Cooper Financial Group Has $340,000 Stake in Eastman Chemical (NYSE:EMN)

Cooper Financial Group grew its holdings in Eastman Chemical (NYSE:EMN) by 7.4% during the fourth quarter, Holdings Channel.com reports. The firm owned 3,725 shares of the basic materials company’s stock after acquiring an additional 256 shares during the period. Cooper Financial Group’s holdings in Eastman Chemical were worth $340,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the business. National Bank of Canada FI lifted its position in Eastman Chemical by 492.9% during the 3rd quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock worth $23,863,000 after buying an additional 177,207 shares in the last quarter. KBC Group NV lifted its position in shares of Eastman Chemical by 21.8% during the third 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. lifted its position in shares of Eastman Chemical by 6.8% during the third quarter. Principal Financial Group Inc. now owns 148,176 shares of the basic materials company’s stock worth $16,588,000 after purchasing an additional 9,447 shares in the last quarter. Ensign Peak Advisors Inc increased its holdings in shares of Eastman Chemical by 21.0% in the second quarter. Ensign Peak Advisors Inc now owns 46,288 shares of the basic materials company’s stock valued at $4,535,000 after purchasing an additional 8,035 shares in the last quarter. Finally, Pathway Financial Advisers LLC bought a new position in Eastman Chemical in the 3rd quarter worth approximately $632,000. Institutional investors own 83.65% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $110.00 to $125.00 in a research report on Tuesday, November 26th. Deutsche Bank Aktiengesellschaft decreased their price target on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a report on Monday, November 4th. Piper Sandler dropped their price objective on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating for the company in a report on Tuesday, January 7th. Mizuho raised their target price on shares of Eastman Chemical from $113.00 to $117.00 and gave the company a “neutral” rating in a research note on Tuesday, November 26th. Finally, Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $115.00 to $109.00 in a research note on Tuesday. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Eastman Chemical has a consensus rating of “Moderate Buy” and an average target price of $112.92.

Eastman Chemical Price Performance

EMN opened at $92.12 on Wednesday. The stock has a market cap of $10.68 billion, a P/E ratio of 12.33, a P/E/G ratio of 0.79 and a beta of 1.44. 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 fifty day simple moving average of $97.33 and a 200 day simple moving average of $100.39. Eastman Chemical has a 12 month low of $80.71 and a 12 month high of $114.50.

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

Eastman Chemical Increases Dividend

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

Insiders Place Their Bets

In other Eastman Chemical news, EVP Stephen Glenn Crawford sold 10,504 shares of the company’s stock in a transaction on Tuesday, November 26th. The shares were 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 in the company, valued at $4,965,135. The trade was a 18.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Christopher Moore Killian sold 3,061 shares of the company’s stock in a transaction dated 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 trade represents a 19.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,021 shares of company stock valued at $1,895,948 in the last three months. 1.93% of the stock is currently 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.