Barclays PLC Buys 10,695 Shares of Eastman Chemical (NYSE:EMN)

Barclays PLC boosted its stake in shares of Eastman Chemical (NYSE:EMN) by 3.5% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 315,044 shares of the basic materials company’s stock after buying an additional 10,695 shares during the quarter. Barclays PLC’s holdings in Eastman Chemical were worth $35,268,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of EMN. Diversified Trust Co grew its stake in shares of Eastman Chemical by 30.0% during the second quarter. Diversified Trust Co now owns 3,290 shares of the basic materials company’s stock valued at $322,000 after buying an additional 759 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its position in Eastman Chemical by 8.2% in the 2nd quarter. Wealth Enhancement Advisory Services LLC now owns 16,988 shares of the basic materials company’s stock valued at $1,664,000 after acquiring an additional 1,289 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in Eastman Chemical by 981.6% in the second quarter. Assenagon Asset Management S.A. now owns 77,552 shares of the basic materials company’s stock worth $7,598,000 after purchasing an additional 70,382 shares during the period. Blue Trust Inc. lifted its position in shares of Eastman Chemical by 21.2% during the second quarter. Blue Trust Inc. now owns 4,076 shares of the basic materials company’s stock worth $408,000 after purchasing an additional 712 shares during the last quarter. Finally, Tyche Wealth Partners LLC purchased a new stake in shares of Eastman Chemical during the second quarter valued at $399,000. 83.65% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on EMN shares. Bank of America downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and raised their price target for the stock from $114.00 to $119.00 in a research note on Wednesday, October 16th. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Eastman Chemical from $115.00 to $110.00 and set a “hold” rating for the company in a research note on Monday, November 4th. Mizuho increased their price objective on Eastman Chemical from $113.00 to $117.00 and gave the stock a “neutral” rating in a research note on Tuesday, November 26th. StockNews.com upgraded Eastman Chemical from a “hold” rating to a “buy” rating in a report on Tuesday, December 3rd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $105.00 target price on shares of Eastman Chemical in a report on Friday, November 22nd. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, Eastman Chemical presently has a consensus rating of “Moderate Buy” and a consensus price target of $112.86.

Eastman Chemical Price Performance

EMN opened at $98.50 on Friday. The firm has a market capitalization of $11.42 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 0.79 and a beta of 1.42. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.52 and a quick ratio of 0.78. The business’s 50-day moving average is $104.33 and its two-hundred day moving average is $101.76. Eastman Chemical has a 1 year low of $80.71 and a 1 year high of $114.50.

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

Eastman Chemical Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Stockholders of record on Monday, December 16th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.37%. The ex-dividend date is 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 43.37%.

Insider Transactions at Eastman Chemical

In other Eastman Chemical news, SVP Julie A. Mcalindon sold 4,456 shares of the company’s stock in a transaction that occurred on Tuesday, November 26th. The shares were sold at an average price of $105.84, for a total transaction of $471,623.04. Following the transaction, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. This represents a 50.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Stephen Glenn Crawford sold 10,504 shares of Eastman Chemical stock in a transaction 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 sale, the executive vice president now owns 47,287 shares of the company’s stock, valued at $4,965,135. The trade was a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 18,021 shares of company stock valued at $1,895,948 in the last quarter. 1.93% 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.