Eastman Chemical (NYSE:EMN) Stake Increased by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC increased its holdings in shares of Eastman Chemical (NYSE:EMN) by 25.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,699 shares of the basic materials company’s stock after buying an additional 3,196 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Eastman Chemical were worth $1,573,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Glenmede Trust Co. NA boosted its holdings in shares of Eastman Chemical by 72.0% during the third quarter. Glenmede Trust Co. NA now owns 18,667 shares of the basic materials company’s stock worth $1,432,000 after purchasing an additional 7,815 shares during the period. Advisors Asset Management Inc. increased its stake in shares of Eastman Chemical by 10.7% in the third quarter. Advisors Asset Management Inc. now owns 6,369 shares of the basic materials company’s stock worth $489,000 after acquiring an additional 617 shares during the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Eastman Chemical by 1.5% during the third quarter. Ameriprise Financial Inc. now owns 657,974 shares of the basic materials company’s stock worth $50,519,000 after acquiring an additional 9,475 shares in the last quarter. Lido Advisors LLC boosted its position in Eastman Chemical by 7.5% during the third quarter. Lido Advisors LLC now owns 18,754 shares of the basic materials company’s stock valued at $1,439,000 after purchasing an additional 1,301 shares during the last quarter. Finally, Seven Eight Capital LP purchased a new position in Eastman Chemical in the third quarter valued at about $819,000. 83.65% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Eastman Chemical

In other news, SVP Adrian James Holt sold 1,975 shares of Eastman Chemical stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total transaction of $195,959.50. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other news, SVP Adrian James Holt sold 1,975 shares of the stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $99.22, for a total value of $195,959.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mark J. Costa sold 102,390 shares of Eastman Chemical 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 sale, the chief executive officer now owns 395,699 shares in the company, valued at $39,878,545.22. The disclosure for this sale can be found here. Insiders sold a total of 108,027 shares of company stock valued at $10,885,638 in the last quarter. Corporate insiders own 2.28% of the company’s stock.

Eastman Chemical Stock Down 1.4 %

Shares of EMN stock opened at $94.54 on Friday. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $105.98. The company has a quick ratio of 0.71, a current ratio of 1.39 and a debt-to-equity ratio of 0.77. The firm has a market cap of $11.12 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 1.05 and a beta of 1.46. The stock has a 50 day moving average of $99.20 and a 200-day moving average of $93.48.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, beating the consensus estimate of $1.41 by $0.20. The firm had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.29 billion. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The business’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same period in the prior year, the company earned $1.63 EPS. On average, equities analysts predict that Eastman Chemical will post 7.69 EPS for the current year.

Eastman Chemical Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be paid a dividend of $0.81 per share. The ex-dividend date is Monday, June 17th. This represents a $3.24 annualized dividend and a yield of 3.43%. Eastman Chemical’s dividend payout ratio is 41.75%.

Analysts Set New Price Targets

EMN has been the subject of a number of recent research reports. Piper Sandler raised their price target on Eastman Chemical from $90.00 to $105.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 30th. Wells Fargo & Company lifted their target price on shares of Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a research note on Thursday, April 11th. Royal Bank of Canada increased their price target on shares of Eastman Chemical from $100.00 to $104.00 and gave the stock a “sector perform” rating in a research note on Tuesday, April 30th. Bank of America decreased their price objective on shares of Eastman Chemical from $113.00 to $112.00 and set a “buy” rating for the company in a report on Monday, April 29th. Finally, Citigroup cut their target price on Eastman Chemical from $114.00 to $111.00 and set a “buy” rating on the stock in a report on Thursday, June 27th. Seven investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Eastman Chemical presently has a consensus rating of “Moderate Buy” and a consensus price target of $107.31.

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.