Eastman Chemical (NYSE:EMN) Stock Holdings Increased by Toronto Dominion Bank

Toronto Dominion Bank raised its holdings in shares of Eastman Chemical (NYSE:EMN) by 14.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 39,244 shares of the basic materials company’s stock after buying an additional 5,035 shares during the period. Toronto Dominion Bank’s holdings in Eastman Chemical were worth $4,393,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. State Street Corp boosted its stake in shares of Eastman Chemical by 1.4% during the 3rd quarter. State Street Corp now owns 5,285,230 shares of the basic materials company’s stock worth $595,820,000 after acquiring an additional 70,692 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Eastman Chemical by 0.5% during the third quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company’s stock valued at $310,628,000 after purchasing an additional 13,381 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in shares of Eastman Chemical by 3.2% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock valued at $306,093,000 after purchasing an additional 83,504 shares during the period. Dimensional Fund Advisors LP increased its stake in Eastman Chemical by 9.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 2,280,699 shares of the basic materials company’s stock worth $223,435,000 after purchasing an additional 198,645 shares in the last quarter. Finally, Earnest Partners LLC raised its holdings in Eastman Chemical by 1.8% during the 2nd quarter. Earnest Partners LLC now owns 2,240,013 shares of the basic materials company’s stock worth $219,454,000 after buying an additional 40,070 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Down 1.2 %

Shares of Eastman Chemical stock opened at $98.50 on Friday. The stock has a 50-day simple moving average of $104.33 and a 200-day simple moving average of $101.77. Eastman Chemical has a 52-week low of $80.71 and a 52-week high of $114.50. The firm has a market cap of $11.42 billion, a price-to-earnings ratio of 13.19, a P/E/G ratio of 0.79 and a beta of 1.42. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, topping the consensus estimate of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The company had revenue of $2.46 billion during the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the previous year, the firm posted $1.47 earnings per share. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. On average, equities research analysts expect that Eastman Chemical will post 7.63 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th will be issued a dividend of $0.83 per share. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.81. This represents a $3.32 annualized dividend and a yield of 3.37%. The ex-dividend date of this dividend is Monday, December 16th. Eastman Chemical’s dividend payout ratio (DPR) is 43.37%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on EMN shares. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and lifted their target price for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Tuesday, December 3rd. Mizuho increased their target price on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $110.00 to $125.00 in a report on Tuesday, November 26th. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research note on Friday, November 22nd. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $114.46.

Insiders Place Their Bets

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of Eastman Chemical stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total value of $1,102,920.00. Following the transaction, the executive vice president now owns 47,287 shares in the company, valued at $4,965,135. This trade represents a 18.18 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the transaction, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This represents a 19.84 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,021 shares of company stock valued at $1,895,948 over the last quarter. Insiders own 1.93% of the company’s stock.

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.