Eastman Chemical (NYSE:EMN) Shares Sold by Novare Capital Management LLC

Novare Capital Management LLC lessened its holdings in Eastman Chemical (NYSE:EMN) by 3.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,525 shares of the basic materials company’s stock after selling 185 shares during the quarter. Novare Capital Management LLC’s holdings in Eastman Chemical were worth $413,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in shares of Eastman Chemical by 1.4% in the 3rd quarter. State Street Corp now owns 5,285,230 shares of the basic materials company’s stock valued at $595,820,000 after buying an additional 70,692 shares during the period. Franklin Resources Inc. lifted its holdings in Eastman Chemical by 5.7% in the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after acquiring an additional 282,458 shares during the last quarter. Geode Capital Management LLC boosted its stake in Eastman Chemical by 0.5% in the third quarter. Geode Capital Management LLC now owns 2,784,102 shares of the basic materials company’s stock valued at $310,628,000 after acquiring an additional 13,381 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in shares of Eastman Chemical by 3.2% during the third quarter. Massachusetts Financial Services Co. MA now owns 2,734,190 shares of the basic materials company’s stock valued at $306,093,000 after purchasing an additional 83,504 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its holdings in shares of Eastman Chemical by 15.4% in the 3rd quarter. Thrivent Financial for Lutherans now owns 947,473 shares of the basic materials company’s stock worth $106,070,000 after purchasing an additional 126,301 shares during the last quarter. Institutional investors own 83.65% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on EMN. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $110.00 to $125.00 in a research note on Tuesday, November 26th. Mizuho increased their price objective on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Piper Sandler cut their price objective on shares of Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a research report on Tuesday, January 7th. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Saturday, January 18th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Friday, November 22nd. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Eastman Chemical has an average rating of “Moderate Buy” and a consensus target price of $112.92.

Eastman Chemical Stock Down 1.1 %

Shares of EMN stock opened at $92.10 on Friday. Eastman Chemical has a 1 year low of $80.71 and a 1 year high of $114.50. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. The business’s fifty day moving average is $95.70 and its 200-day moving average is $100.17. The stock has a market cap of $10.68 billion, a PE ratio of 12.33, a price-to-earnings-growth ratio of 0.67 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.14 by $0.12. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. 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 previous year, the company earned $1.47 earnings per share. Eastman Chemical’s revenue was up 8.7% compared to the same quarter last year. Equities analysts expect that Eastman Chemical will post 7.6 earnings per share for the current fiscal year.

Eastman Chemical Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 8th. Stockholders of record on Monday, December 16th were issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.60%. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.81. The ex-dividend date was Monday, December 16th. Eastman Chemical’s dividend payout ratio is currently 44.44%.

Insider Buying and Selling

In related news, SVP Julie A. Mcalindon sold 4,456 shares of the business’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 transaction, the senior vice president now directly owns 4,403 shares of the company’s stock, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Christopher Moore Killian sold 3,061 shares of the company’s stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of the transaction, the senior vice president now owns 12,366 shares in the company, valued at approximately $1,298,430. This represents a 19.84 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 18,021 shares of company stock valued at $1,895,948. 1.93% of the stock is owned by corporate insiders.

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.