MML Investors Services LLC Has $12.20 Million Stock Position in Eastman Chemical (NYSE:EMN)

MML Investors Services LLC boosted its holdings in Eastman Chemical (NYSE:EMN - Free Report) by 97.5% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 108,936 shares of the basic materials company's stock after buying an additional 53,780 shares during the quarter. MML Investors Services LLC owned approximately 0.09% of Eastman Chemical worth $12,195,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Dunhill Financial LLC increased its position in Eastman Chemical by 94.7% during the third 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. Zacks Investment Management increased its holdings in shares of Eastman Chemical by 10.6% in the 3rd quarter. Zacks Investment Management now owns 439,656 shares of the basic materials company's stock valued at $49,219,000 after acquiring an additional 42,067 shares during the period. iSAM Funds UK Ltd purchased a new stake in Eastman Chemical in the 3rd quarter valued at $924,000. National Bank of Canada FI boosted its stake in Eastman Chemical by 492.9% during 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 during the period. Finally, iA Global Asset Management Inc. grew its position in Eastman Chemical by 8.5% during the 3rd quarter. iA Global Asset Management Inc. now owns 5,429 shares of the basic materials company's stock worth $608,000 after purchasing an additional 425 shares during the last quarter. Hedge funds and other institutional investors own 83.65% of the company's stock.

Eastman Chemical Stock Performance

Shares of EMN traded up $0.02 during midday trading on Wednesday, hitting $99.34. 1,496,797 shares of the stock traded hands, compared to its average volume of 965,172. Eastman Chemical has a 1-year low of $80.71 and a 1-year 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 $11.51 billion, a PE ratio of 13.30, a price-to-earnings-growth ratio of 0.81 and a beta of 1.42. The business's 50 day moving average price is $104.71 and its two-hundred day moving average price is $101.78.

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

Eastman Chemical Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 8th. Investors of record on Monday, December 16th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.34%. The ex-dividend date of this dividend is Monday, December 16th. This is an increase from Eastman Chemical's previous quarterly dividend of $0.81. Eastman Chemical's dividend payout ratio is 43.37%.

Insider Activity

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the sale, the senior vice president now owns 12,366 shares in the company, valued at $1,298,430. This represents a 19.84 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through 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 completion of 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 ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 18,021 shares of company stock worth $1,895,948. 2.28% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

EMN has been the subject of several analyst reports. Wells Fargo & Company raised Eastman Chemical from an "equal weight" rating to an "overweight" rating and raised their target price for the company from $110.00 to $125.00 in a report on Tuesday, November 26th. Bank of America cut shares of Eastman Chemical from a "buy" rating to a "neutral" rating and raised their price objective for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Mizuho upped their target price on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a "neutral" rating in a research report on Tuesday, November 26th. StockNews.com upgraded shares of Eastman Chemical from a "hold" rating to a "buy" rating in a research report on Tuesday, December 3rd. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on Eastman Chemical from $115.00 to $110.00 and set a "hold" rating on the stock in a research note on Monday, November 4th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $112.86.

Eastman Chemical Company 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.