Eastman Chemical (NYSE:EMN) Shares Sold by Allworth Financial LP

Allworth Financial LP cut its holdings in Eastman Chemical (NYSE:EMN) by 1.1% in the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 177,505 shares of the basic materials company’s stock after selling 1,974 shares during the period. Allworth Financial LP owned 0.15% of Eastman Chemical worth $19,872,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Capital Research Global Investors increased its stake in Eastman Chemical by 649.8% in the first quarter. Capital Research Global Investors now owns 4,511,466 shares of the basic materials company’s stock valued at $452,139,000 after purchasing an additional 3,909,740 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in shares of Eastman Chemical by 1,104.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock valued at $104,560,000 after acquiring an additional 856,432 shares during the last quarter. Truist Financial Corp lifted its holdings in shares of Eastman Chemical by 201.5% during the 2nd quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after acquiring an additional 617,889 shares during the period. DekaBank Deutsche Girozentrale boosted its position in shares of Eastman Chemical by 318.2% in the first quarter. DekaBank Deutsche Girozentrale now owns 701,947 shares of the basic materials company’s stock worth $69,516,000 after acquiring an additional 534,081 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in Eastman Chemical by 34.5% in the second quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after purchasing an additional 218,531 shares during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Trading Down 1.2 %

Eastman Chemical stock opened at $105.41 on Friday. Eastman Chemical has a 1 year low of $69.25 and a 1 year high of $114.50. The firm’s 50-day moving average is $105.21 and its 200-day moving average is $100.80. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. The company has a market cap of $12.40 billion, a P/E ratio of 13.58, a PEG 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. The company had revenue of $2.36 billion during the quarter, compared to the consensus estimate of $2.36 billion. Eastman Chemical had a return on equity of 13.94% and a net margin of 9.65%. Eastman Chemical’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.99 earnings per share. On average, equities analysts expect that Eastman Chemical will post 7.67 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, October 7th. Shareholders of record on Monday, September 16th were paid a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Monday, September 16th. Eastman Chemical’s payout ratio is 41.75%.

Wall Street Analysts Forecast Growth

EMN has been the topic of a number of research analyst reports. Royal Bank of Canada lifted their price target on shares of Eastman Chemical from $100.00 to $107.00 and gave the company a “sector perform” rating in a report on Friday, October 11th. Deutsche Bank Aktiengesellschaft lifted their price objective on Eastman Chemical from $100.00 to $108.00 and gave the company a “hold” rating in a research note on Monday, July 29th. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and increased their target price for the stock from $114.00 to $119.00 in a research report on Wednesday, October 16th. Barclays lifted their price target on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research report on Monday, July 29th. Finally, StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Monday, July 29th. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. Based on data from MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and an average price target of $110.20.

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.