Eastman Chemical (NYSE:EMN) Stake Boosted by Empower Advisory Group LLC

Empower Advisory Group LLC raised its holdings in shares of Eastman Chemical (NYSE:EMN) by 2.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 876,531 shares of the basic materials company’s stock after purchasing an additional 24,600 shares during the period. Empower Advisory Group LLC owned about 0.76% of Eastman Chemical worth $80,045,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Assenagon Asset Management S.A. boosted its stake in Eastman Chemical by 1,104.3% in the third quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock valued at $104,560,000 after acquiring an additional 856,432 shares during the period. PNC Financial Services Group Inc. boosted its position in Eastman Chemical by 57.2% during the 3rd quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock valued at $104,755,000 after purchasing an additional 340,562 shares during the period. Franklin Resources Inc. grew its stake in Eastman Chemical by 5.7% during the 3rd quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after buying an additional 282,458 shares during the last quarter. National Bank of Canada FI increased its position in Eastman Chemical by 492.9% in the third quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock worth $23,863,000 after buying an additional 177,207 shares during the period. Finally, Victory Capital Management Inc. lifted its stake in Eastman Chemical by 443.1% in the third quarter. Victory Capital Management Inc. now owns 158,253 shares of the basic materials company’s stock valued at $17,716,000 after buying an additional 129,112 shares during the last quarter. 83.65% of the stock is owned by institutional investors and hedge funds.

Eastman Chemical Trading Down 0.6 %

Shares of EMN stock opened at $100.99 on Tuesday. The stock has a 50-day simple moving average of $94.27 and a 200 day simple moving average of $100.12. The stock has a market capitalization of $11.71 billion, a P/E ratio of 13.15, a P/E/G ratio of 1.24 and a beta of 1.44. Eastman Chemical has a fifty-two week low of $83.38 and a fifty-two week high of $114.50. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, beating 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%. On average, sell-side analysts expect that Eastman Chemical will post 8.47 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be issued a $0.83 dividend. The ex-dividend date is Friday, March 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.29%. Eastman Chemical’s dividend payout ratio is currently 43.23%.

Insider Activity

In other Eastman Chemical news, SVP Julie A. Mcalindon sold 4,456 shares of the business’s stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the sale, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the firm’s stock in a transaction dated 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 owns 47,287 shares of the company’s stock, valued at approximately $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.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on EMN. KeyCorp increased their price objective on shares of Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a report on Monday, February 3rd. Piper Sandler raised their price target on shares of Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a research note on Thursday, February 13th. Barclays reduced their price objective on Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. Wells Fargo & Company upgraded 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 research report on Tuesday, November 26th. Finally, Mizuho boosted their price target on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research 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. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $114.08.

Eastman Chemical 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.