First Citizens Bank & Trust Co. Sells 1,984 Shares of Eastman Chemical (NYSE:EMN)

First Citizens Bank & Trust Co. decreased its holdings in shares of Eastman Chemical (NYSE:EMN) by 2.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 70,372 shares of the basic materials company’s stock after selling 1,984 shares during the period. First Citizens Bank & Trust Co. owned approximately 0.06% of Eastman Chemical worth $6,426,000 as of its most recent SEC filing.

Other large investors also recently added to or reduced their stakes in the company. Olstein Capital Management L.P. lifted its stake in Eastman Chemical by 16.1% during the fourth quarter. Olstein Capital Management L.P. now owns 66,779 shares of the basic materials company’s stock worth $6,098,000 after purchasing an additional 9,279 shares during the last quarter. Goelzer Investment Management Inc. bought a new stake in Eastman Chemical in the 4th quarter worth approximately $3,319,000. Sound Income Strategies LLC lifted its position in Eastman Chemical by 20.4% in the 4th quarter. Sound Income Strategies LLC now owns 2,687 shares of the basic materials company’s stock worth $245,000 after buying an additional 455 shares during the last quarter. Brighton Jones LLC bought a new stake in Eastman Chemical in the 4th quarter worth approximately $202,000. Finally, Mutual Advisors LLC lifted its holdings in shares of Eastman Chemical by 4.8% in the 4th quarter. Mutual Advisors LLC now owns 11,408 shares of the basic materials company’s stock worth $1,047,000 after acquiring an additional 525 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, 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 value of $471,623.04. Following the completion of the sale, the senior vice president now directly owns 4,403 shares in the company, valued at $466,013.52. This trade represents a 50.30 % decrease in their ownership of the stock. The sale 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 dated Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the sale, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This represents a 19.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,021 shares of company stock valued at $1,895,948 in the last ninety days. Corporate insiders own 1.93% of the company’s stock.

Eastman Chemical Stock Performance

NYSE:EMN opened at $92.10 on Friday. The firm has a market capitalization of $10.68 billion, a PE ratio of 12.33, a PEG ratio of 0.67 and a beta of 1.44. The stock’s fifty day moving average is $95.70 and its 200 day moving average is $100.17. Eastman Chemical has a fifty-two week low of $80.71 and a fifty-two week high of $114.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52.

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

Eastman Chemical Increases Dividend

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

Analysts Set New Price Targets

EMN has been the subject of a number of recent research reports. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $110.00 to $125.00 in a 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. Mizuho boosted their price objective on 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 raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $115.00 to $109.00 in a research note on Tuesday, January 14th. Finally, Piper Sandler decreased their target price on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and an average target price of $112.92.

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.