OLD National Bancorp IN Has $744,000 Position in Eastman Chemical (NYSE:EMN)

OLD National Bancorp IN decreased its position in shares of Eastman Chemical (NYSE:EMN) by 13.5% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 8,145 shares of the basic materials company’s stock after selling 1,276 shares during the quarter. OLD National Bancorp IN’s holdings in Eastman Chemical were worth $744,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of EMN. UMB Bank n.a. lifted its stake in shares of Eastman Chemical by 4.3% during the third quarter. UMB Bank n.a. now owns 2,343 shares of the basic materials company’s stock valued at $262,000 after acquiring an additional 96 shares during the period. V Square Quantitative Management LLC raised its holdings in Eastman Chemical by 3.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 2,683 shares of the basic materials company’s stock worth $300,000 after purchasing an additional 98 shares during the last quarter. Patrick M Sweeney & Associates Inc. lifted its position in Eastman Chemical by 3.3% during the 3rd quarter. Patrick M Sweeney & Associates Inc. now owns 3,434 shares of the basic materials company’s stock valued at $384,000 after purchasing an additional 111 shares during the period. RKL Wealth Management LLC boosted its stake in shares of Eastman Chemical by 0.9% in the 3rd quarter. RKL Wealth Management LLC now owns 13,576 shares of the basic materials company’s stock valued at $1,520,000 after purchasing an additional 123 shares during the last quarter. Finally, Greenleaf Trust grew its position in shares of Eastman Chemical by 2.0% during the 3rd quarter. Greenleaf Trust now owns 6,645 shares of the basic materials company’s stock worth $744,000 after buying an additional 128 shares during the period. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Stock Up 7.4 %

Eastman Chemical stock opened at $99.52 on Friday. Eastman Chemical has a twelve month low of $80.71 and a twelve month 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. The company has a 50 day moving average of $94.80 and a 200-day moving average of $100.03. The stock has a market capitalization of $11.54 billion, a PE ratio of 13.32, a price-to-earnings-growth ratio of 0.68 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. On average, equities research analysts anticipate that Eastman Chemical will post 7.6 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 8th. Investors of record on Monday, December 16th were given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.34%. 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 currently 44.44%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on EMN. Citigroup cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $118.00 to $104.00 in a research note on Wednesday, December 18th. Bank of America upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft dropped their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a report on Monday, November 4th. UBS Group reduced their target price on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a report on Friday. Finally, Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $110.00 to $125.00 in a research note on Tuesday, November 26th. Six equities 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 presently has a consensus rating of “Moderate Buy” and a consensus price target of $112.54.

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, EVP Stephen Glenn Crawford sold 10,504 shares of the business’s stock in a transaction dated 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. The trade was a 18.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the transaction, the senior vice president now owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,021 shares of company stock worth $1,895,948. Corporate insiders own 1.93% of the company’s stock.

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.