Eastman Chemical (NYSE:EMN) Shares Sold by National Bank of Canada FI

National Bank of Canada FI reduced its position in Eastman Chemical (NYSE:EMN) by 55.3% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 95,305 shares of the basic materials company’s stock after selling 117,856 shares during the period. National Bank of Canada FI owned approximately 0.08% of Eastman Chemical worth $8,703,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of the company. Franklin Resources Inc. lifted its holdings in shares of Eastman Chemical by 10.8% during the 4th quarter. Franklin Resources Inc. now owns 5,785,259 shares of the basic materials company’s stock valued at $528,310,000 after acquiring an additional 565,821 shares in the last quarter. Summit Financial LLC acquired a new stake in shares of Eastman Chemical in the fourth quarter valued at about $227,000. Alliancebernstein L.P. lifted its position in Eastman Chemical by 2.8% during the 4th quarter. Alliancebernstein L.P. now owns 159,846 shares of the basic materials company’s stock worth $14,597,000 after acquiring an additional 4,350 shares in the last quarter. AIA Group Ltd acquired a new stake in Eastman Chemical in the fourth quarter valued at approximately $1,461,000. Finally, Wellington Management Group LLP acquired a new position in shares of Eastman Chemical during the fourth quarter worth $1,543,000. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on EMN. Royal Bank of Canada upped their price objective on shares of Eastman Chemical from $101.00 to $103.00 and gave the company a “sector perform” rating in a research report on Tuesday, February 4th. UBS Group dropped their price objective on Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a report on Friday, January 31st. Mizuho upgraded Eastman Chemical from a “neutral” rating to an “outperform” rating and set a $105.00 target price for the company in a research note on Thursday. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and cut their price target for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. Finally, Piper Sandler raised their price objective on shares of Eastman Chemical from $102.00 to $105.00 and gave the stock a “neutral” rating in a report on Thursday, February 13th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $112.83.

Eastman Chemical Trading Down 5.6 %

NYSE EMN opened at $75.48 on Friday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.78 and a current ratio of 1.51. Eastman Chemical has a one year low of $73.78 and a one year high of $114.50. The company has a 50-day simple moving average of $94.76 and a 200-day simple moving average of $98.72. The firm has a market capitalization of $8.69 billion, a PE ratio of 9.83, a price-to-earnings-growth ratio of 1.22 and a beta of 1.43.

Eastman Chemical (NYSE:EMN) last posted its earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. On average, equities analysts forecast that Eastman Chemical will post 8.55 earnings per share for the current year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 4.40%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s dividend payout ratio is presently 43.23%.

Eastman Chemical 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.