Verition Fund Management LLC Acquires 43,066 Shares of Eastman Chemical (NYSE:EMN)

Verition Fund Management LLC grew its stake in Eastman Chemical (NYSE:EMNFree Report) by 100.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 85,880 shares of the basic materials company’s stock after purchasing an additional 43,066 shares during the quarter. Verition Fund Management LLC owned about 0.07% of Eastman Chemical worth $7,714,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in EMN. Turtle Creek Wealth Advisors LLC bought a new stake in Eastman Chemical in the fourth quarter valued at approximately $26,000. Sound Income Strategies LLC increased its position in shares of Eastman Chemical by 213.8% in the 4th quarter. Sound Income Strategies LLC now owns 408 shares of the basic materials company’s stock valued at $37,000 after buying an additional 278 shares in the last quarter. Bruce G. Allen Investments LLC bought a new stake in shares of Eastman Chemical in the 4th quarter valued at $38,000. Advantage Trust Co acquired a new stake in Eastman Chemical during the 4th quarter worth $40,000. Finally, WASHINGTON TRUST Co lifted its holdings in Eastman Chemical by 426.6% during the fourth quarter. WASHINGTON TRUST Co now owns 495 shares of the basic materials company’s stock worth $44,000 after acquiring an additional 401 shares in the last quarter. 83.65% of the stock is currently owned by institutional investors.

Eastman Chemical Stock Performance

Shares of NYSE EMN opened at $103.16 on Tuesday. The stock has a market capitalization of $12.14 billion, a PE ratio of 13.29, a price-to-earnings-growth ratio of 1.12 and a beta of 1.51. Eastman Chemical has a 52 week low of $68.89 and a 52 week high of $103.67. The stock has a 50 day moving average price of $99.10 and a 200 day moving average price of $91.78. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39.

Eastman Chemical (NYSE:EMNGet Free Report) last released its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating the consensus estimate of $1.41 by $0.20. Eastman Chemical had a net margin of 10.16% and a return on equity of 13.84%. The business had revenue of $2.31 billion during the quarter, compared to analysts’ expectations of $2.29 billion. During the same period last year, the business earned $1.63 earnings per share. The firm’s revenue was down 4.2% on a year-over-year basis. Analysts predict that Eastman Chemical will post 7.75 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, July 9th. Stockholders of record on Monday, June 17th will be issued a $0.81 dividend. The ex-dividend date is Monday, June 17th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.14%. Eastman Chemical’s payout ratio is 41.75%.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on EMN. Royal Bank of Canada increased their price target on Eastman Chemical from $100.00 to $104.00 and gave the stock a “sector perform” rating in a report on Tuesday, April 30th. Redburn Atlantic began coverage on shares of Eastman Chemical in a report on Thursday, February 15th. They set a “buy” rating and a $110.00 target price on the stock. Citigroup lifted their price target on shares of Eastman Chemical from $95.00 to $114.00 and gave the company a “buy” rating in a research note on Wednesday, April 10th. Barclays increased their price objective on shares of Eastman Chemical from $85.00 to $103.00 and gave the stock an “equal weight” rating in a research report on Monday, May 6th. Finally, Piper Sandler boosted their price objective on shares of Eastman Chemical from $90.00 to $105.00 and gave the company a “neutral” rating in a research report on Tuesday, April 30th. Six investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $106.24.

Get Our Latest Analysis on Eastman Chemical

Insider Activity at Eastman Chemical

In other Eastman Chemical news, CEO Mark J. Costa sold 102,390 shares of the business’s stock in a transaction that occurred on Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the transaction, the chief executive officer now owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The sale was disclosed in a document filed with the SEC, which is available through this link. In other news, SVP Adrian James Holt sold 3,662 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $101.26, for a total transaction of $370,814.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Mark J. Costa sold 102,390 shares of Eastman Chemical stock in a transaction dated Tuesday, May 7th. The stock was sold at an average price of $100.78, for a total transaction of $10,318,864.20. Following the sale, the chief executive officer now directly owns 395,699 shares of the company’s stock, valued at approximately $39,878,545.22. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,027 shares of company stock worth $10,885,638. Insiders own 2.28% of the company’s stock.

About Eastman Chemical

(Free Report)

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.

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Institutional Ownership by Quarter for Eastman Chemical (NYSE:EMN)

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