World Investment Advisors LLC Has $321,000 Holdings in Eastman Chemical (NYSE:EMN)

World Investment Advisors LLC decreased its stake in Eastman Chemical (NYSE:EMN) by 17.0% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,871 shares of the basic materials company’s stock after selling 586 shares during the period. World Investment Advisors LLC’s holdings in Eastman Chemical were worth $321,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of EMN. National Bank of Canada FI boosted its holdings in 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 valued at $23,863,000 after purchasing an additional 177,207 shares during the period. KBC Group NV grew its position in 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 buying an additional 19,809 shares in the last quarter. Principal Financial Group Inc. increased its stake in 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 valued at $16,588,000 after acquiring an additional 9,447 shares during the period. Ensign Peak Advisors Inc raised its holdings in Eastman Chemical by 21.0% in the 2nd quarter. Ensign Peak Advisors Inc now owns 46,288 shares of the basic materials company’s stock valued at $4,535,000 after acquiring an additional 8,035 shares in the last quarter. Finally, Pathway Financial Advisers LLC bought a new stake in shares of Eastman Chemical in the 3rd quarter worth approximately $632,000. Institutional investors own 83.65% of the company’s stock.

Insider Activity at Eastman Chemical

In other news, SVP Christopher Moore Killian sold 3,061 shares of the company’s stock in a transaction on Wednesday, November 6th. The stock was sold at an average price of $105.00, for a total transaction of $321,405.00. Following the transaction, the senior vice president now owns 12,366 shares of the company’s stock, valued at $1,298,430. This represents a 19.84 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of Eastman Chemical 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 sale, the executive vice president now owns 47,287 shares of the company’s stock, valued at approximately $4,965,135. The trade was a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 18,021 shares of company stock valued at $1,895,948 over the last quarter. Corporate insiders own 1.93% of the company’s stock.

Analysts Set New Price Targets

EMN has been the topic of a number of research reports. Royal Bank of Canada restated a “sector perform” rating and set a $105.00 price objective on shares of Eastman Chemical in a research report on Friday, November 22nd. Bank of America cut shares of Eastman Chemical from a “buy” rating to a “neutral” rating and increased their price objective for the company from $114.00 to $119.00 in a research note on Wednesday, October 16th. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $110.00 to $125.00 in a research report on Tuesday, November 26th. Mizuho increased their price target on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Finally, Citigroup downgraded Eastman Chemical from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $118.00 to $104.00 in a report on Wednesday. Seven analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Eastman Chemical presently has an average rating of “Moderate Buy” and an average target price of $113.92.

Eastman Chemical Trading Down 4.6 %

EMN stock opened at $90.95 on Thursday. The business has a fifty day moving average price of $103.82 and a 200 day moving average price of $101.72. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. Eastman Chemical has a fifty-two week low of $80.71 and a fifty-two week high of $114.50. The stock has a market capitalization of $10.54 billion, a price-to-earnings ratio of 12.18, a P/E/G ratio of 0.79 and a beta of 1.42.

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

Eastman Chemical Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Monday, December 16th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.65%. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.81. The ex-dividend date is Monday, December 16th. Eastman Chemical’s dividend payout ratio is presently 44.44%.

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.