Dakota Wealth Management Boosts Position in Eastman Chemical (NYSE:EMN)

Dakota Wealth Management raised its stake in Eastman Chemical (NYSE:EMN) by 14.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 44,675 shares of the basic materials company’s stock after purchasing an additional 5,700 shares during the period. Dakota Wealth Management’s holdings in Eastman Chemical were worth $4,081,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in EMN. National Bank of Canada FI grew its position 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 valued at $23,863,000 after buying an additional 177,207 shares during the last quarter. KBC Group NV boosted its stake in shares of 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 during the period. Principal Financial Group Inc. grew its stake 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 valued at $16,588,000 after purchasing an additional 9,447 shares during the last quarter. Ensign Peak Advisors Inc raised its stake in shares of Eastman Chemical by 21.0% during the second quarter. Ensign Peak Advisors Inc now owns 46,288 shares of the basic materials company’s stock worth $4,535,000 after purchasing an additional 8,035 shares during the last quarter. Finally, Pathway Financial Advisers LLC acquired a new stake in shares of Eastman Chemical during the third quarter worth $632,000. Institutional investors and hedge funds own 83.65% of the company’s stock.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $92.20 on Thursday. The firm has a market capitalization of $10.69 billion, a PE ratio of 12.34, a P/E/G ratio of 0.68 and a beta of 1.44. Eastman Chemical has a 52 week low of $80.71 and a 52 week high of $114.50. The firm’s 50-day simple moving average is $96.04 and its 200 day simple moving average is $100.20. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings results on Thursday, October 31st. The basic materials company reported $2.26 EPS for the quarter, beating the consensus estimate of $2.14 by $0.12. The business 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 company’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the business earned $1.47 earnings per share. On average, equities research analysts predict that Eastman Chemical will post 7.6 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 8th. Investors of record on Monday, December 16th were paid a dividend of $0.83 per share. The ex-dividend date was Monday, December 16th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.60%. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.81. Eastman Chemical’s dividend payout ratio (DPR) is presently 44.44%.

Insider Buying and Selling

In related news, SVP Julie A. Mcalindon sold 4,456 shares of the stock in a transaction dated Tuesday, November 26th. The stock was sold at an average price of $105.84, for a total transaction of $471,623.04. Following the transaction, the senior vice president now directly owns 4,403 shares in the company, valued at approximately $466,013.52. This represents a 50.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the firm’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 sale, the executive vice president now directly owns 47,287 shares in the company, 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. In the last quarter, insiders sold 18,021 shares of company stock worth $1,895,948. 2.28% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of brokerages have commented on EMN. StockNews.com upgraded shares of Eastman Chemical from a “hold” rating to a “buy” rating in a research report on Saturday, January 18th. Bank of America raised shares of Eastman Chemical from a “neutral” rating to a “buy” rating and cut their price target for the stock from $115.00 to $109.00 in a report on Tuesday, January 14th. Mizuho boosted their target price on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research report on Tuesday, November 26th. Wells Fargo & Company raised Eastman Chemical from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $110.00 to $125.00 in a report on Tuesday, November 26th. Finally, Piper Sandler dropped their price objective on Eastman Chemical from $105.00 to $102.00 and set a “neutral” rating on the stock in a report on Tuesday, January 7th. Six research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $112.92.

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.