abrdn plc Trims Stock Position in Eastman Chemical (NYSE:EMN)

abrdn plc trimmed its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 14.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,709 shares of the basic materials company's stock after selling 4,532 shares during the period. abrdn plc's holdings in Eastman Chemical were worth $2,526,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Crews Bank & Trust purchased a new position in Eastman Chemical in the fourth quarter valued at $27,000. Wolff Wiese Magana LLC increased its stake in shares of Eastman Chemical by 238.1% in the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company's stock valued at $32,000 after purchasing an additional 200 shares in the last quarter. Dunhill Financial LLC raised its stake 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 buying an additional 162 shares during the period. Northwest Investment Counselors LLC purchased a new stake in Eastman Chemical in the 3rd quarter worth $38,000. Finally, Exchange Traded Concepts LLC raised 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 acquiring an additional 604 shares during the period. Hedge funds and other institutional investors own 83.65% of the company's stock.

Insider Activity at Eastman Chemical

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of Eastman Chemical 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 transaction, the executive vice president now directly owns 47,287 shares in the company, valued at $4,965,135. This trade represents a 18.18 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the transaction, the senior vice president now directly owns 4,403 shares of the company's stock, valued at $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.93% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on EMN. StockNews.com raised shares of Eastman Chemical from a "hold" rating to a "buy" rating in a research note on Saturday, January 18th. Bank of America upgraded Eastman Chemical from a "neutral" rating to a "buy" rating and cut their price objective for the stock from $115.00 to $109.00 in a research note on Tuesday, January 14th. 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. JPMorgan Chase & Co. raised their price target on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an "overweight" rating in a research note on Monday, February 3rd. Finally, Royal Bank of Canada upped their price objective on shares of Eastman Chemical from $101.00 to $103.00 and gave the company a "sector perform" rating in a research note on Tuesday, February 4th. Six analysts have rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, Eastman Chemical has an average rating of "Moderate Buy" and an average price target of $113.77.

Eastman Chemical Trading Up 0.4 %

Shares of NYSE EMN traded up $0.36 during mid-day trading on Thursday, reaching $101.64. 744,360 shares of the company's stock were exchanged, compared to its average volume of 1,157,674. The company's 50-day moving average is $94.26 and its 200-day moving average is $100.18. Eastman Chemical has a 52-week low of $81.76 and a 52-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. The firm has a market capitalization of $11.78 billion, a price-to-earnings ratio of 13.23, a PEG ratio of 1.24 and a beta of 1.44.

Eastman Chemical (NYSE:EMN - Get Free Report) last posted its quarterly earnings data 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%. Analysts expect that Eastman Chemical will post 8.47 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be paid a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.27%. Eastman Chemical's payout ratio is 43.23%.

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.