Eastman Chemical (NYSE:EMN) Shares Sold by Parkside Financial Bank & Trust

Parkside Financial Bank & Trust lowered its stake in shares of Eastman Chemical (NYSE:EMN) by 26.0% during the fourth quarter, Holdings Channel reports. The fund owned 602 shares of the basic materials company’s stock after selling 212 shares during the quarter. Parkside Financial Bank & Trust’s holdings in Eastman Chemical were worth $54,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in EMN. Invesco Ltd. boosted its stake in shares of Eastman Chemical by 37.4% during the third quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock valued at $214,496,000 after acquiring an additional 760,974 shares during the last quarter. Mackenzie Financial Corp boosted its stake in shares of Eastman Chemical by 274.5% during the fourth quarter. Mackenzie Financial Corp now owns 249,104 shares of the basic materials company’s stock valued at $22,375,000 after acquiring an additional 391,848 shares during the last quarter. Schonfeld Strategic Advisors LLC boosted its stake in shares of Eastman Chemical by 1,031.0% during the third quarter. Schonfeld Strategic Advisors LLC now owns 333,655 shares of the basic materials company’s stock valued at $25,598,000 after acquiring an additional 304,155 shares during the last quarter. Earnest Partners LLC boosted its stake in shares of Eastman Chemical by 19.9% during the third quarter. Earnest Partners LLC now owns 1,807,691 shares of the basic materials company’s stock valued at $138,686,000 after acquiring an additional 299,951 shares during the last quarter. Finally, Ceredex Value Advisors LLC boosted its stake in shares of Eastman Chemical by 54.4% during the third quarter. Ceredex Value Advisors LLC now owns 594,789 shares of the basic materials company’s stock valued at $46,099,000 after acquiring an additional 209,644 shares during the last quarter. Institutional investors and hedge funds own 83.65% of the company’s stock.

Analyst Ratings Changes

EMN has been the topic of a number of analyst reports. Stifel Nicolaus decreased their price objective on Eastman Chemical from $102.00 to $101.00 and set a “buy” rating on the stock in a research note on Monday, February 5th. UBS Group increased their target price on Eastman Chemical from $91.00 to $93.00 and gave the stock a “neutral” rating in a research report on Friday, February 2nd. Redburn Atlantic initiated coverage on Eastman Chemical in a research report on Thursday, February 15th. They set a “buy” rating and a $110.00 target price on the stock. Royal Bank of Canada increased their target price on Eastman Chemical from $89.00 to $100.00 and gave the stock a “sector perform” rating in a research report on Friday, April 19th. Finally, Wells Fargo & Company increased their target price on Eastman Chemical from $89.00 to $100.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 11th. Seven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $99.31.

Eastman Chemical Stock Performance

Eastman Chemical stock opened at $95.52 on Friday. The stock’s 50-day moving average is $93.78 and its 200-day moving average is $86.23. The company has a market cap of $11.23 billion, a price-to-earnings ratio of 12.31, a price-to-earnings-growth ratio of 1.06 and a beta of 1.54. The company has a debt-to-equity ratio of 0.78, a current ratio of 1.35 and a quick ratio of 0.70. Eastman Chemical has a 12 month low of $68.89 and a 12 month high of $102.71.

Eastman Chemical (NYSE:EMN) last released its quarterly earnings data on Thursday, April 25th. The basic materials company reported $1.61 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.20. The company had revenue of $2.31 billion for the quarter, compared to the consensus estimate of $2.29 billion. Eastman Chemical had a return on equity of 13.95% and a net margin of 10.16%. The company’s quarterly revenue was down 4.2% compared to the same quarter last year. During the same period last year, the business posted $1.63 EPS. Equities analysts anticipate that Eastman Chemical will post 7.71 earnings per share for the current year.

Eastman Chemical Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were issued a dividend of $0.81 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $3.24 annualized dividend and a dividend yield of 3.39%. Eastman Chemical’s payout ratio is currently 41.75%.

Insider Activity at Eastman Chemical

In related news, SVP Adrian James Holt sold 4,735 shares of the firm’s stock in a transaction dated Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total transaction of $415,496.25. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.93% of the company’s stock.

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.