Toronto Dominion Bank Grows Position in Eastman Chemical (NYSE:EMN)

Toronto Dominion Bank boosted its stake in Eastman Chemical (NYSE:EMN) by 1.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 66,304 shares of the basic materials company’s stock after purchasing an additional 801 shares during the quarter. Toronto Dominion Bank owned about 0.06% of Eastman Chemical worth $6,645,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in EMN. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Eastman Chemical in the 4th quarter worth about $26,000. Northwest Investment Counselors LLC purchased a new stake in Eastman Chemical during the first quarter valued at approximately $34,000. EntryPoint Capital LLC bought a new stake in shares of Eastman Chemical in the 1st quarter valued at approximately $38,000. Advantage Trust Co purchased a new position in shares of Eastman Chemical in the 4th quarter worth approximately $40,000. Finally, WASHINGTON TRUST Co increased its position in shares of Eastman Chemical by 426.6% during the 4th quarter. WASHINGTON TRUST Co now owns 495 shares of the basic materials company’s stock valued at $44,000 after purchasing an additional 401 shares during the last quarter. 83.65% of the stock is owned by institutional investors.

Insider Activity at Eastman Chemical

In other Eastman Chemical news, CEO Mark J. Costa sold 102,390 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the sale, the chief executive officer now directly owns 395,699 shares in the company, valued at approximately $39,878,545.22. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, SVP Adrian James Holt sold 1,975 shares of the business’s 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 transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Mark J. Costa sold 102,390 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the completion of the sale, the chief executive officer now owns 395,699 shares of the company’s stock, valued at approximately $39,878,545.22. The disclosure for this sale can be found here. In the last three months, insiders have sold 108,027 shares of company stock valued at $10,885,638. 1.93% of the stock is owned by corporate insiders.

Eastman Chemical Price Performance

Shares of Eastman Chemical stock traded up $3.59 on Friday, hitting $100.73. The company’s stock had a trading volume of 1,475,991 shares, compared to its average volume of 733,948. The company has a market capitalization of $11.85 billion, a price-to-earnings ratio of 12.98, a price-to-earnings-growth ratio of 1.07 and a beta of 1.46. The firm has a fifty day moving average price of $98.85 and a 200-day moving average price of $94.36. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $105.98.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, July 25th. The basic materials company reported $2.15 earnings per share for the quarter, topping the consensus estimate of $2.01 by $0.14. The business 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 14.06% and a net margin of 9.65%. The business’s quarterly revenue was up 1.7% on a year-over-year basis. During the same period in the prior year, the company posted $1.99 EPS. As a group, sell-side analysts anticipate that Eastman Chemical will post 7.69 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 9th. Investors of record on Monday, June 17th were given a dividend of $0.81 per share. The ex-dividend date was Monday, June 17th. This represents a $3.24 annualized dividend and a dividend yield of 3.22%. Eastman Chemical’s dividend payout ratio (DPR) is presently 41.75%.

Analyst Upgrades and Downgrades

EMN has been the subject of a number of analyst reports. StockNews.com downgraded Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Thursday, June 20th. Bank of America reduced their target price on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a research note on Monday, April 29th. KeyCorp lifted their price target on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Piper Sandler increased their price objective on shares of Eastman Chemical from $90.00 to $105.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 30th. Finally, UBS Group raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $106.00 to $128.00 in a research note on Thursday, May 23rd. Seven analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and a consensus price target of $107.63.

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.