Carroll Financial Associates Inc. lifted its position in Eastman Chemical (NYSE:EMN) by 25.4% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 883 shares of the basic materials company’s stock after purchasing an additional 179 shares during the quarter. Carroll Financial Associates Inc.’s holdings in Eastman Chemical were worth $88,000 at the end of the most recent reporting period.
A number of other large investors also recently made changes to their positions in the business. Great West Life Assurance Co. Can lifted its stake in Eastman Chemical by 3,495.5% in the third quarter. Great West Life Assurance Co. Can now owns 10,888,218 shares of the basic materials company’s stock valued at $24,249,000 after buying an additional 10,585,391 shares during the period. JPMorgan Chase & Co. raised its holdings in Eastman Chemical by 17.6% in the 3rd quarter. JPMorgan Chase & Co. now owns 12,287,649 shares of the basic materials company’s stock valued at $947,990,000 after acquiring an additional 1,837,475 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Eastman Chemical by 34.3% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 2,064,116 shares of the basic materials company’s stock valued at $143,746,000 after acquiring an additional 527,002 shares in the last quarter. FMR LLC raised its holdings in Eastman Chemical by 99.1% in the 2nd quarter. FMR LLC now owns 850,748 shares of the basic materials company’s stock valued at $59,246,000 after acquiring an additional 423,456 shares in the last quarter. Finally, Morgan Stanley raised its holdings in Eastman Chemical by 30.0% in the 3rd quarter. Morgan Stanley now owns 1,195,130 shares of the basic materials company’s stock valued at $93,364,000 after acquiring an additional 276,131 shares in the last quarter. Hedge funds and other institutional investors own 76.60% of the company’s stock.
Several equities analysts have recently issued reports on the company. Bank of America lifted their price target on Eastman Chemical from $89.00 to $101.00 and gave the company a “neutral” rating in a research note on Monday, November 30th. Deutsche Bank Aktiengesellschaft boosted their price objective on Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a research report on Wednesday, December 2nd. Truist boosted their price objective on Eastman Chemical from $75.00 to $90.00 in a research report on Friday, September 18th. KeyCorp boosted their price objective on Eastman Chemical from $92.00 to $96.00 and gave the stock an “overweight” rating in a research report on Monday, November 2nd. Finally, Morgan Stanley boosted their price objective on Eastman Chemical from $93.00 to $120.00 and gave the stock an “overweight” rating in a research report on Monday, December 14th. Eight investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $83.06.
In other Eastman Chemical news, CEO Mark J. Costa sold 7,938 shares of the stock in a transaction on Monday, November 9th. The stock was sold at an average price of $90.23, for a total transaction of $716,245.74. Following the completion of the transaction, the chief executive officer now directly owns 323,717 shares of the company’s stock, valued at $29,208,984.91. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Scott V. King sold 18,000 shares of the stock in a transaction on Tuesday, November 24th. The stock was sold at an average price of $102.80, for a total value of $1,850,400.00. Following the sale, the chief accounting officer now owns 11,560 shares in the company, valued at approximately $1,188,368. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,462 shares of company stock valued at $6,026,824. 1.66% of the stock is owned by corporate insiders.
EMN stock opened at $105.73 on Monday. The firm has a market cap of $14.32 billion, a PE ratio of 30.56, a P/E/G ratio of 4.60 and a beta of 1.54. The company has a quick ratio of 1.23, a current ratio of 1.98 and a debt-to-equity ratio of 0.89. The business has a 50 day moving average of $100.98 and a 200-day moving average of $84.01. Eastman Chemical has a 12-month low of $34.44 and a 12-month high of $109.20.
Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, October 29th. The basic materials company reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.20. Eastman Chemical had a return on equity of 13.12% and a net margin of 5.56%. The company had revenue of $2.12 billion during the quarter, compared to analyst estimates of $2.07 billion. During the same period in the prior year, the company posted $1.94 earnings per share. Eastman Chemical’s quarterly revenue was down 8.7% on a year-over-year basis. On average, research analysts expect that Eastman Chemical will post 5.93 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, January 8th. Shareholders of record on Tuesday, December 15th were issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 2.61%. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.66. The ex-dividend date was Monday, December 14th. Eastman Chemical’s dividend payout ratio is 38.71%.
Eastman Chemical Profile
Eastman Chemical Company operates as an advanced materials and specialty additives company worldwide. The company’s Additives & Functional Products segment offers specialty coalescent, specialty and commodity solvents, paint additives, and specialty polymers; hydrocarbon and rosin resins; insoluble sulfur and anti-degradant rubber additives; performance resins; amine derivative-based building blocks; heat transfer and aviation fluids; organic acid-based solutions; and metam-based soil fumigants, thiram and ziram based fungicides, and plant growth regulators.
Further Reading: Margin
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