Eastman Chemical Company $EMN Shares Sold by Eastern Bank

Key Points

• Eastern Bank cut its stake in Eastman Chemical by 85% in Q4, selling 14,880 shares and leaving 2,621 shares worth about $167,000.
• Multiple large institutions added or established big positions (e.g., Norges Bank's new $121.1M position and State Street's 5.687M shares valued at ~$363.3M), and institutional investors now own 83.65% of the company.
• Analysts' consensus is a "Hold" with an average target of $79.64; the company declared a $0.84 quarterly dividend (annualized yield ~4.6%) and the stock trades near $72.59 with a market cap of ~$8.3B.

Eastern Bank trimmed its holdings in shares of Eastman Chemical Company (NYSE:EMN - Free Report) by 85.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,621 shares of the basic materials company's stock after selling 14,880 shares during the period. Eastern Bank's holdings in Eastman Chemical were worth $167,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Norges Bank acquired a new position in shares of Eastman Chemical in the second quarter worth $121,060,000. State Street Corp boosted its stake in shares of Eastman Chemical by 24.3% during the third quarter. State Street Corp now owns 5,687,097 shares of the basic materials company's stock valued at $363,314,000 after acquiring an additional 1,112,391 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Eastman Chemical by 1,011.5% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 943,975 shares of the basic materials company's stock worth $58,489,000 after purchasing an additional 859,046 shares in the last quarter. Qube Research & Technologies Ltd increased its position in Eastman Chemical by 1,456.4% during the 2nd quarter. Qube Research & Technologies Ltd now owns 708,290 shares of the basic materials company's stock worth $52,881,000 after purchasing an additional 662,783 shares in the last quarter. Finally, DAVENPORT & Co LLC acquired a new position in Eastman Chemical in the 4th quarter valued at about $39,545,000. Hedge funds and other institutional investors own 83.65% of the company's stock.

Analysts Set New Price Targets

EMN has been the topic of several analyst reports. Bank of America raised their price target on shares of Eastman Chemical from $74.00 to $79.00 and gave the stock a "buy" rating in a research note on Monday, February 2nd. Wells Fargo & Company reissued an "equal weight" rating and issued a $70.00 price objective on shares of Eastman Chemical in a research report on Friday, December 19th. Royal Bank Of Canada reissued a "sector perform" rating and set a $79.00 price objective on shares of Eastman Chemical in a research note on Wednesday, February 4th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Eastman Chemical from $64.00 to $72.00 and gave the stock a "hold" rating in a research report on Monday, February 2nd. Finally, Evercore set a $75.00 price target on Eastman Chemical in a report on Wednesday, February 18th. Seven analysts have rated the stock with a Buy rating and nine have issued a Hold rating to the stock. According to MarketBeat, Eastman Chemical has a consensus rating of "Hold" and an average target price of $79.64.

Eastman Chemical Stock Up 1.9%

Shares of NYSE:EMN opened at $72.59 on Tuesday. The stock has a 50-day simple moving average of $73.09 and a 200-day simple moving average of $66.47. The stock has a market capitalization of $8.28 billion, a P/E ratio of 17.75, a PEG ratio of 1.58 and a beta of 1.20. Eastman Chemical Company has a 1 year low of $56.11 and a 1 year high of $88.73. The company has a debt-to-equity ratio of 0.70, a quick ratio of 0.63 and a current ratio of 1.37.

Eastman Chemical (NYSE:EMN - Get Free Report) last announced its quarterly earnings results on Thursday, January 29th. The basic materials company reported $0.75 earnings per share for the quarter, missing analysts' consensus estimates of $0.76 by ($0.01). Eastman Chemical had a net margin of 5.42% and a return on equity of 10.57%. The business had revenue of $1.97 billion for the quarter, compared to analyst estimates of $2.03 billion. During the same period last year, the firm earned $1.87 earnings per share. The company's quarterly revenue was down 12.1% on a year-over-year basis. Equities analysts forecast that Eastman Chemical Company will post 8.55 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, April 8th. Shareholders of record on Friday, March 13th will be issued a $0.84 dividend. This represents a $3.36 dividend on an annualized basis and a yield of 4.6%. The ex-dividend date is Friday, March 13th. Eastman Chemical's dividend payout ratio is currently 82.15%.

About Eastman Chemical

Eastman Chemical Company NYSE: EMN is a global specialty materials company that develops, manufactures and markets a broad range of advanced materials, chemicals and fibers. Its product portfolio spans performance additives, functional products, and engineered plastics designed to enhance the durability, appearance and performance of end products across diverse industries.

The company's main business activities include the production of specialty chemicals used in adhesives, coatings, building materials and consumer care applications, as well as high-performance plastics for packaging, automotive and electronics markets.

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