Putnam Investments LLC boosted its holdings in shares of Eastman Chemical (NYSE:EMN - Free Report) by 4.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,355,408 shares of the basic materials company's stock after acquiring an additional 168,038 shares during the quarter. Putnam Investments LLC owned 3.67% of Eastman Chemical worth $391,203,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the business. Albar Capital Ltd acquired a new stake in shares of Eastman Chemical during the 4th quarter valued at about $7,691,000. Verition Fund Management LLC lifted its holdings in shares of Eastman Chemical by 100.6% during the 4th quarter. Verition Fund Management LLC now owns 85,880 shares of the basic materials company's stock valued at $7,714,000 after buying an additional 43,066 shares during the last quarter. Sei Investments Co. lifted its holdings in shares of Eastman Chemical by 30.9% during the 4th quarter. Sei Investments Co. now owns 752,849 shares of the basic materials company's stock valued at $67,623,000 after buying an additional 177,593 shares during the last quarter. Personal CFO Solutions LLC lifted its holdings in shares of Eastman Chemical by 11.0% during the 4th quarter. Personal CFO Solutions LLC now owns 6,443 shares of the basic materials company's stock valued at $579,000 after buying an additional 636 shares during the last quarter. Finally, Quadrature Capital Ltd lifted its holdings in shares of Eastman Chemical by 52.9% during the 4th quarter. Quadrature Capital Ltd now owns 32,899 shares of the basic materials company's stock valued at $2,956,000 after buying an additional 11,376 shares during the last quarter. 83.65% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity at Eastman Chemical
In related news, CEO Mark J. Costa sold 102,390 shares of the company's stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the sale, the chief executive officer now owns 395,699 shares in the company, valued at $39,878,545.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Mark J. Costa sold 102,390 shares of the company's stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the sale, the chief executive officer now owns 395,699 shares in the company, valued at $39,878,545.22. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Adrian James Holt sold 3,662 shares of the stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $101.26, for a total value of $370,814.12. The disclosure for this sale can be found here. Over the last quarter, insiders sold 108,027 shares of company stock worth $10,885,638. 1.93% of the stock is owned by insiders.
Analyst Ratings Changes
A number of research analysts recently weighed in on EMN shares. Citigroup raised their price objective on Eastman Chemical from $95.00 to $114.00 and gave the company a "buy" rating in a research note on Wednesday, April 10th. Piper Sandler lifted their price objective on Eastman Chemical from $90.00 to $105.00 and gave the stock a "neutral" rating in a report on Tuesday, April 30th. Jefferies Financial Group raised Eastman Chemical from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $102.00 to $125.00 in a report on Monday, April 29th. Mizuho lifted their price objective on Eastman Chemical from $91.00 to $102.00 and gave the stock a "neutral" rating in a report on Friday, April 26th. Finally, Royal Bank of Canada lifted their price objective on Eastman Chemical from $100.00 to $104.00 and gave the stock a "sector perform" rating in a report on Tuesday, April 30th. Six equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $106.24.
Check Out Our Latest Report on Eastman Chemical
Eastman Chemical Price Performance
Eastman Chemical stock traded up $0.34 on Tuesday, reaching $103.54. The company's stock had a trading volume of 1,424,228 shares, compared to its average volume of 1,021,692. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39. The company has a market cap of $12.18 billion, a price-to-earnings ratio of 13.21, a PEG ratio of 1.12 and a beta of 1.51. The business's fifty day moving average price is $99.10 and its 200 day moving average price is $91.78. Eastman Chemical has a twelve month low of $68.89 and a twelve month high of $103.67.
Eastman Chemical (NYSE:EMN - Get Free Report) last released its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, topping analysts' consensus estimates of $1.41 by $0.20. The company had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.29 billion. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The firm's quarterly revenue was down 4.2% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.63 earnings per share. Equities analysts expect that Eastman Chemical will post 7.75 earnings per share for the current fiscal year.
Eastman Chemical Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be given a dividend of $0.81 per share. The ex-dividend date is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.13%. Eastman Chemical's payout ratio is currently 41.75%.
About Eastman Chemical
(
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.
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