Kornitzer Capital Management Inc. KS Sells 150 Shares of Eastman Chemical (NYSE:EMN)

Kornitzer Capital Management Inc. KS decreased its stake in Eastman Chemical (NYSE:EMN) by 0.1% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 102,480 shares of the basic materials company’s stock after selling 150 shares during the quarter. Kornitzer Capital Management Inc. KS’s holdings in Eastman Chemical were worth $9,358,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Patrick M Sweeney & Associates Inc. increased its stake in shares of Eastman Chemical by 3.3% in the 3rd quarter. Patrick M Sweeney & Associates Inc. now owns 3,434 shares of the basic materials company’s stock worth $384,000 after acquiring an additional 111 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Eastman Chemical by 2.2% in the 4th quarter. Blue Trust Inc. now owns 5,505 shares of the basic materials company’s stock worth $503,000 after acquiring an additional 116 shares in the last quarter. RKL Wealth Management LLC increased its stake in shares of Eastman Chemical by 0.9% in the 3rd quarter. RKL Wealth Management LLC now owns 13,576 shares of the basic materials company’s stock worth $1,520,000 after acquiring an additional 123 shares in the last quarter. Greenleaf Trust increased its stake in shares of Eastman Chemical by 2.0% in the 3rd quarter. Greenleaf Trust now owns 6,645 shares of the basic materials company’s stock worth $744,000 after acquiring an additional 128 shares in the last quarter. Finally, Caprock Group LLC increased its stake in shares of Eastman Chemical by 4.2% in the 4th quarter. Caprock Group LLC now owns 3,196 shares of the basic materials company’s stock worth $295,000 after acquiring an additional 128 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Performance

Shares of EMN stock opened at $103.48 on Wednesday. The company has a 50 day moving average price of $94.27 and a 200-day moving average price of $100.12. Eastman Chemical has a 52 week low of $83.72 and a 52 week high of $114.50. The firm has a market capitalization of $11.99 billion, a PE ratio of 13.47, a P/E/G ratio of 1.24 and a beta of 1.44. The company has a quick ratio of 0.78, a current ratio of 1.52 and a debt-to-equity ratio of 0.80.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported $1.87 EPS for the quarter, topping analysts’ consensus estimates of $1.60 by $0.27. Eastman Chemical had a net margin of 9.65% and a return on equity of 16.40%. As a group, equities research analysts expect that Eastman Chemical will post 8.47 earnings per share for the current year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Investors of record on Friday, March 14th will be issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date is Friday, March 14th. Eastman Chemical’s payout ratio is 43.23%.

Insider Buying and Selling

In related news, SVP Julie A. Mcalindon sold 4,456 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total value of $471,623.04. Following the transaction, the senior vice president now owns 4,403 shares of the company’s stock, valued at approximately $466,013.52. This trade represents a 50.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of the firm’s stock in a transaction that occurred on Tuesday, November 26th. The stock was 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 directly owns 47,287 shares in the company, valued at approximately $4,965,135. The trade was a 18.18 % decrease in their position. The disclosure for this sale can be found here. 1.93% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on EMN shares. Barclays decreased their price target on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a research note on Monday, February 3rd. Wells Fargo & Company upgraded shares of Eastman Chemical from an “equal weight” rating to an “overweight” rating and increased their price target for the stock from $110.00 to $125.00 in a research note on Tuesday, November 26th. KeyCorp increased their price target on shares of Eastman Chemical from $121.00 to $128.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. JPMorgan Chase & Co. increased their price target on shares of Eastman Chemical from $110.00 to $112.00 and gave the stock an “overweight” rating in a research note on Monday, February 3rd. Finally, UBS Group reduced their price objective on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating for the company in a research note on Friday, January 31st. Six equities research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Eastman Chemical presently has a consensus rating of “Moderate Buy” and a consensus target price of $114.08.

Eastman Chemical 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.