Kwmg LLC Purchases 1,379 Shares of Eastman Chemical (NYSE:EMN)

Kwmg LLC boosted its position in shares of Eastman Chemical (NYSE:EMN) by 2.8% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 50,970 shares of the basic materials company’s stock after acquiring an additional 1,379 shares during the quarter. Kwmg LLC’s holdings in Eastman Chemical were worth $4,655,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Assenagon Asset Management S.A. increased its position in Eastman Chemical by 1,104.3% during the third quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock worth $104,560,000 after acquiring an additional 856,432 shares during the period. Truist Financial Corp raised its position in shares of Eastman Chemical by 201.5% in the second quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock valued at $90,572,000 after buying an additional 617,889 shares in the last quarter. PNC Financial Services Group Inc. grew its position in Eastman Chemical by 57.2% during 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 in the last quarter. Franklin Resources Inc. increased its stake in 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 during the period. Finally, Envestnet Asset Management Inc. raised its holdings in Eastman Chemical by 34.5% in 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 in the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Trading Up 2.1 %

NYSE EMN traded up $1.83 on Monday, hitting $89.07. The company’s stock had a trading volume of 1,121,621 shares, compared to its average volume of 1,035,829. The company’s 50-day moving average is $97.55 and its 200 day moving average is $100.44. The firm has a market cap of $10.32 billion, a PE ratio of 11.92, a PEG ratio of 0.79 and a beta of 1.44. Eastman Chemical has a 1-year low of $80.71 and a 1-year high of $114.50. 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 released its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating 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 the consensus estimate of $2.38 billion. During the same quarter in the prior year, the firm posted $1.47 EPS. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. As a group, analysts predict that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th were issued a dividend of $0.83 per share. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.81. This represents a $3.32 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date of this dividend was Monday, December 16th. Eastman Chemical’s dividend payout ratio (DPR) is presently 44.44%.

Insider Transactions at Eastman Chemical

In related news, SVP Julie A. Mcalindon sold 4,456 shares of the business’s stock in a transaction on 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 owns 4,403 shares in the company, valued at $466,013.52. The trade was a 50.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Christopher Moore Killian sold 3,061 shares of the firm’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of the sale, the senior vice president now owns 12,366 shares of the company’s stock, valued at $1,298,430. The trade was a 19.84 % 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. Corporate insiders own 1.93% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on EMN shares. Mizuho raised their price target on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Wells Fargo & Company raised shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $110.00 to $125.00 in a report on Tuesday, November 26th. Piper Sandler decreased their price objective on shares of Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and upped their target price for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Finally, StockNews.com lowered Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $113.69.

About Eastman Chemical

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.