By otakuyassine3@gmail.com 
Empowered Funds LLC boosted its stake in shares of Eastman Chemical (NYSE:EMN – Free Report) by 24.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 17,379 shares of the basic materials company’s stock after purchasing an additional 3,412 shares during the quarter. Empowered Funds LLC’s holdings in Eastman Chemical were worth $1,587,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in EMN. Exchange Traded Concepts LLC grew its position in Eastman Chemical by 784.4% during the third quarter. Exchange Traded Concepts LLC now owns 681 shares of the basic materials company’s stock worth $76,000 after buying an additional 604 shares during the period. Bleakley Financial Group LLC purchased a new stake in shares of Eastman Chemical in the third quarter valued at about $217,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Eastman Chemical by 4.3% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 11,967 shares of the basic materials company’s stock valued at $1,340,000 after purchasing an additional 498 shares in the last quarter. V Square Quantitative Management LLC lifted its holdings 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 in the last quarter. Finally, Aaron Wealth Advisors LLC purchased a new stake in shares of Eastman Chemical in the third quarter valued at about $220,000. 83.65% of the stock is currently owned by institutional investors and hedge funds.
Eastman Chemical Trading Down 0.6 %
NYSE EMN opened at $100.99 on Friday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. The company has a 50-day simple moving average of $94.26 and a 200-day simple moving average of $100.15. The firm has a market capitalization of $11.71 billion, a PE ratio of 13.15, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. Eastman Chemical has a one year low of $83.38 and a one year high of $114.50.
Eastman Chemical (NYSE:EMN – Get Free Report) last issued its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping 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%. On average, equities analysts forecast that Eastman Chemical will post 8.47 earnings per share for the current year.
Eastman Chemical Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend 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 is currently 43.23%.
Analyst Ratings Changes
Several analysts have issued reports on EMN shares. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and reduced their price target for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. JPMorgan Chase & Co. upped their price objective on shares of Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. KeyCorp upped their price objective on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an “overweight” rating in a research note on Monday, February 3rd. UBS Group reduced their price objective on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a research note on Friday, January 31st. Finally, Piper Sandler upped their price objective on shares of Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday. Six research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $114.08.
Get Our Latest Research Report on EMN
Insider Activity
In other Eastman Chemical news, SVP Julie A. Mcalindon sold 4,456 shares of the business’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 of the company’s stock, valued at $466,013.52. The trade was a 50.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the company’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the sale, the executive vice president now directly owns 47,287 shares of the company’s stock, valued at approximately $4,965,135. This represents a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.93% of the stock is owned by company insiders.
Eastman Chemical 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.
Featured Stories
Want to see what other hedge funds are holding EMN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Eastman Chemical (NYSE:EMN – Free Report).
Receive News & Ratings for Eastman Chemical Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Eastman Chemical and related companies with MarketBeat.com’s FREE daily email newsletter.