ING Groep NV Has $1.35 Million Stock Position in Eastman Chemical (NYSE:EMN)

ING Groep NV lessened its stake in Eastman Chemical (NYSE:EMN) by 91.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 14,805 shares of the basic materials company’s stock after selling 157,829 shares during the quarter. ING Groep NV’s holdings in Eastman Chemical were worth $1,352,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in EMN. Crews Bank & Trust bought a new position in shares of Eastman Chemical in the 4th quarter valued at about $27,000. Dunhill Financial LLC lifted its stake in Eastman Chemical by 94.7% in the 3rd quarter. Dunhill Financial LLC now owns 333 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 162 shares during the last quarter. Stonebridge Financial Group LLC bought a new position in Eastman Chemical during the fourth quarter worth about $37,000. Versant Capital Management Inc increased its position in Eastman Chemical by 32.4% during the fourth quarter. Versant Capital Management Inc now owns 916 shares of the basic materials company’s stock worth $84,000 after buying an additional 224 shares during the last quarter. Finally, CENTRAL TRUST Co raised its stake in Eastman Chemical by 27.6% in the fourth quarter. CENTRAL TRUST Co now owns 924 shares of the basic materials company’s stock valued at $84,000 after buying an additional 200 shares during the period. 83.65% of the stock is owned by institutional investors.

Eastman Chemical Stock Down 1.9 %

NYSE EMN opened at $98.63 on Monday. The company has a market cap of $11.36 billion, a price-to-earnings ratio of 12.84, a PEG ratio of 1.22 and a beta of 1.44. Eastman Chemical has a 1-year low of $85.28 and a 1-year high of $114.50. The company has a current ratio of 1.51, a quick ratio of 0.78 and a debt-to-equity ratio of 0.78. The company has a 50 day moving average of $94.42 and a 200-day moving average of $100.29.

Eastman Chemical (NYSE:EMN) last announced its quarterly earnings data on Thursday, January 30th. The basic materials company reported $1.87 earnings per share for the quarter, beating the consensus estimate of $1.60 by $0.27. Eastman Chemical had a return on equity of 16.27% and a net margin of 9.65%. On average, equities research analysts expect that Eastman Chemical will post 8.55 earnings per share for the current fiscal year.

Eastman Chemical Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 7th. Shareholders of record on Friday, March 14th will be paid a dividend of $0.83 per share. The ex-dividend date is Friday, March 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.37%. Eastman Chemical’s payout ratio is 43.23%.

Insider Buying and Selling at Eastman Chemical

In related news, SVP Julie A. Mcalindon sold 4,456 shares of the 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 sale, the senior vice president now owns 4,403 shares in the company, valued at approximately $466,013.52. This trade represents a 50.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Stephen Glenn Crawford sold 10,504 shares of Eastman Chemical 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 directly owns 47,287 shares in the company, valued at $4,965,135. This trade represents a 18.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 1.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on EMN shares. Royal Bank of Canada lifted their target price on Eastman Chemical from $101.00 to $103.00 and gave the stock a “sector perform” rating in a research note on Tuesday, February 4th. Barclays reduced their price objective on shares of Eastman Chemical from $111.00 to $108.00 and set an “equal weight” rating for the company in a research report on Monday, February 3rd. UBS Group dropped their price objective on shares of Eastman Chemical from $124.00 to $123.00 and set a “buy” rating on the stock in a research report on Friday, January 31st. Citigroup downgraded shares of Eastman Chemical from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $118.00 to $104.00 in a report on Wednesday, December 18th. Finally, Piper Sandler increased their price target on shares of Eastman Chemical from $102.00 to $105.00 and gave the company a “neutral” rating in a report on Thursday, February 13th. Six investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.