Greenleaf Trust Boosts Stake in Eastman Chemical (NYSE:EMN)

Greenleaf Trust lifted its holdings in Eastman Chemical (NYSE:EMN) by 5.4% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,475 shares of the basic materials company’s stock after buying an additional 333 shares during the period. Greenleaf Trust’s holdings in Eastman Chemical were worth $582,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Beaumont Financial Advisors LLC purchased a new position in shares of Eastman Chemical in the fourth quarter worth about $216,000. Daiwa Securities Group Inc. lifted its stake in shares of Eastman Chemical by 5.8% in the fourth quarter. Daiwa Securities Group Inc. now owns 10,569 shares of the basic materials company’s stock worth $949,000 after buying an additional 578 shares in the last quarter. Steph & Co. raised its stake in Eastman Chemical by 35.6% during the fourth quarter. Steph & Co. now owns 2,393 shares of the basic materials company’s stock worth $215,000 after purchasing an additional 628 shares during the period. Telos Capital Management Inc. purchased a new position in Eastman Chemical during the fourth quarter worth about $214,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Eastman Chemical by 35.5% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,577 shares of the basic materials company’s stock worth $5,082,000 after purchasing an additional 14,828 shares during the period. 83.65% of the stock is owned by hedge funds and other institutional investors.

Eastman Chemical Trading Up 0.7 %

Shares of EMN stock opened at $97.06 on Tuesday. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35. The stock has a market capitalization of $11.41 billion, a P/E ratio of 12.96, a price-to-earnings-growth ratio of 1.07 and a beta of 1.54. The company has a 50 day moving average price of $92.98 and a 200 day moving average price of $85.93. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $102.71.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Friday, February 2nd. The basic materials company reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.28 by $0.03. Eastman Chemical had a net margin of 9.71% and a return on equity of 14.15%. The firm had revenue of $2.21 billion during the quarter, compared to analysts’ expectations of $2.21 billion. During the same quarter in the previous year, the business posted $0.89 earnings per share. The business’s quarterly revenue was down 7.0% compared to the same quarter last year. Equities research analysts predict that Eastman Chemical will post 7.7 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were paid a dividend of $0.81 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.34%. Eastman Chemical’s payout ratio is currently 43.26%.

Analysts Set New Price Targets

EMN has been the topic of a number of analyst reports. Citigroup lifted their target price on shares of Eastman Chemical from $95.00 to $114.00 and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Royal Bank of Canada lifted their target price on shares of Eastman Chemical from $89.00 to $100.00 and gave the stock a “sector perform” rating in a research note on Friday. Redburn Atlantic initiated coverage on shares of Eastman Chemical in a research note on Thursday, February 15th. They set a “buy” rating and a $110.00 target price on the stock. KeyCorp lifted their target price on shares of Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. Finally, Wells Fargo & Company lifted their price target on shares of Eastman Chemical from $89.00 to $100.00 and gave the company an “equal weight” rating in a research report on Thursday, April 11th. Seven equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $97.81.

Insider Activity at Eastman Chemical

In other news, SVP Adrian James Holt sold 4,735 shares of the company’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 2.28% of the stock is currently owned by corporate insiders.

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.