Tlwm Increases Position in Eastman Chemical (NYSE:EMN)

Tlwm lifted its holdings in shares of Eastman Chemical (NYSE:EMN) by 3.5% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,840 shares of the basic materials company’s stock after buying an additional 300 shares during the period. Tlwm’s holdings in Eastman Chemical were worth $807,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in EMN. Assenagon Asset Management S.A. raised its position in Eastman Chemical by 1,104.3% during the 3rd quarter. Assenagon Asset Management S.A. now owns 933,984 shares of the basic materials company’s stock worth $104,560,000 after buying an additional 856,432 shares during the last quarter. Truist Financial Corp increased its stake in shares of Eastman Chemical by 201.5% during the second quarter. Truist Financial Corp now owns 924,490 shares of the basic materials company’s stock worth $90,572,000 after acquiring an additional 617,889 shares during the period. PNC Financial Services Group Inc. raised its holdings in Eastman Chemical by 57.2% during the third quarter. PNC Financial Services Group Inc. now owns 935,732 shares of the basic materials company’s stock worth $104,755,000 after purchasing an additional 340,562 shares in the last quarter. Franklin Resources Inc. lifted its position in Eastman Chemical by 5.7% in the third quarter. Franklin Resources Inc. now owns 5,219,438 shares of the basic materials company’s stock valued at $593,233,000 after purchasing an additional 282,458 shares during the period. Finally, Envestnet Asset Management Inc. boosted its holdings in Eastman Chemical by 34.5% in the 2nd quarter. Envestnet Asset Management Inc. now owns 852,551 shares of the basic materials company’s stock valued at $83,524,000 after purchasing an additional 218,531 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on EMN. Bank of America raised Eastman Chemical from a “neutral” rating to a “buy” rating and cut their target price for the stock from $115.00 to $109.00 in a research note on Tuesday. Wells Fargo & Company upgraded Eastman Chemical from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $110.00 to $125.00 in a research report on Tuesday, November 26th. Royal Bank of Canada restated a “sector perform” rating and set a $105.00 target price on shares of Eastman Chemical in a research report on Friday, November 22nd. StockNews.com downgraded shares of Eastman Chemical from a “buy” rating to a “hold” rating in a report on Friday. Finally, Mizuho boosted their price objective on shares of Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a report on Tuesday, November 26th. Seven analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Eastman Chemical has a consensus rating of “Moderate Buy” and an average price target of $112.92.

Insider Transactions at Eastman Chemical

In related news, EVP Stephen Glenn Crawford sold 10,504 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,102,920.00. Following the completion of the transaction, the executive vice president now owns 47,287 shares of the company’s stock, valued at approximately $4,965,135. This represents a 18.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Christopher Moore Killian sold 3,061 shares of Eastman Chemical stock in a transaction on Wednesday, November 6th. The shares were sold at an average price of $105.00, for a total transaction of $321,405.00. Following the completion of the transaction, the senior vice president now owns 12,366 shares in the company, valued at approximately $1,298,430. This trade represents a 19.84 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,021 shares of company stock worth $1,895,948 over the last quarter. 1.93% of the stock is currently owned by insiders.

Eastman Chemical Stock Performance

Eastman Chemical stock opened at $89.07 on Tuesday. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.78 and a current ratio of 1.52. Eastman Chemical has a fifty-two week low of $80.71 and a fifty-two week high of $114.50. The stock has a fifty day moving average of $97.55 and a two-hundred day moving average of $100.44. The company has a market capitalization of $10.32 billion, a price-to-earnings ratio of 11.92, a PEG ratio of 0.79 and a beta of 1.44.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, October 31st. The basic materials company reported $2.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.14 by $0.12. The company had revenue of $2.46 billion for the quarter, compared to analyst estimates of $2.38 billion. Eastman Chemical had a net margin of 9.47% and a return on equity of 15.37%. The firm’s quarterly revenue was up 8.7% on a year-over-year basis. During the same period in the prior year, the firm earned $1.47 EPS. On average, analysts anticipate that Eastman Chemical will post 7.63 EPS for the current fiscal year.

Eastman Chemical Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 8th. Shareholders of record on Monday, December 16th were paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.73%. The ex-dividend date of this dividend was Monday, December 16th. This is a positive change from Eastman Chemical’s previous quarterly dividend of $0.81. Eastman Chemical’s dividend payout ratio is currently 44.44%.

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.