B. Riley Wealth Advisors Inc. Sells 1,680 Shares of Eastman Chemical (NYSE:EMN)

B. Riley Wealth Advisors Inc. lessened its holdings in shares of Eastman Chemical (NYSE:EMN) by 38.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,664 shares of the basic materials company’s stock after selling 1,680 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Eastman Chemical were worth $241,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of EMN. Norges Bank bought a new stake in Eastman Chemical in the 4th quarter valued at approximately $121,847,000. Capital Research Global Investors bought a new stake in Eastman Chemical in the 4th quarter valued at approximately $54,047,000. Mackenzie Financial Corp lifted its stake in Eastman Chemical by 274.5% in the 4th quarter. Mackenzie Financial Corp now owns 249,104 shares of the basic materials company’s stock valued at $22,375,000 after acquiring an additional 391,848 shares in the last quarter. Schonfeld Strategic Advisors LLC lifted its stake in Eastman Chemical by 1,031.0% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 333,655 shares of the basic materials company’s stock valued at $25,598,000 after acquiring an additional 304,155 shares in the last quarter. Finally, Earnest Partners LLC raised its stake in shares of Eastman Chemical by 19.9% during the 3rd quarter. Earnest Partners LLC now owns 1,807,691 shares of the basic materials company’s stock worth $138,686,000 after purchasing an additional 299,951 shares in the last quarter. Institutional investors own 83.65% of the company’s stock.

Eastman Chemical Stock Performance

NYSE:EMN opened at $97.18 on Friday. The stock has a fifty day moving average price of $99.27 and a 200-day moving average price of $93.12. The company has a market cap of $11.43 billion, a price-to-earnings ratio of 12.52, a PEG ratio of 1.07 and a beta of 1.51. The company has a debt-to-equity ratio of 0.77, a quick ratio of 0.71 and a current ratio of 1.39. Eastman Chemical has a fifty-two week low of $68.89 and a fifty-two week high of $105.98.

Eastman Chemical (NYSE:EMN) last released its earnings results on Thursday, April 25th. The basic materials company reported $1.61 earnings per share for the quarter, beating analysts’ consensus estimates of $1.41 by $0.20. The firm had revenue of $2.31 billion during the quarter, compared to the consensus estimate of $2.29 billion. Eastman Chemical had a return on equity of 13.84% and a net margin of 10.16%. The company’s revenue was down 4.2% compared to the same quarter last year. During the same period in the prior year, the company posted $1.63 EPS. As a group, equities analysts anticipate that Eastman Chemical will post 7.69 EPS for the current fiscal year.

Eastman Chemical Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 9th. Investors of record on Monday, June 17th will be given a dividend of $0.81 per share. The ex-dividend date is Monday, June 17th. This represents a $3.24 annualized dividend and a dividend yield of 3.33%. Eastman Chemical’s dividend payout ratio is currently 41.75%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on EMN. KeyCorp upped their price objective on Eastman Chemical from $101.00 to $121.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 9th. StockNews.com lowered Eastman Chemical from a “buy” rating to a “hold” rating in a report on Thursday, June 20th. Bank of America decreased their target price on Eastman Chemical from $113.00 to $112.00 and set a “buy” rating on the stock in a report on Monday, April 29th. Barclays boosted their target price on Eastman Chemical from $85.00 to $103.00 and gave the stock an “equal weight” rating in a report on Monday, May 6th. Finally, Mizuho boosted their target price on Eastman Chemical from $91.00 to $102.00 and gave the stock a “neutral” rating in a report on Friday, April 26th. Seven research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, Eastman Chemical currently has an average rating of “Moderate Buy” and a consensus target price of $107.31.

Insider Buying and Selling

In related news, SVP Adrian James Holt sold 1,975 shares of the company’s stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $99.22, for a total transaction of $195,959.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Eastman Chemical news, SVP Adrian James Holt sold 1,975 shares of the stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $99.22, for a total value of $195,959.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Mark J. Costa sold 102,390 shares of the stock in a transaction dated Tuesday, May 7th. The shares were sold at an average price of $100.78, for a total value of $10,318,864.20. Following the completion of the transaction, the chief executive officer now owns 395,699 shares of the company’s stock, valued at $39,878,545.22. The disclosure for this sale can be found here. Insiders sold a total of 108,027 shares of company stock worth $10,885,638 in the last ninety days. 1.93% of the stock is owned by 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.