Eastman Chemical (NYSE:EMN) Shares Acquired by Mutual Advisors LLC

Mutual Advisors LLC increased its stake in shares of Eastman Chemical (NYSE:EMN) by 4.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,408 shares of the basic materials company’s stock after buying an additional 525 shares during the quarter. Mutual Advisors LLC’s holdings in Eastman Chemical were worth $1,047,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the stock. Wolff Wiese Magana LLC increased its stake in shares of Eastman Chemical by 238.1% during the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 200 shares during the period. Dunhill Financial LLC boosted its position in shares of Eastman Chemical by 94.7% during the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 162 shares in the last quarter. Northwest Investment Counselors LLC acquired a new position in shares of Eastman Chemical during the 3rd quarter worth $38,000. Benjamin F. Edwards & Company Inc. increased its holdings in shares of Eastman Chemical by 30.9% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 610 shares of the basic materials company’s stock valued at $60,000 after purchasing an additional 144 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV lifted its stake in shares of Eastman Chemical by 52.6% in the third quarter. Massmutual Trust Co. FSB ADV now owns 537 shares of the basic materials company’s stock valued at $60,000 after purchasing an additional 185 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on EMN. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their target price for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. Piper Sandler decreased their target price on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. Mizuho raised their price target on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research report on Tuesday, November 26th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research report on Friday, November 22nd. Finally, Citigroup downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their target price for the company from $118.00 to $104.00 in a report on Wednesday, December 18th. Six equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus price target of $112.92.

Insider Activity

In other news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Julie A. Mcalindon sold 4,456 shares of the firm’s stock in a transaction that occurred 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 completion of 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 disclosure for this sale can be found here. Insiders sold 18,021 shares of company stock valued at $1,895,948 in the last ninety days. Company insiders own 1.93% of the company’s stock.

Eastman Chemical Trading Down 1.1 %

Shares of Eastman Chemical stock opened at $92.10 on Friday. The firm has a market cap of $10.68 billion, a PE ratio of 12.33, a P/E/G ratio of 0.67 and a beta of 1.44. 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 has a fifty-two week low of $80.71 and a fifty-two week high of $114.50. The business’s fifty day moving average is $95.70 and its two-hundred day moving average is $100.17.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. The firm had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period last year, the company earned $1.47 EPS. Analysts anticipate that Eastman Chemical will post 7.6 earnings per share for the current year.

Eastman Chemical Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th were issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date was Monday, December 16th. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.81. Eastman Chemical’s dividend payout ratio (DPR) is 44.44%.

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.