Cetera Trust Company N.A Lowers Position in Eastman Chemical (NYSE:EMN)

Cetera Trust Company N.A decreased its holdings in shares of Eastman Chemical (NYSE:EMN) by 4.3% during the fourth quarter, HoldingsChannel reports. The firm owned 5,068 shares of the basic materials company’s stock after selling 225 shares during the period. Cetera Trust Company N.A’s holdings in Eastman Chemical were worth $463,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Wolff Wiese Magana LLC increased its holdings in Eastman Chemical by 238.1% during the third quarter. Wolff Wiese Magana LLC now owns 284 shares of the basic materials company’s stock valued at $32,000 after buying an additional 200 shares during the period. Dunhill Financial LLC increased its holdings in shares of Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after acquiring an additional 162 shares during the period. Northwest Investment Counselors LLC bought a new position in shares of Eastman Chemical in the 3rd quarter worth $38,000. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Eastman Chemical by 30.9% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 610 shares of the basic materials company’s stock worth $60,000 after purchasing an additional 144 shares during the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its position in Eastman Chemical by 52.6% during the third quarter. Massmutual Trust Co. FSB ADV now owns 537 shares of the basic materials company’s stock valued at $60,000 after purchasing an additional 185 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have commented on EMN shares. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $110.00 to $125.00 in a report on Tuesday, November 26th. StockNews.com raised shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Saturday. Piper Sandler cut their price target on shares of Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Bank of America upgraded Eastman Chemical from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $115.00 to $109.00 in a report on Tuesday, January 14th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Eastman Chemical from $115.00 to $110.00 and set a “hold” rating on the stock in a research note on Monday, November 4th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, Eastman Chemical currently has a consensus rating of “Moderate Buy” and an average price target of $112.92.

Insider Buying and Selling

In related news, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction dated Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total value of $321,405.00. Following the completion of the transaction, the senior vice president now owns 12,366 shares in the company, valued at $1,298,430. The trade was a 19.84 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the company’s stock in a transaction dated 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 completion of the transaction, 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 position. The disclosure for this sale can be found here. Insiders have sold a total of 18,021 shares of company stock valued at $1,895,948 over the last ninety days. Company insiders own 2.28% of the company’s stock.

Eastman Chemical Trading Down 0.7 %

Eastman Chemical stock opened at $93.74 on Wednesday. Eastman Chemical has a 52 week low of $80.71 and a 52 week high of $114.50. The stock has a 50-day moving average price of $96.21 and a 200 day moving average price of $100.26. 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 market capitalization of $10.87 billion, a price-to-earnings ratio of 12.56, a price-to-earnings-growth ratio of 0.68 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data 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 firm 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 business’s quarterly revenue was up 8.7% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.47 earnings per share. Sell-side analysts anticipate that Eastman Chemical will post 7.6 EPS for the current year.

Eastman Chemical Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 8th. Stockholders of record on Monday, December 16th were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.54%. The ex-dividend date was Monday, December 16th. This is a boost from Eastman Chemical’s previous quarterly dividend of $0.81. Eastman Chemical’s payout ratio is 44.44%.

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.