Eastman Chemical (NYSE:EMN) Shares Sold by Allworth Financial LP

Allworth Financial LP lowered its stake in Eastman Chemical (NYSE:EMN) by 1.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 177,505 shares of the basic materials company’s stock after selling 1,974 shares during the quarter. Allworth Financial LP’s holdings in Eastman Chemical were worth $19,872,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Capital Research Global Investors lifted its stake in shares of Eastman Chemical by 649.8% in the 1st quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock worth $452,139,000 after acquiring an additional 3,909,740 shares during the period. Assenagon Asset Management S.A. lifted its position 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 worth $104,560,000 after purchasing an additional 856,432 shares during the period. Truist Financial Corp boosted its stake in Eastman Chemical by 201.5% during the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock valued at $90,572,000 after purchasing an additional 617,889 shares in the last quarter. DekaBank Deutsche Girozentrale increased its position in shares of Eastman Chemical by 318.2% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock valued at $69,516,000 after purchasing an additional 534,081 shares during the period. Finally, Envestnet Asset Management Inc. increased its position in shares of Eastman Chemical by 34.5% during the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after purchasing an additional 218,531 shares during the period. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Shares of EMN opened at $105.41 on Friday. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.40 and a quick ratio of 0.71. The company has a market capitalization of $12.40 billion, a price-to-earnings ratio of 13.58, a P/E/G ratio of 0.83 and a beta of 1.44. The business’s 50-day moving average is $105.21 and its 200-day moving average is $100.80. Eastman Chemical has a fifty-two week low of $69.25 and a fifty-two week high of $114.50.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the prior year, the firm earned $1.99 EPS. The company’s revenue was up 1.7% compared to the same quarter last year. Equities research analysts expect that Eastman Chemical will post 7.67 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, October 7th. Investors of record on Monday, September 16th were issued a dividend of $0.81 per share. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.24 annualized dividend and a dividend yield of 3.07%. Eastman Chemical’s dividend payout ratio is 41.75%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on EMN shares. Deutsche Bank Aktiengesellschaft raised their target price on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Barclays lifted their price objective on shares of Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research note on Monday, July 29th. Bank of America lowered shares of Eastman Chemical from a “buy” rating to a “neutral” rating and increased their target price for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Piper Sandler restated a “neutral” rating and issued a $105.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Finally, Royal Bank of Canada increased their price objective on Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a research report on Friday, October 11th. Eight research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus price target of $110.20.

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.