Raymond James Trust N.A. Has $7.64 Million Stock Holdings in Eastman Chemical (NYSE:EMN)

Raymond James Trust N.A. increased its position in shares of Eastman Chemical (NYSE:EMN) by 6.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 77,993 shares of the basic materials company’s stock after acquiring an additional 4,859 shares during the period. Raymond James Trust N.A.’s holdings in Eastman Chemical were worth $7,641,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in EMN. Cultivar Capital Inc. acquired a new stake in Eastman Chemical in the second quarter valued at approximately $29,000. Northwest Investment Counselors LLC acquired a new position in shares of Eastman Chemical during the first quarter worth $34,000. EntryPoint Capital LLC acquired a new position in shares of Eastman Chemical during the first quarter worth $38,000. Advantage Trust Co acquired a new position in shares of Eastman Chemical during the fourth quarter worth $40,000. Finally, Friedenthal Financial acquired a new position in shares of Eastman Chemical during the second quarter worth $49,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on EMN shares. Royal Bank of Canada reiterated a “sector perform” rating and set a $100.00 price target on shares of Eastman Chemical in a report on Tuesday, July 30th. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a report on Monday, July 29th. Piper Sandler reissued a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a research note on Tuesday, July 30th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Eastman Chemical from $100.00 to $108.00 and gave the stock a “hold” rating in a research note on Monday, July 29th. Finally, Bank of America lowered their target price on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating for the company in a research note on Monday, April 29th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Eastman Chemical presently has a consensus rating of “Moderate Buy” and a consensus price target of $108.07.

Insider Activity

In other news, SVP Adrian James Holt sold 1,975 shares of Eastman Chemical stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $99.22, for a total transaction of $195,959.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.93% of the company’s stock.

Eastman Chemical Stock Up 2.1 %

EMN traded up $2.07 during midday trading on Friday, hitting $100.80. The company had a trading volume of 407,197 shares, compared to its average volume of 967,944. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $105.98. The company has a quick ratio of 0.71, a current ratio of 1.40 and a debt-to-equity ratio of 0.76. The company has a market capitalization of $11.86 billion, a price-to-earnings ratio of 12.99, a PEG ratio of 1.12 and a beta of 1.46. The stock’s 50 day moving average price is $97.73 and its 200 day moving average price is $96.25.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, beating the consensus estimate of $2.01 by $0.14. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The firm had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the previous year, the firm posted $1.99 earnings per share. The business’s revenue was up 1.7% compared to the same quarter last year. On average, research analysts anticipate that Eastman Chemical will post 7.67 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend is Monday, September 16th. Eastman Chemical’s dividend payout ratio is currently 41.75%.

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.