (NYSE:EMN)

Sanctuary Advisors LLC raised its stake in shares of Eastman Chemical (NYSE:EMN) by 21.5% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 26,008 shares of the basic materials company’s stock after purchasing an additional 4,606 shares during the period. Sanctuary Advisors LLC’s holdings in Eastman Chemical were worth $2,746,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Assenagon Asset Management S.A. raised its holdings in shares of Eastman Chemical by 1,104.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock worth $104,560,000 after purchasing an additional 856,432 shares during the period. Truist Financial Corp raised its holdings in Eastman Chemical by 201.5% during the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock valued at $90,572,000 after acquiring an additional 617,889 shares during the period. PNC Financial Services Group Inc. raised its holdings in Eastman Chemical by 57.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock valued at $104,755,000 after acquiring an additional 340,562 shares during the period. Envestnet Asset Management Inc. raised its holdings in Eastman Chemical by 34.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after acquiring an additional 218,531 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Eastman Chemical by 9.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock valued at $223,435,000 after acquiring an additional 198,645 shares during the period. Institutional investors own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

EMN has been the subject of a number of recent analyst reports. Mizuho boosted their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their price target for the company from $114.00 to $119.00 in a research report on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, November 4th. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Tuesday, December 3rd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $105.00 target price on shares of Eastman Chemical in a research report on Friday, November 22nd. Six equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat.com, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus target price of $114.46.

Insider Buying and Selling

In related news, SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total transaction of $471,623.04. Following the transaction, the senior vice president now directly owns 4,403 shares in the company, valued at approximately $466,013.52. This represents a 50.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the company’s stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the transaction, the executive vice president now owns 47,287 shares in the company, valued at $4,965,135. The trade was a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,021 shares of company stock valued at $1,895,948. Company insiders own 1.93% of the company’s stock.

Eastman Chemical Stock Performance

Shares of NYSE:EMN opened at $95.36 on Wednesday. Eastman Chemical has a 52 week low of $80.71 and a 52 week high of $114.50. The stock has a market capitalization of $11.05 billion, a P/E ratio of 12.76, a PEG ratio of 0.79 and a beta of 1.42. The firm has a fifty day simple moving average of $104.08 and a two-hundred day simple moving average of $101.76. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The business had revenue of $2.46 billion during the quarter, compared to analysts’ expectations of $2.38 billion. During the same period last year, the company posted $1.47 EPS. The business’s revenue was up 8.7% on a year-over-year basis. On average, analysts expect that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th will be paid a $0.83 dividend. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date of this dividend is Monday, December 16th. Eastman Chemical’s dividend payout ratio (DPR) is presently 44.44%.

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.