Kestra Private Wealth Services LLC Acquires 2,601 Shares of Eastman Chemical (NYSE:EMN)

Kestra Private Wealth Services LLC lifted its stake in shares of Eastman Chemical (NYSE:EMN - Free Report) by 121.9% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 4,734 shares of the basic materials company's stock after acquiring an additional 2,601 shares during the period. Kestra Private Wealth Services LLC's holdings in Eastman Chemical were worth $432,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in EMN. Assenagon Asset Management S.A. lifted its holdings in shares of Eastman Chemical by 1,104.3% during 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 acquiring an additional 856,432 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Eastman Chemical by 57.2% in the third 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 during the last quarter. Franklin Resources Inc. lifted its stake in Eastman Chemical by 5.7% in the third 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 during the last quarter. National Bank of Canada FI lifted its stake in Eastman Chemical by 492.9% in the third 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 during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in Eastman Chemical by 443.1% in the third 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 during the last quarter. 83.65% of the stock is owned by institutional investors.

Analysts Set New Price Targets

EMN has been the subject of several recent research reports. UBS Group lowered their price target on shares of Eastman Chemical from $124.00 to $123.00 and set a "buy" rating for the company in a research note on Friday, January 31st. Piper Sandler boosted their price target on shares of Eastman Chemical from $102.00 to $105.00 and gave the stock a "neutral" rating in a research note on Thursday, February 13th. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a "hold" rating for the company in a research note on Monday, November 4th. Barclays lowered their price target on shares of Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating for the company in a research note on Monday, February 3rd. Finally, Bank of America upgraded shares of Eastman Chemical from a "neutral" rating to a "buy" rating and decreased their price objective for the company from $115.00 to $109.00 in a research report on Tuesday, January 14th. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat.com, Eastman Chemical has a consensus rating of "Moderate Buy" and an average price target of $114.08.

Insiders Place Their Bets

In other news, SVP Julie A. Mcalindon sold 4,456 shares of the company'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 transaction, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the company's stock in a transaction that occurred 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 transaction, the executive vice president now owns 47,287 shares in the company, valued at approximately $4,965,135. This represents a 18.18 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 1.93% of the company's stock.

Eastman Chemical Trading Down 0.7 %

Shares of NYSE EMN traded down $0.68 during midday trading on Thursday, hitting $100.58. 678,929 shares of the company traded hands, compared to its average volume of 1,126,656. Eastman Chemical has a 12-month low of $83.83 and a 12-month 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 stock has a 50-day moving average price of $94.40 and a 200 day moving average price of $100.17. The firm has a market cap of $11.58 billion, a P/E ratio of 13.10, a P/E/G ratio of 1.26 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.40%. As a group, analysts expect that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.30%. The ex-dividend date of this dividend is Friday, March 14th. Eastman Chemical's dividend payout ratio (DPR) is presently 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.