Parkside Financial Bank & Trust Reduces Stock Holdings in Eastman Chemical (NYSE:EMN)

Parkside Financial Bank & Trust trimmed its holdings in shares of Eastman Chemical (NYSE:EMN) by 26.0% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Morgan Stanley grew its stake in Eastman Chemical by 1.0% during the 3rd quarter. Morgan Stanley now owns 3,978,856 shares of the basic materials company’s stock worth $305,258,000 after buying an additional 39,860 shares during the last quarter. Invesco Ltd. increased its holdings in shares of Eastman Chemical by 37.4% in the third quarter. Invesco Ltd. now owns 2,795,824 shares of the basic materials company’s stock valued at $214,496,000 after purchasing an additional 760,974 shares during the period. Massachusetts Financial Services Co. MA increased its holdings in shares of Eastman Chemical by 2.2% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,407,774 shares of the basic materials company’s stock valued at $184,724,000 after purchasing an additional 51,788 shares during the period. Earnest Partners LLC boosted its position in Eastman Chemical by 19.9% in 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 buying an additional 299,951 shares during the last quarter. Finally, Northern Trust Corp raised its position in Eastman Chemical by 1.8% during the 3rd quarter. Northern Trust Corp now owns 1,328,396 shares of the basic materials company’s stock worth $101,915,000 after buying an additional 23,009 shares during the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Eastman Chemical Price Performance

Eastman Chemical stock opened at $95.52 on Friday. The company’s fifty day moving average price is $93.78 and its 200 day moving average price is $86.23. Eastman Chemical has a 1 year low of $68.89 and a 1 year high of $102.71. The stock has a market capitalization of $11.23 billion, a P/E ratio of 12.31, a P/E/G ratio of 1.06 and a beta of 1.54. The company has a debt-to-equity ratio of 0.78, a quick ratio of 0.70 and a current ratio of 1.35.

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

Eastman Chemical Announces Dividend

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

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling at Eastman Chemical

In other Eastman Chemical news, SVP Adrian James Holt sold 4,735 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $87.75, for a total value of $415,496.25. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.93% of the stock is currently owned by insiders.

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.