Allworth Financial LP Sells 2,188 Shares of Eastman Chemical (NYSE:EMN)

Allworth Financial LP lessened its position in shares of Eastman Chemical (NYSE:EMN) by 1.2% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 175,317 shares of the basic materials company’s stock after selling 2,188 shares during the period. Allworth Financial LP’s holdings in Eastman Chemical were worth $16,161,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. V Square Quantitative Management LLC raised its position in shares of Eastman Chemical by 3.8% in the third quarter. V Square Quantitative Management LLC now owns 2,683 shares of the basic materials company’s stock valued at $300,000 after purchasing an additional 98 shares during the period. Patrick M Sweeney & Associates Inc. raised its position in shares of Eastman Chemical by 3.3% in the third quarter. Patrick M Sweeney & Associates Inc. now owns 3,434 shares of the basic materials company’s stock valued at $384,000 after purchasing an additional 111 shares during the period. Blue Trust Inc. raised its position in shares of Eastman Chemical by 2.2% in the fourth quarter. Blue Trust Inc. now owns 5,505 shares of the basic materials company’s stock valued at $503,000 after purchasing an additional 116 shares during the period. RKL Wealth Management LLC raised its position in shares of Eastman Chemical by 0.9% in the third quarter. RKL Wealth Management LLC now owns 13,576 shares of the basic materials company’s stock valued at $1,520,000 after purchasing an additional 123 shares during the period. Finally, Greenleaf Trust raised its position in shares of Eastman Chemical by 2.0% in the third quarter. Greenleaf Trust now owns 6,645 shares of the basic materials company’s stock valued at $744,000 after purchasing an additional 128 shares during the period. Institutional investors own 83.65% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on the stock. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. Royal Bank of Canada upped their target price on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a report on Tuesday, February 4th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Piper Sandler upped their target price on shares of Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday. Finally, Mizuho upped their target price on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $114.08.

Insider Activity

In other Eastman Chemical news, EVP Stephen Glenn Crawford sold 10,504 shares of the firm’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total value of $1,102,920.00. Following the sale, the executive vice president now owns 47,287 shares of the company’s stock, valued at $4,965,135. This trade represents a 18.18 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the firm’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction 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 approximately $466,013.52. This trade represents a 50.30 % decrease in their position. The disclosure for this sale can be found here. 1.93% of the stock is owned by corporate insiders.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock opened at $100.99 on Friday. Eastman Chemical has a 52-week low of $83.38 and a 52-week high of $114.50. The stock has a market capitalization of $11.71 billion, a price-to-earnings ratio of 13.15, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. The company has a fifty day moving average of $94.26 and a 200-day moving average of $100.15. 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 announced its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.40%. Equities research analysts expect that Eastman Chemical will post 8.47 EPS for the current year.

Eastman Chemical Dividend Announcement

The firm 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 is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.29%. Eastman Chemical’s dividend payout ratio (DPR) is 43.23%.

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.