Truist Financial Corp Boosts Stake in Eastman Chemical (NYSE:EMN)

Truist Financial Corp raised its position in Eastman Chemical (NYSE:EMN) by 8.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 1,158,107 shares of the basic materials company’s stock after buying an additional 92,162 shares during the period. Truist Financial Corp owned 1.00% of Eastman Chemical worth $105,758,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in EMN. James J. Burns & Company LLC bought a new stake in shares of Eastman Chemical in the 4th quarter worth approximately $741,000. Goelzer Investment Management Inc. bought a new stake in shares of Eastman Chemical in the 4th quarter worth approximately $3,319,000. National Bank of Canada FI raised its holdings in shares of Eastman Chemical by 492.9% in 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 purchasing an additional 177,207 shares during the period. KBC Group NV raised its holdings in shares of Eastman Chemical by 21.8% in 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 during the period. Finally, Principal Financial Group Inc. raised 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 worth $16,588,000 after purchasing an additional 9,447 shares during the period. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Down 0.6 %

Shares of NYSE:EMN opened at $100.99 on Monday. Eastman Chemical has a 52-week low of $83.38 and a 52-week high of $114.50. The firm has a fifty day moving average of $94.26 and a 200 day moving average of $100.13. The firm has a market capitalization of $11.71 billion, a PE ratio of 13.15, a price-to-earnings-growth ratio of 1.24 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52.

Eastman Chemical (NYSE:EMN) last announced its earnings results on Thursday, January 30th. The basic materials company reported $1.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.40%. As a group, research analysts anticipate that Eastman Chemical will post 8.47 EPS for the current fiscal year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be given a $0.83 dividend. The ex-dividend date of this dividend is Friday, March 14th. This represents a $3.32 annualized dividend and a yield of 3.29%. Eastman Chemical’s dividend payout ratio (DPR) is presently 43.23%.

Analysts Set New Price Targets

A number of research analysts recently weighed in on EMN shares. Mizuho lifted their price objective 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. Barclays reduced their price objective on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research note on Saturday, January 18th. UBS Group reduced their price target on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a research report on Friday, January 31st. Finally, JPMorgan Chase & Co. boosted their price target on shares of Eastman Chemical from $110.00 to $112.00 and gave the company an “overweight” rating in a research report on Monday, February 3rd. Six analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $114.08.

Insider Buying and Selling

In other Eastman Chemical news, EVP Stephen Glenn Crawford sold 10,504 shares of the business’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 completion of the sale, the executive vice president now directly owns 47,287 shares of the company’s stock, 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 SEC, which is available at the SEC website. Also, SVP Julie A. Mcalindon sold 4,456 shares of the business’s stock in a transaction on Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the sale, the senior vice president now directly owns 4,403 shares of the company’s stock, valued at $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 1.93% of the stock is owned by company insiders.

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.