Eastman Chemical (NYSE:EMN) Shares Sold by Cetera Trust Company N.A

Cetera Trust Company N.A lowered its stake in shares of Eastman Chemical (NYSE:EMN) by 29.3% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 5,293 shares of the basic materials company’s stock after selling 2,198 shares during the quarter. Cetera Trust Company N.A’s holdings in Eastman Chemical were worth $593,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Cultivar Capital Inc. acquired a new position in Eastman Chemical during the 2nd quarter worth $29,000. Wolff Wiese Magana LLC boosted its position 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. Northwest Investment Counselors LLC bought a new stake in shares of Eastman Chemical in the 1st quarter worth $34,000. EntryPoint Capital LLC bought a new stake in shares of Eastman Chemical in the 1st quarter worth $38,000. Finally, Rothschild Investment LLC bought a new stake in shares of Eastman Chemical in the 2nd quarter worth $38,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Stock Down 0.8 %

NYSE EMN traded down $0.82 on Tuesday, reaching $107.00. The stock had a trading volume of 84,577 shares, compared to its average volume of 940,937. The business has a 50 day moving average price of $104.43 and a 200 day moving average price of $100.63. The company has a current ratio of 1.40, a quick ratio of 0.71 and a debt-to-equity ratio of 0.76. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $114.50. The company has a market capitalization of $12.59 billion, a price-to-earnings ratio of 13.90, a P/E/G ratio of 0.83 and a beta of 1.44.

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

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 16th were issued a $0.81 dividend. The ex-dividend date of this dividend was Monday, September 16th. This represents a $3.24 annualized dividend and a yield of 3.03%. Eastman Chemical’s dividend payout ratio (DPR) is 41.75%.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on EMN. Mizuho boosted their price objective on Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research note on Friday, July 26th. Royal Bank of Canada boosted their target price on Eastman Chemical from $100.00 to $107.00 and gave the stock a “sector perform” rating in a research report on Friday, October 11th. Piper Sandler reaffirmed a “neutral” rating and set a $105.00 target price on shares of Eastman Chemical in a research report on Tuesday, July 30th. Barclays boosted their target price on Eastman Chemical from $103.00 to $111.00 and gave the stock an “equal weight” rating in a research report on Monday, July 29th. Finally, Citigroup cut their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a research report on Thursday, June 27th. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $110.20.

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.