Cetera Trust Company N.A Sells 225 Shares of Eastman Chemical (NYSE:EMN)

Cetera Trust Company N.A cut its stake in Eastman Chemical (NYSE:EMN) by 4.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 5,068 shares of the basic materials company’s stock after selling 225 shares during the quarter. Cetera Trust Company N.A’s holdings in Eastman Chemical were worth $463,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Assenagon Asset Management S.A. grew its stake in shares of Eastman Chemical by 1,104.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock valued at $104,560,000 after purchasing an additional 856,432 shares during the period. Truist Financial Corp grew its position in Eastman Chemical by 201.5% during the second quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock valued at $90,572,000 after buying an additional 617,889 shares during the period. PNC Financial Services Group Inc. increased its holdings in Eastman Chemical by 57.2% during the third quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock valued at $104,755,000 after buying an additional 340,562 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of 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 acquiring an additional 282,458 shares during the last quarter. Finally, National Bank of Canada FI raised its stake in shares of 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. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on EMN shares. Piper Sandler dropped their price objective on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Saturday. Bank of America upgraded shares of Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Finally, Mizuho increased their price objective 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 investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat.com, Eastman Chemical has an average rating of “Moderate Buy” and an average target price of $112.92.

Insider Buying and Selling

In other news, SVP Julie A. Mcalindon sold 4,456 shares of Eastman Chemical stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the sale, the senior vice president now directly owns 4,403 shares in the company, valued at approximately $466,013.52. This trade represents a 50.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the company’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 in the company, 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. In the last ninety days, insiders sold 18,021 shares of company stock valued at $1,895,948. Company insiders own 2.28% of the company’s stock.

Eastman Chemical Trading Down 0.7 %

EMN opened at $93.74 on Wednesday. The stock has a 50-day moving average of $96.21 and a 200 day moving average of $100.26. The company has a current ratio of 1.52, a quick ratio of 0.78 and a debt-to-equity ratio of 0.80. Eastman Chemical has a 12 month low of $80.71 and a 12 month high of $114.50. The firm has a market cap of $10.87 billion, a P/E ratio of 12.56, a P/E/G ratio of 0.68 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, beating the consensus estimate of $2.14 by $0.12. The firm had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. The company’s revenue for the quarter was up 8.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.47 EPS. As a group, research analysts forecast that Eastman Chemical will post 7.6 EPS for the current year.

Eastman Chemical Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 8th. Stockholders of record on Monday, December 16th were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.54%. The ex-dividend date was Monday, December 16th. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.81. Eastman Chemical’s dividend payout ratio (DPR) is 44.44%.

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.