OLD National Bancorp IN Sells 1,276 Shares of Eastman Chemical (NYSE:EMN)

OLD National Bancorp IN lessened its stake in shares of Eastman Chemical (NYSE:EMN) by 13.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 8,145 shares of the basic materials company’s stock after selling 1,276 shares during the quarter. OLD National Bancorp IN’s holdings in Eastman Chemical were worth $744,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. UMB Bank n.a. boosted its position in Eastman Chemical by 4.3% during the third quarter. UMB Bank n.a. now owns 2,343 shares of the basic materials company’s stock worth $262,000 after purchasing an additional 96 shares during the period. V Square Quantitative Management LLC boosted its holdings in shares of Eastman Chemical by 3.8% during the 3rd quarter. V Square Quantitative Management LLC now owns 2,683 shares of the basic materials company’s stock worth $300,000 after buying an additional 98 shares during the period. Patrick M Sweeney & Associates Inc. grew its stake in Eastman Chemical by 3.3% in the 3rd quarter. Patrick M Sweeney & Associates Inc. now owns 3,434 shares of the basic materials company’s stock valued at $384,000 after buying an additional 111 shares during the last quarter. RKL Wealth Management LLC raised its holdings in Eastman Chemical by 0.9% in the 3rd quarter. RKL Wealth Management LLC now owns 13,576 shares of the basic materials company’s stock worth $1,520,000 after acquiring an additional 123 shares during the period. Finally, Greenleaf Trust lifted its position in Eastman Chemical by 2.0% during the 3rd quarter. Greenleaf Trust now owns 6,645 shares of the basic materials company’s stock worth $744,000 after acquiring an additional 128 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on EMN. UBS Group lowered their price target on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a research report on Friday. Wells Fargo & Company raised 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. Deutsche Bank Aktiengesellschaft reduced their price objective on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their target price for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. Finally, Piper Sandler reduced their price target on shares of Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Eastman Chemical currently has an average rating of “Moderate Buy” and an average target price of $112.54.

Eastman Chemical Stock Up 7.4 %

Shares of EMN opened at $99.52 on Friday. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80. The company has a 50-day moving average price of $94.80 and a two-hundred day moving average price of $100.03. The stock has a market cap of $11.54 billion, a price-to-earnings ratio of 13.32, a P/E/G ratio of 0.68 and a beta of 1.44. Eastman Chemical has a 12 month low of $80.71 and a 12 month high of $114.50.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 15.37% and a net margin of 9.47%. Equities analysts predict that Eastman Chemical will post 7.6 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 8th. Investors of record on Monday, December 16th were given a dividend of $0.83 per share. The ex-dividend date of this dividend was Monday, December 16th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.34%. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. Eastman Chemical’s dividend payout ratio (DPR) is 44.44%.

Insider Buying and Selling at Eastman Chemical

In other news, SVP Julie A. Mcalindon sold 4,456 shares of Eastman Chemical stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the completion of the transaction, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. The trade was a 50.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the stock in a transaction that occurred on Tuesday, November 26th. The stock was sold at an average price of $105.00, for a total value of $1,102,920.00. Following the sale, the executive vice president now owns 47,287 shares in the company, valued at approximately $4,965,135. This trade represents a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,021 shares of company stock worth $1,895,948 over the last ninety days. Corporate insiders own 1.93% of the company’s stock.

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.