GHP Investment Advisors Inc. trimmed its position in shares of Eastman Chemical (NYSE:EMN - Free Report) by 6.7% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 44,426 shares of the basic materials company's stock after selling 3,185 shares during the quarter. GHP Investment Advisors Inc.'s holdings in Eastman Chemical were worth $4,057,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Assenagon Asset Management S.A. increased its stake in shares of Eastman Chemical by 1,104.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company's stock worth $104,560,000 after purchasing an additional 856,432 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in shares of Eastman Chemical by 57.2% in the 3rd quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company's stock worth $104,755,000 after purchasing an additional 340,562 shares in the last quarter. Franklin Resources Inc. increased its stake in shares of Eastman Chemical by 5.7% in the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company's stock worth $593,233,000 after purchasing an additional 282,458 shares in the last quarter. National Bank of Canada FI increased its stake in shares of Eastman Chemical by 492.9% in the 3rd quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company's stock worth $23,863,000 after purchasing an additional 177,207 shares in the last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of Eastman Chemical by 443.1% in the 3rd quarter. Victory Capital Management Inc. now owns 158,253 shares of the basic materials company's stock worth $17,716,000 after purchasing an additional 129,112 shares in the last quarter. 83.65% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts have recently commented on EMN shares. Piper Sandler reduced their price objective on Eastman Chemical from $105.00 to $102.00 and set a "neutral" rating for the company in a research note on Tuesday, January 7th. StockNews.com upgraded Eastman Chemical from a "hold" rating to a "buy" rating in a research note on Saturday, January 18th. Royal Bank of Canada increased their price target on Eastman Chemical from $101.00 to $103.00 and gave the stock a "sector perform" rating in a research note on Tuesday, February 4th. KeyCorp increased their price target on Eastman Chemical from $121.00 to $128.00 and gave the stock an "overweight" rating in a research note on Monday, February 3rd. Finally, Deutsche Bank Aktiengesellschaft cut their price target on Eastman Chemical from $115.00 to $110.00 and set a "hold" rating for the company in a research note on Monday, November 4th. Six analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, Eastman Chemical has a consensus rating of "Moderate Buy" and a consensus target price of $113.54.
Get Our Latest Stock Report on EMN
Insider Activity at Eastman Chemical
In other Eastman Chemical news, SVP Julie A. Mcalindon sold 4,456 shares of the firm's stock in a transaction dated 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 owns 4,403 shares of the company's stock, valued at $466,013.52. This trade represents a 50.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $4,965,135. The trade was a 18.18 % decrease in their position. The disclosure for this sale can be found here. 1.93% of the stock is owned by insiders.
Eastman Chemical Trading Up 0.1 %
Shares of NYSE:EMN traded up $0.15 during trading on Monday, reaching $99.37. The company's stock had a trading volume of 499,137 shares, compared to its average volume of 1,159,101. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. Eastman Chemical has a 12 month low of $81.00 and a 12 month high of $114.50. The firm's 50 day simple moving average is $94.42 and its two-hundred day simple moving average is $100.14. The stock has a market capitalization of $11.52 billion, a PE ratio of 12.94, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44.
Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 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%. On average, research analysts predict that Eastman Chemical will post 8.47 EPS for the current fiscal year.
Eastman Chemical Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Investors of record on Monday, December 16th were issued a $0.83 dividend. This is an increase 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 dividend yield of 3.34%. Eastman Chemical's dividend payout ratio (DPR) is presently 43.23%.
Eastman Chemical Profile
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Free Report)
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.
Further Reading
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