State Street Corp Acquires 70,692 Shares of Eastman Chemical (NYSE:EMN)

State Street Corp raised its holdings in shares of Eastman Chemical (NYSE:EMN - Free Report) by 1.4% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 5,285,230 shares of the basic materials company's stock after acquiring an additional 70,692 shares during the period. State Street Corp owned approximately 4.56% of Eastman Chemical worth $595,820,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Dakota Wealth Management raised its position in shares of Eastman Chemical by 13.5% during the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company's stock worth $2,183,000 after purchasing an additional 2,655 shares during the period. KBC Group NV increased its holdings in Eastman Chemical by 21.8% during the 3rd quarter. KBC Group NV now owns 110,610 shares of the basic materials company's stock worth $12,383,000 after purchasing an additional 19,809 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Eastman Chemical by 6.8% in the third quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company's stock valued at $16,588,000 after purchasing an additional 9,447 shares in the last quarter. Raymond James & Associates boosted its position in shares of Eastman Chemical by 36.6% during the second quarter. Raymond James & Associates now owns 536,443 shares of the basic materials company's stock worth $52,555,000 after buying an additional 143,866 shares during the period. Finally, Ensign Peak Advisors Inc grew its holdings in shares of Eastman Chemical by 21.0% during the second quarter. Ensign Peak Advisors Inc now owns 46,288 shares of the basic materials company's stock worth $4,535,000 after buying an additional 8,035 shares in the last quarter. Institutional investors and hedge funds own 83.65% of the company's stock.

Eastman Chemical Stock Performance

EMN traded down $0.99 on Monday, reaching $100.08. The company had a trading volume of 1,268,774 shares, compared to its average volume of 961,116. The stock has a market cap of $11.60 billion, a P/E ratio of 13.53, a P/E/G ratio of 0.81 and a beta of 1.42. 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 has a fifty-two week low of $80.71 and a fifty-two week high of $114.50. The company's fifty day moving average is $105.39 and its 200 day moving average is $101.80.

Eastman Chemical (NYSE:EMN - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, topping the consensus estimate of $2.14 by $0.12. The business had revenue of $2.46 billion during the quarter, compared to analysts' expectations of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The firm's revenue for the quarter was up 8.7% compared to the same quarter last year. During the same period last year, the firm posted $1.47 EPS. As a group, analysts predict that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th will be paid a $0.83 dividend. This is a boost from Eastman Chemical's previous quarterly dividend of $0.81. The ex-dividend date is Monday, December 16th. This represents a $3.32 annualized dividend and a yield of 3.32%. Eastman Chemical's payout ratio is 43.37%.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. Bank of America downgraded Eastman Chemical from a "buy" rating to a "neutral" rating and upped their price target for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Royal Bank of Canada restated a "sector perform" rating and set a $105.00 target price on shares of Eastman Chemical in a report on Friday, November 22nd. Mizuho lifted their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a "neutral" rating in a research note on Tuesday, November 26th. Wells Fargo & Company raised Eastman Chemical from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $110.00 to $125.00 in a research report on Tuesday, November 26th. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on Eastman Chemical from $115.00 to $110.00 and set a "hold" rating on the stock in a research report on Monday, November 4th. Seven analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $112.86.

Insider Buying and Selling at Eastman Chemical

In other news, 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 completion of the sale, the executive vice president now directly owns 47,287 shares in the company, valued at approximately $4,965,135. This represents a 18.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 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 value 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 quarter. Company insiders own 2.28% of the company's stock.

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.