D.A. Davidson & CO. Sells 1,053 Shares of Eastman Chemical (NYSE:EMN)

D.A. Davidson & CO. lessened its position in Eastman Chemical (NYSE:EMN) by 2.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 35,055 shares of the basic materials company’s stock after selling 1,053 shares during the period. D.A. Davidson & CO.’s holdings in Eastman Chemical were worth $3,201,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of EMN. Assenagon Asset Management S.A. increased its stake in Eastman Chemical by 1,104.3% in the third quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock valued at $104,560,000 after purchasing an additional 856,432 shares in the last quarter. PNC Financial Services Group Inc. increased its stake in Eastman Chemical by 57.2% in the third quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock valued at $104,755,000 after purchasing an additional 340,562 shares in the last quarter. Franklin Resources Inc. increased its position in shares of Eastman Chemical by 5.7% during the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock worth $593,233,000 after acquiring an additional 282,458 shares in the last quarter. National Bank of Canada FI increased its position in shares of Eastman Chemical by 492.9% during the third quarter. National Bank of Canada FI now owns 213,161 shares of the basic materials company’s stock worth $23,863,000 after acquiring an additional 177,207 shares in the last quarter. Finally, Victory Capital Management Inc. increased its position in shares of Eastman Chemical by 443.1% during the third quarter. Victory Capital Management Inc. now owns 158,253 shares of the basic materials company’s stock worth $17,716,000 after acquiring an additional 129,112 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Insider Activity

In other news, EVP Stephen Glenn Crawford sold 10,504 shares of the stock in a transaction dated 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 of the company’s stock, valued at $4,965,135. This represents a 18.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Julie A. Mcalindon sold 4,456 shares of the stock in a transaction dated Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total transaction of $471,623.04. Following the completion of the transaction, the senior vice president now directly owns 4,403 shares in the company, valued at $466,013.52. The trade was a 50.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.93% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on EMN shares. KeyCorp increased their price objective on shares of Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a research report on Monday, February 3rd. Royal Bank of Canada increased their price objective on shares of Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research report on Tuesday, February 4th. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $115.00 to $109.00 in a research report on Tuesday, January 14th. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research report on Monday, November 4th. Finally, Citigroup cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $118.00 to $104.00 in a report on Wednesday, December 18th. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $114.08.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $100.58 on Friday. The stock has a market cap of $11.58 billion, a P/E ratio of 13.10, a P/E/G ratio of 1.26 and a beta of 1.44. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The company has a fifty day moving average price of $94.41 and a two-hundred day moving average price of $100.18. Eastman Chemical has a one year low of $83.83 and a one year high of $114.50.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating analysts’ consensus estimates 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, equities analysts predict that Eastman Chemical will post 8.55 EPS for the current year.

Eastman Chemical Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Stockholders of record on Friday, March 14th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.30%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s payout ratio is presently 43.23%.

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.