Truist Financial Corp Buys 92,162 Shares of Eastman Chemical (NYSE:EMN)

Truist Financial Corp grew its position in shares of Eastman Chemical (NYSE:EMN - Free Report) by 8.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,158,107 shares of the basic materials company's stock after acquiring an additional 92,162 shares during the period. Truist Financial Corp owned about 1.00% of Eastman Chemical worth $105,758,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Crews Bank & Trust bought a new position in shares of Eastman Chemical during the fourth quarter valued at approximately $27,000. Dunhill Financial LLC increased its stake in shares of Eastman Chemical by 94.7% during the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company's stock valued at $37,000 after purchasing an additional 162 shares in the last quarter. Stonebridge Financial Group LLC bought a new position in shares of Eastman Chemical during the fourth quarter valued at approximately $37,000. Northwest Investment Counselors LLC bought a new position in shares of Eastman Chemical during the third quarter valued at approximately $38,000. Finally, Exchange Traded Concepts LLC increased its stake in shares of Eastman Chemical by 784.4% during the third quarter. Exchange Traded Concepts LLC now owns 681 shares of the basic materials company's stock valued at $76,000 after purchasing an additional 604 shares in the last quarter. 83.65% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on EMN. Deutsche Bank Aktiengesellschaft decreased their target price 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. Royal Bank of Canada increased their price target on shares of Eastman Chemical from $101.00 to $103.00 and gave the company a "sector perform" rating in a report on Tuesday, February 4th. Barclays cut their price target on shares of Eastman Chemical from $111.00 to $108.00 and set an "equal weight" rating on the stock in a report on Monday, February 3rd. KeyCorp increased their price target on shares of Eastman Chemical from $121.00 to $128.00 and gave the company an "overweight" rating in a report on Monday, February 3rd. Finally, Mizuho increased their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a "neutral" rating in a report on Tuesday, November 26th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average 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 firm's stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total transaction of $471,623.04. Following the sale, the senior vice president now directly owns 4,403 shares in the company, valued at $466,013.52. This trade represents a 50.30 % decrease in their position. 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 on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the sale, the executive vice president now owns 47,287 shares in the company, valued at $4,965,135. The trade was a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.93% of the company's stock.

Eastman Chemical Stock Performance

EMN stock traded down $0.68 on Thursday, hitting $100.58. The company had a trading volume of 678,929 shares, compared to its average volume of 1,126,677. Eastman Chemical has a 12-month low of $83.83 and a 12-month high of $114.50. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. The stock's 50-day simple moving average is $94.41 and its 200 day simple moving average is $100.18. The stock has a market cap of $11.58 billion, a price-to-earnings 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 released its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, topping 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, equities research analysts expect that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

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