Eastman Chemical (NYSE:EMN) Shares Purchased by Janus Henderson Group PLC

Janus Henderson Group PLC grew its holdings in shares of Eastman Chemical (NYSE:EMN) by 26.6% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,868 shares of the basic materials company’s stock after purchasing an additional 2,700 shares during the period. Janus Henderson Group PLC’s holdings in Eastman Chemical were worth $1,441,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of EMN. Dakota Wealth Management grew its holdings in Eastman Chemical by 13.5% during the second quarter. Dakota Wealth Management now owns 22,280 shares of the basic materials company’s stock worth $2,183,000 after acquiring an additional 2,655 shares during the period. KBC Group NV boosted its position in shares of Eastman Chemical by 21.8% during the 3rd quarter. KBC Group NV now owns 110,610 shares of the basic materials company’s stock worth $12,383,000 after purchasing an additional 19,809 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Eastman Chemical by 6.8% in the 3rd quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock valued at $16,588,000 after purchasing an additional 9,447 shares in the last quarter. Raymond James & Associates lifted its stake in shares of Eastman Chemical by 36.6% in the second quarter. Raymond James & Associates now owns 536,443 shares of the basic materials company’s stock valued at $52,555,000 after purchasing an additional 143,866 shares during the period. Finally, Ensign Peak Advisors Inc boosted its holdings in Eastman Chemical by 21.0% during the second quarter. Ensign Peak Advisors Inc now owns 46,288 shares of the basic materials company’s stock worth $4,535,000 after buying an additional 8,035 shares in the last quarter. 83.65% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on EMN. Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and increased their target price for the company from $114.00 to $119.00 in a report on Wednesday, October 16th. Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $110.00 to $125.00 in a report on Tuesday, November 26th. Mizuho upped their target price on Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a report on Tuesday, November 26th. StockNews.com raised Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Tuesday, December 3rd. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $105.00 price objective on shares of Eastman Chemical in a research note on Friday, November 22nd. Seven research 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, the company has a consensus rating of “Moderate Buy” and an average price target of $112.86.

Eastman Chemical Stock Performance

NYSE:EMN opened at $98.50 on Friday. Eastman Chemical has a 1-year low of $80.71 and a 1-year high of $114.50. The firm has a 50 day simple moving average of $104.33 and a 200-day simple moving average of $101.76. The firm has a market cap of $11.42 billion, a PE ratio of 13.19, a P/E/G ratio of 0.79 and a beta of 1.42. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78.

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

Eastman Chemical Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Monday, December 16th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Monday, December 16th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.37%. This is an increase from Eastman Chemical’s previous quarterly dividend of $0.81. Eastman Chemical’s dividend payout ratio is currently 43.37%.

Insider Transactions at Eastman Chemical

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of the stock in a transaction 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 transaction, the executive vice president now directly owns 47,287 shares of the company’s stock, valued at approximately $4,965,135. This trade represents a 18.18 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Christopher Moore Killian sold 3,061 shares of the business’s 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 sale, the senior vice president now directly owns 12,366 shares of the company’s stock, valued at approximately $1,298,430. This trade represents a 19.84 % decrease in their position. 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 in the last three months. Company insiders own 1.93% of the company’s stock.

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.