Eastman Chemical (NYSE:EMN) Shares Sold by Toronto Dominion Bank

Toronto Dominion Bank cut its position in Eastman Chemical (NYSE:EMN) by 48.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 34,209 shares of the basic materials company’s stock after selling 32,095 shares during the period. Toronto Dominion Bank’s holdings in Eastman Chemical were worth $3,351,000 at the end of the most recent quarter.

Several other institutional investors have also recently modified their holdings of EMN. Gilbert & Cook Inc. raised its position in Eastman Chemical by 5.0% during the 4th quarter. Gilbert & Cook Inc. now owns 4,457 shares of the basic materials company’s stock worth $400,000 after buying an additional 212 shares during the last quarter. Hsbc Holdings PLC raised its holdings in shares of Eastman Chemical by 7.9% during the fourth quarter. Hsbc Holdings PLC now owns 198,298 shares of the basic materials company’s stock worth $17,826,000 after purchasing an additional 14,438 shares during the last quarter. TD Asset Management Inc lifted its position in Eastman Chemical by 3.6% during the fourth quarter. TD Asset Management Inc now owns 65,396 shares of the basic materials company’s stock valued at $5,874,000 after purchasing an additional 2,262 shares during the period. Allianz Asset Management GmbH purchased a new stake in Eastman Chemical in the fourth quarter valued at $4,265,000. Finally, Treasurer of the State of North Carolina grew its position in Eastman Chemical by 16.4% during the 4th quarter. Treasurer of the State of North Carolina now owns 60,621 shares of the basic materials company’s stock worth $5,445,000 after purchasing an additional 8,540 shares during the period. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Stock Down 1.2 %

Shares of EMN opened at $112.38 on Monday. The stock has a 50 day moving average price of $100.66 and a 200 day moving average price of $99.22. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.71 and a current ratio of 1.40. The stock has a market capitalization of $13.22 billion, a price-to-earnings ratio of 14.48, a PEG ratio of 0.82 and a beta of 1.44. Eastman Chemical has a one year low of $68.89 and a one year high of $114.50.

Eastman Chemical (NYSE:EMN) last issued its earnings results on Thursday, July 25th. The basic materials company reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $2.01 by $0.14. The business had revenue of $2.36 billion during the quarter, compared to analysts’ expectations of $2.36 billion. Eastman Chemical had a net margin of 9.65% and a return on equity of 13.94%. The company’s quarterly revenue was up 1.7% compared to the same quarter last year. During the same period in the prior year, the business earned $1.99 earnings per share. Equities research analysts forecast that Eastman Chemical will post 7.66 earnings per share for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, October 7th. Stockholders of record on Monday, September 16th will be issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 2.88%. The ex-dividend date of this dividend is Monday, September 16th. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Analysts Set New Price Targets

EMN has been the topic of a number of recent research reports. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $100.00 price objective on shares of Eastman Chemical in a research note on Tuesday, July 30th. Barclays boosted their target price on shares of Eastman Chemical from $103.00 to $111.00 and gave the company an “equal weight” rating in a research note on Monday, July 29th. Piper Sandler restated a “neutral” rating and set a $105.00 price target on shares of Eastman Chemical in a research report on Tuesday, July 30th. Finally, Mizuho upped their price objective on shares of Eastman Chemical from $102.00 to $107.00 and gave the stock a “neutral” rating in a research report on Friday, July 26th. Seven investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, Eastman Chemical presently has an average rating of “Moderate Buy” and a consensus target price of $108.07.

About Eastman Chemical

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.