Advisors Management Group Inc. ADV Raises Stock Holdings in Eastman Chemical (NYSE:EMN)

Advisors Management Group Inc. ADV lifted its stake in Eastman Chemical (NYSE:EMN) by 75.3% during the 4th quarter, Holdings Channel reports. The institutional investor owned 9,765 shares of the basic materials company’s stock after purchasing an additional 4,196 shares during the quarter. Advisors Management Group Inc. ADV’s holdings in Eastman Chemical were worth $892,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently made changes to their positions in the company. Wolff Wiese Magana LLC raised its stake in Eastman Chemical by 238.1% during the 3rd quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 200 shares during the period. Dunhill Financial LLC increased its stake in shares of Eastman Chemical by 94.7% in the third quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock worth $37,000 after purchasing an additional 162 shares in the last quarter. Northwest Investment Counselors LLC bought a new stake in shares of Eastman Chemical during the 3rd quarter valued at $38,000. Massmutual Trust Co. FSB ADV raised its position in shares of Eastman Chemical by 52.6% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 537 shares of the basic materials company’s stock valued at $60,000 after purchasing an additional 185 shares during the period. Finally, Benjamin F. Edwards & Company Inc. lifted its stake in shares of Eastman Chemical by 30.9% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 610 shares of the basic materials company’s stock valued at $60,000 after buying an additional 144 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical 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 completion of the sale, the senior vice president now directly owns 12,366 shares in the company, valued at approximately $1,298,430. This trade represents a 19.84 % 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 business’s stock in a transaction on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the sale, the executive vice president now directly owns 47,287 shares of the company’s stock, valued at $4,965,135. This represents a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,021 shares of company stock valued at $1,895,948 in the last ninety days. Insiders own 1.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on EMN shares. Mizuho raised their price target on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. Piper Sandler cut their target price on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating for the company in a research report on Tuesday, January 7th. StockNews.com cut Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday, January 10th. Deutsche Bank Aktiengesellschaft dropped their price target on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Finally, Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $110.00 to $125.00 in a research report on Tuesday, November 26th. Seven research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Eastman Chemical has a consensus rating of “Moderate Buy” and a consensus target price of $112.92.

Eastman Chemical Trading Down 0.0 %

Shares of EMN opened at $91.96 on Thursday. The stock has a market capitalization of $10.66 billion, a PE ratio of 12.31, a P/E/G ratio of 0.79 and a beta of 1.44. The company’s fifty day moving average is $96.92 and its 200 day moving average is $100.29. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. Eastman Chemical has a fifty-two week low of $80.71 and a fifty-two week high of $114.50.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The firm had revenue of $2.46 billion for the quarter, compared to the consensus estimate of $2.38 billion. During the same period in the previous year, the firm posted $1.47 EPS. The business’s quarterly revenue was up 8.7% on a year-over-year basis. Sell-side 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 disclosed a quarterly dividend, which was paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th were given a dividend of $0.83 per share. The ex-dividend date was Monday, December 16th. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.81. This represents a $3.32 dividend on an annualized basis and a yield of 3.61%. Eastman Chemical’s dividend payout ratio is 44.44%.

Eastman Chemical Company 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.