Stifel Financial Corp Reduces Holdings in Eastman Chemical (NYSE:EMN)

Stifel Financial Corp reduced its holdings in Eastman Chemical (NYSE:EMN - Free Report) by 19.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 69,299 shares of the basic materials company's stock after selling 16,643 shares during the period. Stifel Financial Corp owned approximately 0.06% of Eastman Chemical worth $6,225,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Quadrant Capital Group LLC raised its holdings in shares of Eastman Chemical by 8.5% during the fourth quarter. Quadrant Capital Group LLC now owns 1,639 shares of the basic materials company's stock worth $147,000 after acquiring an additional 128 shares during the period. Tucker Asset Management LLC raised its holdings in shares of Eastman Chemical by 19.5% during the third quarter. Tucker Asset Management LLC now owns 870 shares of the basic materials company's stock worth $67,000 after acquiring an additional 142 shares during the period. Atria Wealth Solutions Inc. raised its holdings in shares of Eastman Chemical by 4.6% during the fourth quarter. Atria Wealth Solutions Inc. now owns 3,452 shares of the basic materials company's stock worth $310,000 after acquiring an additional 151 shares during the period. Parkside Financial Bank & Trust raised its holdings in shares of Eastman Chemical by 26.2% during the third quarter. Parkside Financial Bank & Trust now owns 814 shares of the basic materials company's stock worth $62,000 after acquiring an additional 169 shares during the period. Finally, Allworth Financial LP raised its holdings in shares of Eastman Chemical by 16.7% during the fourth quarter. Allworth Financial LP now owns 1,434 shares of the basic materials company's stock worth $129,000 after acquiring an additional 205 shares during the period. 83.65% of the stock is currently owned by institutional investors and hedge funds.

Eastman Chemical Stock Performance

Shares of EMN stock traded up $2.29 during midday trading on Friday, hitting $103.30. 1,715,253 shares of the company were exchanged, compared to its average volume of 662,727. The firm's 50 day moving average price is $99.05 and its two-hundred day moving average price is $91.49. The firm has a market capitalization of $12.15 billion, a P/E ratio of 13.31, a PEG ratio of 1.09 and a beta of 1.51. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $103.67.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.41 by $0.20. The company had revenue of $2.31 billion for the quarter, compared to analyst estimates of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The firm's revenue was down 4.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.63 EPS. As a group, equities research analysts anticipate that Eastman Chemical will post 7.75 earnings per share for the current year.

Eastman Chemical Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Shareholders of record on Monday, June 17th will be issued a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 3.14%. The ex-dividend date of this dividend is Monday, June 17th. Eastman Chemical's payout ratio is 41.75%.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on EMN shares. KeyCorp raised their target price on shares of Eastman Chemical from $101.00 to $121.00 and gave the company an "overweight" rating in a research report on Tuesday, April 9th. UBS Group raised shares of Eastman Chemical from a "neutral" rating to a "buy" rating and raised their target price for the company from $106.00 to $128.00 in a research report on Thursday, May 23rd. Mizuho raised their target price on shares of Eastman Chemical from $91.00 to $102.00 and gave the company a "neutral" rating in a research report on Friday, April 26th. Barclays raised their target price on shares of Eastman Chemical from $85.00 to $103.00 and gave the company an "equal weight" rating in a research report on Monday, May 6th. Finally, Piper Sandler raised their target price on shares of Eastman Chemical from $90.00 to $105.00 and gave the company a "neutral" rating in a research report on Tuesday, April 30th. Six analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $106.24.

Insiders Place Their Bets

In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of the business's stock in a transaction that occurred on Monday, June 3rd. The shares were sold at an average price of $99.22, for a total transaction of $195,959.50. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, SVP Adrian James Holt sold 1,975 shares of the company's stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $99.22, for a total value of $195,959.50. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Mark J. Costa sold 102,390 shares of the company's stock in a transaction on Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the sale, the chief executive officer now directly owns 395,699 shares in the company, valued at $39,878,545.22. The disclosure for this sale can be found here. Insiders have sold 108,027 shares of company stock valued at $10,885,638 in the last ninety days. 1.93% of the stock is currently owned by insiders.

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.