Eastern Bank Has $14.79 Million Position in Eastman Chemical (NYSE:EMN)

Eastern Bank cut its stake in shares of Eastman Chemical (NYSE:EMN) by 1.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 161,979 shares of the basic materials company’s stock after selling 2,119 shares during the period. Eastern Bank’s holdings in Eastman Chemical were worth $14,792,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. National Bank of Canada FI lifted its stake in Eastman Chemical by 492.9% during the 3rd quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock valued at $23,863,000 after acquiring an additional 177,207 shares in the last quarter. KBC Group NV lifted its stake in Eastman Chemical by 21.8% during the 3rd quarter. KBC Group NV now owns 110,610 shares of the basic materials company’s stock valued at $12,383,000 after acquiring an additional 19,809 shares in the last quarter. Principal Financial Group Inc. lifted its stake in Eastman Chemical by 6.8% during the 3rd quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock valued at $16,588,000 after acquiring an additional 9,447 shares in the last quarter. Ensign Peak Advisors Inc lifted its stake in Eastman Chemical by 21.0% during the 2nd quarter. Ensign Peak Advisors Inc now owns 46,288 shares of the basic materials company’s stock valued at $4,535,000 after acquiring an additional 8,035 shares in the last quarter. Finally, Pathway Financial Advisers LLC bought a new position in Eastman Chemical during the 3rd quarter valued at $632,000. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Price Performance

EMN stock traded up $1.50 during mid-day trading on Monday, reaching $88.74. 657,264 shares of the company traded hands, compared to its average volume of 1,027,075. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The company has a market capitalization of $10.29 billion, a P/E ratio of 11.88, a P/E/G ratio of 0.79 and a beta of 1.44. Eastman Chemical has a 52-week low of $80.71 and a 52-week high of $114.50. The company has a fifty day moving average price of $97.55 and a 200-day moving average price of $100.44.

Eastman Chemical (NYSE:EMN) last issued its quarterly earnings data 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 return on equity of 15.37% and a net margin of 9.47%. The company had revenue of $2.46 billion during the quarter, compared to analyst estimates of $2.38 billion. During the same quarter in the previous year, the firm earned $1.47 earnings per share. Eastman Chemical’s revenue was up 8.7% on a year-over-year basis. As a group, analysts anticipate that Eastman Chemical will post 7.63 earnings per share for the current year.

Eastman Chemical Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th were paid a $0.83 dividend. The ex-dividend date of this dividend was Monday, December 16th. This represents a $3.32 annualized dividend and a yield of 3.74%. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.81. Eastman Chemical’s dividend payout ratio is currently 44.44%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on EMN shares. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $110.00 to $125.00 in a research note on Tuesday, November 26th. Mizuho lifted their target price on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. Piper Sandler lowered their price objective on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a research note on Tuesday, January 7th. Bank of America cut Eastman Chemical from a “buy” rating to a “neutral” rating and boosted their price objective for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Finally, StockNews.com cut Eastman Chemical from a “buy” rating to a “hold” rating in a research note on Friday. Eight investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $113.69.

Insiders Place Their Bets

In other Eastman Chemical news, SVP Christopher Moore Killian sold 3,061 shares of the business’s stock in a transaction that occurred on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the sale, the senior vice president now owns 12,366 shares in the company, valued at approximately $1,298,430. The trade was a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the business’s stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 47,287 shares of the company’s stock, valued at $4,965,135. The trade was a 18.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 18,021 shares of company stock valued at $1,895,948 over the last quarter. 1.93% of the stock is owned by corporate insiders.

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.