Eastern Bank Has $14.79 Million Stock Holdings in Eastman Chemical (NYSE:EMN)

Eastern Bank lessened its stake in Eastman Chemical (NYSE:EMN) by 1.3% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 161,979 shares of the basic materials company’s stock after selling 2,119 shares during the quarter. Eastern Bank owned 0.14% of Eastman Chemical worth $14,792,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in EMN. Wolff Wiese Magana LLC grew its position in Eastman Chemical by 238.1% in the third 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 in the last quarter. Dunhill Financial LLC boosted its holdings in Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 162 shares during the period. Northwest Investment Counselors LLC bought a new stake in Eastman Chemical in the 3rd quarter valued at $38,000. Benjamin F. Edwards & Company Inc. boosted its holdings in Eastman Chemical by 30.9% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 610 shares of the basic materials company’s stock valued at $60,000 after purchasing an additional 144 shares during the period. Finally, Massmutual Trust Co. FSB ADV boosted its holdings in Eastman Chemical by 52.6% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 537 shares of the basic materials company’s stock valued at $60,000 after purchasing an additional 185 shares during the period. Institutional investors and hedge funds own 83.65% of the company’s stock.

Insider Activity at Eastman Chemical

In other news, SVP Christopher Moore Killian sold 3,061 shares of the stock in a transaction dated Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the transaction, the senior vice president now owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the transaction, the senior vice president now owns 4,403 shares of the company’s stock, valued at approximately $466,013.52. This trade represents a 50.30 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 18,021 shares of company stock worth $1,895,948. Corporate insiders own 1.93% of the company’s stock.

Eastman Chemical Stock Up 1.7 %

Shares of Eastman Chemical stock traded up $1.50 on Monday, hitting $88.74. The company had a trading volume of 657,264 shares, compared to its average volume of 1,027,075. The firm has a market capitalization of $10.29 billion, a P/E ratio of 11.88, a P/E/G ratio of 0.79 and a beta of 1.44. Eastman Chemical has a twelve month low of $80.71 and a twelve month high of $114.50. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The stock has a 50-day moving average of $97.55 and a 200-day moving average of $100.44.

Eastman Chemical (NYSE:EMN) last posted its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.14 by $0.12. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The firm had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. During the same period in the prior year, the firm posted $1.47 earnings per share. The company’s quarterly revenue was up 8.7% compared to the same quarter last year. Research analysts predict that Eastman Chemical will post 7.63 earnings per share for the current year.

Eastman Chemical Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Investors of record on Monday, December 16th were paid a $0.83 dividend. The ex-dividend date was Monday, December 16th. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.81. This represents a $3.32 annualized dividend and a dividend yield of 3.74%. Eastman Chemical’s dividend payout ratio is 44.44%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. Citigroup cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $118.00 to $104.00 in a research note on Wednesday, December 18th. Piper Sandler dropped their target price on shares of Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating for the company in a research note on Tuesday, January 7th. StockNews.com cut shares of Eastman Chemical from a “buy” rating to a “hold” rating in a research report on Friday. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $110.00 to $125.00 in a research report on Tuesday, November 26th. Finally, Mizuho lifted their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Eight investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, Eastman Chemical presently has an average rating of “Hold” and an average price target of $113.69.

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.